Only about half the mainland universities that accept local students exam-free are expected to have places left for the last round of enrolments starting today.
It was hoped the scheme would help cope with a surge of university-entry students this year, as the last students from the abandoned A-level test and the first ones from its replacement, the Diploma of Secondary Education, both graduated.
But fears are mounting that many applicants may miss out.
Local students who obtain specified grades in the Hong Kong exams are eligible to apply for any of the 63 participating universities - including the renowned Peking and Tsinghua institutions - without having to sit any further tests.
It was not known yesterday how many students had applied to the scheme, now in its ninth year.
But a college principal whose school has been helping applicants said that as more universities stopped offering places, it was possible that a significant portion of local graduates would go nowhere.