Financial Performance - The Group recorded revenue of approximately HK$42.07 million for the six months ended 31 December 2021, representing an increase of approximately 208.21% compared to approximately HK$13.65 million for the corresponding period in 2020[18]. - The Group reported a loss of approximately HK$4.76 million for the six months ended 31 December 2021, compared to a profit of approximately HK$3.72 million in 2020[18]. - The Group's overall performance was negatively impacted by the COVID-19 pandemic, prompting a focus on business strategies to attract more clients in 2022[68]. - The company reported a loss before tax of HK$4,760,000 for the period, compared to a profit of HK$3,706,000 in the same period of 2020[140]. - Total comprehensive expense for the period was HK$4,759,000, contrasting with a comprehensive income of HK$3,724,000 in the prior year[143]. - The company experienced a decline in other income, gains, and losses, netting HK$1,409,000 compared to HK$17,281,000 in the previous year[140]. - The Group reported a loss attributable to owners of the Company for the Period was approximately HK$4.58 million, compared to a profit of approximately HK$3.73 million in 2020, resulting in a loss per share of HK$0.01[98]. Revenue Breakdown - Revenue from secondary tutoring services segment was approximately HK$679,000, representing a substantial decrease of approximately 33.4% compared to the last financial period[34]. - Revenue from English language training and test preparation courses was approximately HK$32,000, down from approximately HK$63,000 in 2020[38]. - Revenue generated from directly-owned education centers was approximately HK$12.7 million, representing an increase of approximately 64.9% compared to approximately HK$7.7 million in the corresponding period in 2020[42]. - Revenue from franchised centers increased to approximately HK$2.5 million, up approximately 38.9% from approximately HK$1.8 million in 2020[42]. - The Group recorded revenue from the VR and digital entertainment segment of approximately HK$24.69 million, generated from UFO Group acquired on May 26, 2021[76]. - Revenue from primary tutoring services, skill courses, and test preparation courses increased to approximately HK$15.4 million, representing an increase of approximately 62.11% compared to approximately HK$9.50 million in the corresponding period in 2020[75]. Financial Ratios and Assets - As of 31 December 2021, the Group had a current ratio of 8.67 times, up from 6.27 times as of 30 June 2021[19]. - The gearing ratio was 10.02% as of 31 December 2021, down from 13.35% as of 30 June 2021[19]. - The Group's total balance of cash and cash equivalents as of 31 December 2021 was approximately HK$21.47 million, down from approximately HK$38.10 million as of 30 June 2021[106]. - The Group's financial assets at fair value through profit or loss (FVPL) had a fair value of approximately HK$44.1 million, with a gain of approximately HK$0.6 million during the period[52]. - The Group's investment cost in Gransing was HK$30,831,000, with a percentage to the Group's total assets of 10.05% as of December 31, 2021[61]. - The segment assets as of December 31, 2021, totaled HK$111,531,000, with the largest contribution from investment in securities at HK$44,088,000[177]. Operational Changes and Strategies - The Group offers both physical and online classes to meet different student needs during the COVID-19 pandemic[34]. - The Group is exploring market opportunities to better deploy its resources in the education sector[34]. - The Group plans to leverage digital technology to adapt to campus suspension and social distancing, enhancing e-learning capabilities[100]. - The demand for experiential learning has increased, driving the development of VR learning and STEAM-based programs[100]. - The Group is considering opportunities for mergers and acquisitions in the education sector to increase market share and revenue base[100]. - The Group is required to utilize the Grant for PSNFCs for school operation expenses, ensuring effective use amid the suspension of classes due to COVID-19[194]. Staff and Expenses - Staff costs increased by approximately HK$2.1 million or approximately 17.14% compared to the corresponding period in 2020, due to the development of VR, digital entertainment, and STEAM education business[83]. - Total staff costs for the six months ended December 31, 2021, amounted to HK$14,338,000, an increase from HK$12,240,000 in the same period of 2020, reflecting a growth of approximately 17.1%[200]. - Other daily operation related expenses rose to HK$2,710,000 for the six months ended December 31, 2021, up from HK$2,121,000 in 2020, representing a significant increase of approximately 27.8%[200]. - The Group's legal and professional fees for the six months ended December 31, 2021, were HK$971,000, compared to HK$870,000 in the previous year, marking an increase of around 11.6%[200]. Investments and Acquisitions - The Group completed the acquisition of 60% of UFO Interactive Group Limited on 26 May 2021, expanding into the Virtual Reality and digital entertainment business[32]. - The Group completed the acquisition of 60% of UFO Group, which specializes in VR technology and STEAM education, enhancing its business portfolio and income sources[44]. - The Group held investments in 8 Hong Kong listed companies, with none exceeding 5% of the Group's total assets as of December 31, 2021[56]. - The Group's investment portfolio included 7 companies listed on the Main Board and 8 on the GEM of the Stock Exchange, with a total of 36,578 shares held[55]. Cash Flow and Financing - For the six months ended December 31, 2021, the net cash used in operating activities was HK$11,880,000, compared to HK$23,971,000 for the same period in 2020, indicating an improvement[153]. - The net cash used in investing activities was HK$837,000, a significant decrease from the net cash generated of HK$22,821,000 in the previous year[153]. - The net cash used in financing activities was HK$3,917,000, compared to HK$14,038,000 generated in the same period of 2020, reflecting a shift in financing strategy[153]. - The Group's treasury policy is prudent, primarily financing operations through internally generated resources and equity or debt financing[116].

