Man: though HKUST does need to improve in some aspects, but we do need to admit that it made great progress in many aspects, especially in research area, which is the very important for the long term development of a top tier business school, please see below link:
Reputation(like M7) in the education sector takes long time to build, usually several decades, but HKUST is the one that dares to challenge other top tier business school, and is doing it by actions, it could be more influential than other top business schools in Asian area in the future, HKUST is moving in the right direction, though it should move faster if there is no constraint on its available resources. we also need to notice the fact that M7 has much more resources, alumni made success in business and donated billions USD to its mother school, so it can do more advanced research( Havard's Porter can freely spend 10 years on the "competitive edge" research) and provide better quality education, and also better support to student and alumni, so it become "virtuous cycle".