The grant, offered by Charterhouse School, covers the full tuition and boarding for one pupil, and his family's financial situation will be taken into account in the selection process. Offspring of tycoons need not apply.
Chief Secretary Carrie Lam Cheng Yuet-ngor sent one of her sons to the school, which was founded in 1611. A large number of Hong Kong families had also chosen to enrol their children in it, and the grant was to recognise the "immense contribution" the Hong Kong community had made to campus life.
It is also part of a programme to celebrate the 400-year history of the school, which already offers 55 means-tested bursaries in Britain.
"This is for someone [other than] tycoons," for those who are "less well off who wouldn't have a chance to go to Charterhouse," said the school's associate development director, Alastair James. Reports South China Morning Post.