Founded in 1981 by Sir Dr David Li, The Friends of Cambridge University in Hong Kong (known as "The Friends") has raised and managed a scholarship fund called The Prince Philip Scholarship and has been supporting numerous promising students from Hong Kong to study at Cambridge University since 1982.

The Prince Philip Scholarship includes a non-means tested cash award of £4,500 per annum. One Hong Kong-London economy class return air ticket will also be awarded free of means test results. Scholars may also claim, where necessary, the full costs of tuition and subsistence.

In addition to the administration of the scholarship, The Friends also organise alumni social activities, mentorship program, secondary school program, charity, prominent alumni profile and more.