For the second time in a week, Hong Kong universities have performed well in an international survey of the world's best young institutions. Four Hong Kong universities made the inaugural Times Higher Education list of the 'Top 100 Under 50', published yesterday, reaffirming that the city's investment in higher education is being noticed globally. Hong Kong University of Science and Technology ranked third; Chinese University, City University and Polytechnic University came in 12th, 18th and 46th, respectively. Top place in the rankings for institutions founded within the past 50 years went to the 26-year-old Pohang University of Science and Technology in South Korea. Switzerland's Ecole Polytechnique Federale de Lausanne took second place. Phil Baty, editor of the Times Higher Education Rankings, said the list showed which 'institutions could be future global stars', and served as a warning to the traditional headliners. 'With focused investment, innovation, strategic vision and lots of talent, some institutions have managed to achieve in a matter of years what the traditional elite universities have developed over many generations,' he said. 'The old global hierarchies cannot rest on their laurels.' Malaysia, Iran, Saudi Arabia, Turkey, Egypt, Portugal, Italy and Greece - countries with no representatives in the top 200 of the Times Higher Education World University Rankings - have entries in the young universities list. The rankings are based on criteria including reputation surveys, quality of teaching, research influence and the number of international staff and students. Unlike its Higher Education Rankings, the 100-under-50 list puts less weighting on teaching and research reputation, as these can be associated with age and heritage. On Monday the QS Intelligence Unit's list of the best young universities ranked Chinese University first, HKUST second and CityU ninth.