Health is the most valuable asset to any individual. That is why Dr. William Mong has always been a strong supporter of medical development in Hong Kong. In 2001, Dr. Mong donated HK$17 million to Queen Mary Hospital for the setting up of the Mong Man Wai Cardiac Catheterisation Laboratory and Coronary Care Unit. The Unit was equipped with modern and advanced facilities. The donation was made with the sincere wish that the community would be able to benefit from this establishment and breakthroughs in cardiovascular diseases could be achieved.

In addition, Dr. Mong’s concern for the wellbeing of the society has been the motivating factor of his sponsorship of the "Tongue Acupuncture Centre", an institution that incorporates Chinese medical practice into modern scientific research.

With a view to improve the quality of local medical education, SHECF has made substantial donations towards medical research. The Fund’s contribution to the Hong Kong Cancer Fund was motivated by the need to increase public awareness on cancer and develop better treatments and possible cures for the disease. In 1996, the Fund donated HK$5 million to set up the Mong Man Wai Chair of Otorhinolaryngology at the Department of Surgery, Faculty of Medicine of the University of Hong Kong.