According to Eccles et al.’s (1983) Expectancy Value Model, the two major constructs that influence young people’s activity choice are subjective task value and expectancy beliefs (Eccles et al., 1983). Eccles et al. (1983) conceptually distinguished four dimensions of subjective task value: attainment value, intrinsic value, utility value and cost, and two dimensions of expectancy beliefs: expectancies for success and competence beliefs. Previous studies have been conducted with Western populations, but little is known about how the subjective task value and expectancy beliefs act in relation to physical activity for Chinese populations. This study sought to examine the factors that contribute to Hong Kong Chinese young people’s values and expectancy beliefs in physical activity. The participants were selected purposefully for this qualitative interview study from a larger mixed method study (Pang and Ha, 2010). Semi-structured interviews were conducted with 12 Hong Kong Chinese young people (six boys and six girls, aged 10–12) in three government-funded schools. Results invite us to take into account the two contrasting values of collectivism and individualism, the deeply rooted capitalistic economy and the philosophy of Confucianism that act hand in hand in shaping the physical activity values and expectancy beliefs of contemporary Hong Kong Chinese young people.