nevertheless HKUST MSFM have a better curriculum (actuary don't need a master but prof exam, fina math is better since more exposure in pricing modeling), and slightly better network (since have part-time student from industry), a MPhil have much much more value in the related job market due to the quantitative and research training it have. at the end, a graduate study in actuarial science / mathematical finance all points to quantitative analysis in financial industry on the career side.......and thus a research master > taught master.
in additional, the actuarial side of the HKU Stat & AcSci department is not only on actuarial stuffs, but also in related topic like financial time series, quantitative risk management, and a bit derivatives pricing.....