Perceived employability has been found to be related to the career development and well-being of both working adults and university students. In a first initiative to examine perceived employability among nonlocal Chinese university students, we collected data from a sample of 246 graduating students who had come from Mainland China to study in Hong Kong. After controlling for demographic variables and migration intentions, we found that perceived employability was explained by career exploration, relational support, acculturative hassles, and the assimilation strategy of acculturation. Career exploration was also found to mediate the relationship between the assimilation strategy of acculturation and perceived employability. We discuss the implications of these findings for theory building and career guidance practices regarding the perceived employability and career guidance of nonlocal and international Chinese students.