This study explores university students' perceptions of generative AI (GenAI) technologies, such as ChatGPT, in higher education, focusing on familiarity, their willingness to engage, potential benefits and challenges, and effective integration. A survey of 399 undergraduate and postgraduate students from various disciplines in Hong Kong revealed a generally positive attitude towards GenAI in teaching and learning. Students recognized the potential for personalized learning support, writing and brainstorming assistance, and research and analysis capabilities. However, concerns about accuracy, privacy, ethical issues, and the impact on personal development, career prospects, and societal values were also expressed. According to John Biggs' 3P model, student perceptions significantly influence learning approaches and outcomes. By understanding students' perceptions, educators and policymakers can tailor GenAI technologies to address needs and concerns while promoting effective learning outcomes. Insights from this study can inform policy development around the integration of GenAI technologies into higher education. By understanding students' perceptions and addressing their concerns, policymakers can create well-informed guidelines and strategies for the responsible and effective implementation of GenAI tools, ultimately enhancing teaching and learning experiences in higher education.