(國際)投資集團有限 Hong Kong Education (Int'I) Investments Ltd. (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (於開曼群島註冊成立及於百慕達存續之有限公司) Stock Code 股份代號 : 1082 Contents 目錄 Contents 目錄 | --- | --- | |------------------------------------------------|--------------------------| | | | | CORPORATE INFORMATION | 公司資料 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | | PROFILES OF DIRECTORS AND SENIOR MANAGEMENT | 董事及高級管理層履歷 | | REPORT OF THE DIRECTORS | 董事會報告 | | CORPORATE GOVERNANCE ...

Financial Performance - The Group recorded revenue of approximately HK$13.65 million for the six months ended 31 December 2020, representing a decrease of approximately 70.63% compared to HK$46.49 million for the same period in 2019[11]. - The Group achieved a profit of approximately HK$3.72 million, a significant improvement from a loss of approximately HK$35.32 million in 2019[14]. - The profit before tax for the period was HK$3.71 million, compared to a loss of HK$35.34 million in the prior year[20]. - The total comprehensive income for the period was HK$3,724,000, compared to a loss of HK$35,330,000 in the same period last year, indicating a significant recovery[22]. - The profit attributable to owners of the company for the period was HK$3,732,000, a substantial improvement from a loss of HK$35,321,000 in the previous year[22]. - Basic and diluted earnings per share were both HK$0.01, recovering from a loss of HK$0.06 per share in the prior period[22]. - For the six months ended December 31, 2020, the company reported a profit of HK$3,732,000 compared to a loss of HK$35,321,000 for the same period in 2019[115]. Revenue Breakdown - For the six months ended December 31, 2020, the Group's total revenue was HK$13,651,000, with HK$11,316,000 from private educational services and HK$2,335,000 from money lending[61]. - The segment results for private educational services showed a loss of HK$1,817,000, while money lending generated a profit of HK$2,089,000, resulting in an overall loss before tax of HK$3,706,000[61]. - Revenue from secondary tutoring services dropped significantly to HK$1,017,000 from HK$20,063,000, reflecting a decline of 94.9%[92]. - Revenue from franchised centers decreased to approximately HK$1.79 million, representing a decline of approximately 44.80% compared to the previous year[182]. - Revenue from English language training and test preparation courses was approximately HK$63,000, down from approximately HK$1.63 million in 2019, reflecting a significant impact from COVID-19[179]. - Dance tuition services revenue fell to approximately HK$740,000, a decrease of approximately 91.95% compared to the same period in 2019[190]. Cost Management - Staff costs decreased to HK$12.24 million from HK$24.65 million in 2019, reflecting a reduction in operational expenses[20]. - The Group's lease payments significantly decreased to HK$341,000 from HK$7.85 million in 2019, indicating cost-cutting measures[20]. - The Group's depreciation and amortization expenses were reduced to HK$4.42 million from HK$16.15 million in the previous year[20]. - Total staff costs for the period were HK$12,240,000, a reduction of 50.3% from HK$24,646,000 in the previous year[105]. Assets and Liabilities - As of 31 December 2020, the Group had a current ratio of 7.77 times and a gearing ratio of 13.39%[12]. - Non-current assets decreased to HK$34,312,000 from HK$34,597,000, primarily due to a reduction in property, plant, and equipment[24]. - Current assets increased to HK$128,672,000 from HK$115,879,000, driven by a rise in bank balances and cash to HK$18,327,000[24]. - Current liabilities decreased to HK$16,560,000 from HK$38,716,000, reflecting improved cash flow management[24]. - Net current assets improved significantly to HK$112,112,000 from HK$77,163,000, indicating a stronger liquidity position[24]. - Total equity increased to HK$141,092,000 from HK$107,949,000, showing a healthy growth in shareholder value[26]. Cash Flow - For the six months ended December 31, 2020, the net cash used in operating activities was HK$ (23,971,000), compared to HK$ (19,769,000) for the same period in 2019, indicating a decline in cash flow from operations[34]. - The net cash generated from investing activities was HK$ 22,821,000, an increase from HK$ 20,390,000 in the previous year, reflecting improved investment performance[34]. - The net cash generated from financing activities was HK$ 14,038,000, a significant increase compared to HK$ (969,000) in the prior period, showing a positive shift