"The foundation started its work over 50 years ago and consistently supports all the good courses, good students that need financial support," he said. Tung said the scholarships are needed more than ever because of the high cost of an education.

"So it's good for the young students to have a chance," he said.

"It was very difficult in those days," said Nancy Kwan, who had a starring role in the 1960 Hollywood film The World of Suzie Wong, and was a pioneer in the acceptance of actors of Asian ancestry in major Hollywood film roles.

"It's very important for the Chinese to recognize the Chinese achievements in America, so I'm very honored to be part of it," Kwan said.