Research with economic utility and social value has been increasingly valued. Such an emphasis can be evidenced by the newly included assessment element of 'societal impact' in performance-based research funding (PBRF) schemes in different higher education systems around the world. This paper investigates how the non-academic impact is constructed and perceived in the Hong Kong Research Assessment Exercise (RAE) 2020, taking into account the local socio-cultural characteristics in the context of Hong Kong. Data sources include 13 impact case studies in the education panel submitted for the Hong Kong RAE 2020 and semi-structured interview with 17 education academics in Hong Kong. Findings revealed that the non-academic impact was constructed through a narrative pattern: (1) problem identification: tensions and synergies between local and international discourse; (2) problem resolution: prioritization of the evidence-based applied education research (with funding); (3) resolution dissemination: strategic employment of promotional genre. The paper discusses how decolonization, academic entrepreneurialism and collectivist culture have characterized the framing and understanding of the non-academic impact in the Hong Kong academia, contributing to the discourse on neoliberalism in higher education by providing a nuanced, local perspective on the impact agenda. Policy implications for a more localized and flexible impact agenda are also provided.