The HKJC, founded in 1884, is a not-for-profit organisation which uses the money raised through horse racing, betting and entertainment to fund local charities and community projects. Last year, the total amount donated was HK$2.65 billion (£215m).
The Manchester United Foundation will work alongside the HKJC to raise money for community schemes which use the power of sport and the Manchester United name to improve the lives of young people in Hong Kong.
Richard Arnold, commercial director for Manchester United, said: "We know from our fanbase research that Hong Kong has been a hotbed of Manchester United support for many years. Indeed, the team first visited nearly 40 years ago.
"A partnership with the Hong Kong Jockey Club will raise the profile of the great work that the Club does in the country, as well as highlighting the importance of Hong Kong in our plans to try better to connect with our 325 million fans across Asia.
"This community work with the Hong Kong Jockey Club, through the Foundation, coupled with our game in Shanghai next month are a statement of our commitment to our fans in the region and we are looking forward to working with the HKJC in the coming years."