in financing activities[34]. - The total cash and cash equivalents at the end of the period amounted to HK$ 18,327,000, up from HK$ 6,485,000 at the end of the previous year, indicating a strong liquidity position[34]. Segment Performance - The Group's operations are organized into three segments: private educational services, investment in securities, and money lending, with no aggregation of operating segments identified by the Chief Operating Decision Maker[57]. - The Group's investment in securities segment reported a loss of HK$2,006,000, indicating challenges in this area[61]. - The Group's money lending segment showed a positive performance with revenue of HK$2,335,000, highlighting its potential as a revenue stream[61]. - Segment assets totaled HK$126,599,000, with private educational services contributing HK$20,692,000, investment in securities HK$46,083,000, and money lending HK$59,824,000[77]. - Segment liabilities amounted to HK$20,235,000, with private educational services at HK$19,908,000 and investment in securities at HK$327,000[77]. Strategic Initiatives - The Group is collaborating with business operators to expand market penetration and improve learning quality through upgraded information technology solutions[173]. - The Group plans to continue allocating resources to online teaching and collaborate with various business operators to expand market penetration[191]. - The Group's cautious approach to business development is influenced by the ongoing COVID-19 pandemic, with strategies for resource allocation being formulated for 2021[183].

Financial Performance - The Group recorded revenue of approximately HK$46.49 million, representing a decrease of approximately 18.54% compared to approximately HK$57.07 million for the corresponding period in 2018[9]. - The Group recorded a loss of approximately HK$35.32 million, an improvement from a loss of approximately HK$45.21 million in 2018[9]. - Revenue from private educational services was HK$44.52 million, down from HK$54.91 million in the previous year[14]. - Interest income from money lending was HK$1.97 million, compared to HK$2.16 million in 2018[14]. - Loss before tax was HK$35.34 million, compared to HK$45.23 million in the previous year[14]. - The company reported a loss of HK$35,321,000 for the six months ended December 31, 2019, compared to a loss of HK$45,248,000 in the same period of 2018, indicating a 22.5% improvement in performance[16]. - Total comprehensive expense for the period attributable to owners of the company was HK$35,327,000, down from HK$45,310,000 year-over-year, reflecting a 22.1% decrease[16]. - Basic loss per share improved from HK$0.08 to HK$0.06, indicating a 25% reduction in loss per share[16]. - The total comprehensive expense for the period was HK$ (35,321,000), compared to HK$ (45,248,000) in the prior period[24]. - The company reported a total comprehensive income of HK$ (35,321,000) for the period, reflecting ongoing financial challenges[24]. Assets and Liabilities - As of December 31, 2019, the Group had a current ratio of 2.94 times and a gearing ratio of 27.78%[9]. - Non-current assets decreased from HK$70,502,000 as of June 30, 2019, to HK$96,641,000 as of December 31, 2019, showing a significant increase of 37.1%[18]. - Current liabilities decreased from HK$53,335,000 to HK$34,885,000, representing a 34.4% reduction[18]. - The company's net current assets decreased from HK$148,598,000 to HK$103,317,000, a decline of 30.5%[18]. - The company’s total equity decreased from HK$218,157,000 to HK$182,827,000, reflecting a 16.2% decline[20]. - The Group's right-of-use assets amounted to HK$34,764,000 as of December 31, 2019, after adjustments and depreciation[46]. - Lease liabilities were reported at HK$23,731,000 for current liabilities and HK$28,035,000 for non-current liabilities[43]. - The Group's segment revenue for private educational services was HK$44,516,000, while money lending generated HK$1,969,000, leading to a total consolidated revenue of HK$46,485,000 for the six months ended December 31, 2019[57]. Cash Flow - For the six months ended December 31, 2019, the net cash used in operating activities was HK$ (19,769,000), a decrease from HK$ (42,518,000) in the same period of 2018[26]. - The net cash generated from investing activities was HK$ 20,390,000, while net cash used in financing activities was HK$ (969,000)[26]. - Cash and cash equivalents at the end of the period amounted to HK$ 6,485,000, down from HK$ 14,390,000 at the end of