Hong Kong and Singapore were former British colonies, have a predominant Chinese population and value. They began to develop quickly in the late 1960s, become financial hubs of the world in the 21st century. This paper reviews the tertiary education development of the two cities, particularly on the perspective of university rankings. It first elaborates about the emergence of university rankings, and the reason why it becomes a growing exercise, and who would be the benefactors of these exercises. Then it examines the performance of universities of the two cities in the international university ranking systems, makes a general assessment about the relative merits of the higher education systems in both cities. The paper requests ranking comparisons on the detailed items rather than just the sums, and argues that universities in the two cities are on par.