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Interethnic marriage is widely regarded as a key indicator of social integration. While status exchange theory has been extensively examined in majority-minority contexts in the U.S., limited studies have explored its relevance in post-colonial, multiethnic societies beyond dichotomized racial frameworks. This study examines how status exchange operates across diverse ethnic dyads in Hong Kong, a city shaped by colonial legacies, ethnic hierarchies, and complex migration patterns. Using a 5% sample of the 2021 Hong Kong Population Census, we analyze 7,812 heterosexual married couples aged 21-34. Two series of log-linear models are employed to assess patterns of educational and ethnic homogamy and the presence of status exchange, where educational attainment is traded for ethnic status in interethnic marriages. We also apply the Exchange Index to quantify asymmetric exchanges across pairings. Preliminary findings show that local Chinese and South Asian immigrants are the most endogamous, while White immigrants, mixed-ethnicity individuals, and local minorities show higher intermarriage rates. Evidence of status exchange is observed in unions where highly educated non-Chinese minorities partner with Hong Kong-born Chinese, and in reverse when highly educated locals marry lower-educated White immigrants, signaling the exchange of education for higher ethnic hierarchy. These preliminary findings suggest a layered ethnic stratification system in Hong Kong’s marriage market. This study extends status exchange theory into a non-Western, post-colonial context, contributing to broader debates on migration assimilation, social mobility, and ethnic stratification in international cities.