the previous year[26]. - The cash flow from operating activities showed improvement, reducing the cash outflow compared to the previous period[26]. Dividends and Recommendations - The Board does not recommend the payment of an interim dividend for the six months ended December 31, 2019[10]. - The Board does not recommend the payment of an interim dividend for the six months ended 31 December 2019, consistent with 2018[99]. Segment Performance - The segment results showed a loss of HK$21,600,000 for private educational services and a loss of HK$9,679,000 for investment in securities, resulting in a total loss before tax of HK$35,340,000[57]. - The segment results showed a loss of HK$38,218,000, compared to a loss of HK$20,748,000 in the previous period, indicating a deterioration in performance[62]. - The Group's operations are organized into three segments: private educational services, investment in securities, and money lending, with "Others" combining segments that do not meet the quantitative thresholds[52]. Customer and Market Focus - The group’s assets, revenue, and results from activities outside Hong Kong were less than 10% of the total for the period, indicating a strong domestic focus[72]. - No individual customer accounted for over 10% of the group’s total revenue during both periods, reflecting a diversified customer base[72]. - The number of course enrolments for regular courses decreased from approximately 41,000 in 2018 to 25,000 in 2019, while intensive courses saw a decline from 1,000 to 900[168]. Financial Assets and Investments - The Group's financial assets at fair value through profit or loss (FVPL) amounted to approximately HK$51,750,000[185]. - The Group experienced a fair value loss of approximately HK$9,400,000 on financial assets at FVPL during the period due to stock market volatility[185]. - Significant investments included Convoy Global Holdings Limited, which accounted for approximately 2.34% of the Group's total assets as of December 31, 2019[188]. - The Group's investment in Gransing Financial Group Limited represented approximately 6.09% of the Group's total assets as of December 31, 2019[195]. Regulatory and Compliance - 康宏股份自2017年12月7日起暂停交易，至今仍未恢复[200]. - 根据上市规则，若康宏股份连续18个月停牌，可能会被取消上市地位，期限至2020年1月31日[200]. - 康宏已向联交所申请延长补救期，以满足复牌条件[200]. - 康宏采取进一步措施以达成复牌条件，并与联交所进行沟通[200].

Financial Performance - For the year ended June 30, 2019, the Group recorded revenue of approximately HK$108.94 million, a slight decrease of approximately 0.08% compared to HK$109.03 million in 2018[26]. - Loss attributable to owners of the Company for the year amounted to approximately HK$77.44 million, significantly higher than the loss of approximately HK$8.25 million in 2018, primarily due to a loss from the change in fair value of financial assets[26]. - The Group's other income, gains, and losses recorded a net gain of approximately HK$0.41 million, a significant decrease from approximately HK$55.89 million last year[104]. - The Group recorded a loss of approximately HK$19.83 million due to changes in the fair value of financial assets at FVPL during the year[65]. - The Group's gearing ratio increased to 14.03% as of June 30, 2019, compared to 8.74% in the previous year[134]. Revenue Breakdown - The secondary tutoring services segment generated revenue of approximately HK$53.88 million, representing a decrease of approximately 24.79% compared to the previous year[34]. - Revenue from secondary tutoring services dropped to approximately HK$53.88 million, a decrease of approximately 24.79% from HK$71.64 million last year[101]. - Revenue from English language training and test preparation courses decreased to approximately HK$9.23 million, down approximately 17.91% from HK$11.24 million last year[101]. - Revenue from primary tutoring services, skill courses, and test preparation courses increased to approximately HK$24.26 million, representing an increase of approximately 23.32% compared to HK$19.67 million last year[102]. - Revenue from dance tuition services reached approximately HK$17.57 million, a significant increase from approximately HK$2.44 million recorded in the previous year[50]. Student Enrolment Trends - The number of course enrolments for regular courses decreased from 95,000 in 2018 to 65,000 in 2019, while intensive courses increased from 10,000 to 12,000[37]. - The Group's English language training and test preparation courses generated revenue of approximately HK$9.23 million, down approximately 17.91% from HK$11.24 million in