The hegemonic wave of neoliberalism in higher education does not eradicate academic freedom in universities one by one. The possibility of resistance necessarily exists within the configuration of contemporary power relations. This study contributes to the theoretical debate on how global neoliberal forces are reproduced with local characteristics by providing a Hong Kong case. Based on interviews with 15 academics, their reactions and responses to a specific research evaluation system in Hong Kong, namely the Research Assessment Exercise 2020, are examined. The findings suggest that academic freedom has survived by adopting different forms of ‘masked resistance’ in the highly performative culture of Hong Kong academia. Such masked acts of resistance include ‘criticisms behind the curtain of conformity’, ‘scepticism and feigned compliance’, ‘cautious acceptance with substantial reservations’, ‘no reaction as an expression of muted dissatisfaction’, and ‘defence without rupture’. The ‘specificity’ of such inconsistent, ambivalent and nuanced responses is discussed by drawing on several local contextual factors: the political–educational culture, the government–institution relationship, and the disciplinary knowledge tradition. This study calls for greater flexibility in assessment regimes to make room for academics’ professional autonomy, which in essence enables, rather than dismantles, accountability in managerial reforms. © International Association of Universities 2021.