Since 2001, the Education Bureau (EDB) in Hong Kong has been promoting a shift from traditional assessment of learning to assessment for learning, where classroom-based assessment is linked to teaching and learning, with students taking an active role in the assessment process. In particular, secondary school students are encouraged to assess their own and peers' oral English through self- and peer assessment. While peer assessment has been recognized as enhancing student learning if sensitively implemented, it is a new concept to many local students. This paper reports on a case study that investigated students' perceptions of the implementation of peer assessment in their English speaking classes. Through interview and classroom observation, the study reveals that despite the benefits that the participants perceived, they had serious concerns over the new assessment. What these "average/weak" students reported was sad but inspiring. Implications are identified for those who plan to conduct peer assessment.