the previous year, with course enrolments decreasing from approximately 6,700 to 5,500[45]. - Primary tutoring services saw an increase in course enrolments from approximately 14,400 in 2018 to 17,000 in 2019, contributing to a revenue increase from approximately HK$4.51 million to HK$5.70 million, representing a growth of approximately 26.50%[47]. Competitive Environment - The Group faced a highly competitive operating environment, with a decline in the number of students attending the HKDSE, leading to the lowest recorded applications since its inception in 2012[24]. - The Group aims to maintain experienced teaching teams and improve overall teaching quality to navigate the tough business environment expected in the educational services industry[32]. - The Group is adopting new marketing strategies to enhance its brand image and attract more students, thereby increasing overall market competitiveness[34]. - The Group aims to enhance its brand image and attract more students through new marketing strategies in response to the competitive market environment[35]. - The Group operates in a highly competitive environment, with a decrease in student numbers and an increase in small tutoring centers affecting market share[193]. Investment and Financial Assets - As of June 30, 2019, the fair value of financial assets at FVPL was approximately HK$65,980,000, representing 25.98% of the Group's audited total assets[62]. - The Group actively allocated more resources to securities investment, acquiring listed securities from 17 companies and disposing of 12 during the year[52]. - The Group's total investment cost for financial assets at FVPL was HK$166,839,000 as of June 30, 2019[62]. - The economic instability and external factors have weakened the stock market in Hong Kong, impacting the Group's investment performance[65]. - The Group's diversification strategy in securities investment aims to mitigate risks associated with market volatility[52]. Operational Strategies - The Group is exploring potential cooperative business relationships to capture emerging growth opportunities and sustain solid business operations[32]. - The Group will allocate internal resources to diversify and expand sales channels for English language training and test preparation courses[45]. - The Group plans to explore new potential franchisees to capture greater market share in the primary tutoring segment[47]. - The management team will seek potential education-related business partners for collaboration to diversify within the education sector and generate greater income[125]. - The Group aims to enhance its competitive advantage by maintaining a high-quality teaching team and a strong brand image[193]. Staffing and Costs - Staff costs increased by approximately HK$10.15 million or approximately 24.66% compared to the last financial year, mainly due to the inclusion of staff salaries for dance tuition services[110]. - Tutor contractor fees decreased by approximately HK$5.37 million or approximately 19.38% compared to the last financial year, in line with the decline in revenue from secondary tutoring services[111]. - Operating lease payments increased by approximately HK$8.38 million or approximately 24.92% compared to the previous year, primarily due to the inclusion of rental payments for dance tuition services[115]. - Marketing expenses decreased by approximately HK$6.44 million or approximately 55.02% compared to the last financial year, mainly due to reduced media placement and marketing activities[116]. - The Group's other operating expenses decreased by approximately HK$4.37 million or about 11.29% compared to the previous year, mainly due to reduced legal and professional fees and the absence of a write-off of receivables recorded in the previous fiscal year[120]. Risks and Challenges - The Group faces sourcing risk as it relies on tutors for quality tutoring services, which may impact business if contracts are not renewed[188]. - Business interruption risk is significant as the Group rents education centers, and failure to renew leases could adversely affect operations[192]. - Intellectual property rights protection is crucial, with potential litigation risks impacting financial position and brand image if laws are violated[194]. - Financial risk management objectives and policies are outlined in Note 6 of the consolidated financial statements[195]. - The Group will continue to seek new quality tutors to reduce revenue concentration from existing high-fee tutors[188].

