This year's Hang Seng Bank Overseas Scholarship was awarded to three students from Hong Kong and two from the mainland.
They will have the opportunity to study at some of the world's most prestigious universities - for free.
Chosen from among more than 100 nominees are Jiang Chenxin of United World College Italy, Lee Siu Po of Hwa Chong Junior College (Singapore) and Luk Ka Yan, Phyllis of Li Po Chun United World College Hong Kong.
They will take up undergraduate studies in comparative literature at Princeton University, molecular and cellular biochemistry at the University of Oxford and biochemistry and molecular biology at Dartmouth College, respectively, next month.
Mainland recipients Li Ruijian of Peking University and Wang Tianlong of Tsinghua University will pursue post-graduate studies in public administration and statistics at Harvard University.
The five scholars underwent a series of interviews and were selected because of their academic achievements, leadership abilities and service to society. The prize covers the entire tuition fee for the degree, air tickets and part of the living cost.
Li Po Chun United World College