Financial Performance - The Group recorded revenue of approximately HK$57.07 million, representing an increase of approximately 7.53% compared to approximately HK$53.07 million for the corresponding period in 2017[10]. - The Group reported a loss of approximately HK$45.21 million, a significant decline from a profit of approximately HK$5.59 million in 2017, primarily due to a loss of approximately HK$18.73 million from changes in fair value of financial assets[11]. - The loss before tax was approximately HK$45.23 million, contrasting with a profit of approximately HK$4.22 million in the same period of 2017[19]. - For the six months ended December 31, 2018, the company reported a loss attributable to owners of the company of HK$45,248, compared to a profit of HK$5,527 for the same period in 2017[21]. - Total comprehensive expense income for the period attributable to owners of the company was HK$45,310, a significant decrease from HK$14,255 in the prior year[21]. - Basic and diluted loss per share for the period was HK$0.08, compared to earnings of HK$0.01 per share in the same period last year[21]. - The company reported a net decrease in cash and cash equivalents of HK$28,257,000 for the six months ended December 31, 2018[33]. - The total comprehensive income for the period was HK$14,320,000, which includes a profit of HK$5,582,000[29]. Assets and Liabilities - The company's non-current assets decreased from HK$91,138 as of June 30, 2018, to HK$76,821 as of December 31, 2018, reflecting a decline of approximately 15.7%[23]. - Current assets also decreased from HK$224,924 to HK$192,164, representing a decline of about 14.5%[23]. - The company's net current assets decreased from HK$198,554 to HK$167,436, a reduction of approximately 15.7%[23]. - The total equity attributable to owners of the company decreased from HK$288,766 as of June 30, 2018, to HK$243,456 as of December 31, 2018, indicating a decline of about 15.7%[25]. - The company's cash and bank balances decreased from HK$42,709 to HK$14,390, a decline of approximately 66.3%[23]. - The company's trade and other receivables decreased from HK$27,197 to HK$21,263, a reduction of about 21.9%[23]. - The total segment assets as of December 31, 2018, were HK$186,350,000, with unallocated assets including bank balances and cash of HK$14,029,000[68]. Revenue Segmentation - The Group's operations are organized into four segments: private educational services, investment in securities, property investments, and money lending[56]. - Segment revenue for the six months ended December 31, 2018, was HK$57,068,000, with a loss before tax of HK$45,233,000[60]. - The segment results showed a loss of HK$38,218,000, with the private educational services segment generating revenue of HK$54,911,000[60]. - Secondary tutoring services generated revenue of HK$28,493,000, down 19.8% from HK$35,586,000 in the previous year[84]. - Primary tutoring services and skill courses revenue increased by 25% to HK$9,489,000 from HK$7,599,000[84]. - Revenue from English language training and test preparation courses was approximately HK$5.90 million, a slight increase of 2.75% compared to HK$5.74 million in the previous year[189]. - Revenue from franchised centres increased by approximately 24.26% to HK$2.62 million, up from HK$2.11 million in the same period last year[190]. Expenses and Costs - Staff costs increased to approximately HK$25.31 million from HK$20.12 million in the previous period, reflecting a rise in operational expenses[19]. - Operating lease payments rose to approximately HK$21.39 million compared to HK$15.54 million in the previous period, indicating increased rental expenses[19]. - Directors' emoluments decreased to HK$716,000 from HK$2,134,000, reflecting a significant reduction of 66.5%[90]. - Other staff costs increased to HK$23,463,000, up 35.3% from HK$17,358,000 in the previous year[90]. - The financial costs incurred during the period were HK$3,205,000, impacting overall profitability[64]. Financial Instruments and Valuation - The Group adopted HKFRS 9 Financial Instruments, which introduces new requirements for the classification and measurement of financial assets and liabilities, including expected credit loss (ECL) models[46]. - The Group recognizes a loss allowance for ECL on financial assets subject to impairment under HKFRS 9, including trade and other receivables, promissory notes, and loan receivables[49]. - The measurement of expected credit loss (ECL) is based on the probability of default and loss given default, adjusted by forward-looking information[51]. - The Group's financial assets at fair value through profit or loss totaled HK$38,058,000, with unlisted equity interests contributing HK$16,114,000[147]. - The fair value of listed equity securities in Hong Kong increased to HK$33,700,000 as of December 31, 2018, from HK$27,071,000 as of June 30, 2018, representing a growth of approximately 24%[123]. - The fair value of suspended listed equity securities decreased to HK$30,200,000 as of December 31, 2018, down from HK$38,100,000 as of June 30, 2018, reflecting a decline of about 21%[123]. Market Conditions and Strategy - The Group faced severe market competition and pressure in the educational services industry, making it difficult to retain quality tutors and professionals[177]. - The Group adopted a prudent approach to sustain its business development and maintained its market position as one of the leading private tuition providers in Hong Kong[178]. - The Group is actively seeking talented franchisees to join and expand its market presence[190]. - The Group plans to expand its English education services targeting both students and the professional workforce in Hong Kong[189]. - The Group's strategy included upgrading service quality to enhance student retention rates amid declining enrolments[180]. Miscellaneous - The Group did not recommend the payment of an interim dividend for the six months ended December 31, 2018, consistent with the previous year[15]. - The company recorded a write-off of HK$950,000 for promissory note receivable during the period[90]. - The number of course enrolments decreased to 41,000 for regular courses, down 18% from 50,000 in 2017[1]. - The number of students attending the Diploma of Secondary Education Examination (DSE) continued to decline, impacting the Group's secondary tutoring service business segment[177].