New Risk • Jul 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 02
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CN¥0.09 (down from CN¥0.11 in FY 2024). Revenue: CN¥2.68b (down 4.1% from FY 2024). Net income: CN¥198.1m (down 17% from FY 2024). Profit margin: 7.4% (down from 8.6% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Consumer Services industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Annuncio • Mar 31
Fenbi Ltd., Annual General Meeting, Jun 26, 2026 Fenbi Ltd., Annual General Meeting, Jun 26, 2026. Annuncio • Mar 19
Fenbi Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 Fenbi Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$1.45, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 7x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$0.92 per share. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$1.75, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 87% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$0.93 per share. Annuncio • Jan 09
Fenbi Ltd. Appoints Wu Zhenggao as Non-Executive Director, Effective January 9, 2026 The board (the "Board") of directors of Fenbi Ltd. announced that with effect from January 9, 2026, Mr. WU Zhenggao ("Mr. Wu") will be appointed as a non-executive Director. Mr. WU Zhenggao, aged 41, has been serving as the president of Ronghe Investment Management Co. Ltd. since December 2015, the co-chairman of Huatu Cendes Co. Ltd. (a company listed on the ChiNext of the Shenzhen Stock Exchange with a stock code of 300492) since December 2019, and the rotating CEO of Huatu Education Technology Co. Ltd. since November 2023. Mr. Wu served as a senior consulting consultant at Deloitte Hua Yong CPA Firm from August 2006 to October 2009, and a director and CFO at Beijing Huatu Hongyang Education & Culture Corp. Ltd. from October 2009 to November 2015. Mr. Wu obtained his bachelor's degree in 2006 from Nankai University and received the qualifications of Canadian Certified Public Accountant and UK Chartered Certified Accountant in 2008. He serves as a representative of the Eighth People's Congress of Quzhou City, Zhejiang Province, and a representative of the Tenth People's Congress of Kecheng District, Quzhou City, Zhejiang Province. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$2.73, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 7x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 3.9% over the past year. Annuncio • Nov 07
Fenbi Ltd. (SEHK:2469) commences an Equity Buyback Plan for 223,368,003 shares, representing 10% of its issued share capital, under the authorization approved on June 27, 2025. Fenbi Ltd. (SEHK:2469) commences share repurchases under the program mandated by shareholders in the Annual General Meeting held on June 27, 2025. As per the mandate, the company is authorized to repurchase up to 223,368,003 shares, representing10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of June 27, 2025, the company had 2,233,680,030 shares in issue.
On November 3, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to HKD 200 million worth of its shares. Recent Insider Transactions • Nov 05
Co-Founder recently bought HK$2.2m worth of stock On the 30th of October, Xiaolong Zhang bought around 800k shares on-market at roughly HK$2.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.4m. Despite this recent buy, Xiaolong has been a net seller over the last 12 months, reducing personal holdings by HK$51m. Recent Insider Transactions • Oct 24
Co-Founder recently bought HK$2.4m worth of stock On the 17th of October, Xiaolong Zhang bought around 810k shares on-market at roughly HK$2.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Xiaolong has been a net seller over the last 12 months, reducing personal holdings by HK$53m. Reported Earnings • Oct 02
First half 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.13 in 1H 2024) First half 2025 results: EPS: CN¥0.11 (down from CN¥0.13 in 1H 2024). Revenue: CN¥1.49b (down 8.5% from 1H 2024). Net income: CN¥226.7m (down 18% from 1H 2024). Profit margin: 15% (down from 17% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Consumer Services industry in Hong Kong. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.13 in 1H 2024) First half 2025 results: EPS: CN¥0.11 (down from CN¥0.13 in 1H 2024). Revenue: CN¥1.49b (down 8.5% from 1H 2024). Net income: CN¥226.7m (down 18% from 1H 2024). Profit margin: 15% (down from 17% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Consumer Services industry in Hong Kong. New Risk • Aug 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (HK$20m sold). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$3.67, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 9x in the Consumer Services industry in Hong Kong. Total returns to shareholders of 31% over the past year. Annuncio • Aug 15
Fenbi Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Fenbi Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Annuncio • Aug 04
Fenbi Ltd. Provides Earnings Guidance for the Six Months Ended June 30, 2025 Fenbi Ltd. provided earnings guidance for the six months ended June 30, 2025. For the period group expects to record revenue of not less than RMB 1,472 million for the six months ended June 30, 2025, representing a decrease of no more than 9.7% as compared to the revenue of approximately RMB 1,630 million for the six months ended June 30, 2024, primarily due to a decrease in the sales of tutoring services as a result of the continuing intense competition in the recruitment examination tutoring industry in China, and a net profit of not less than RMB215 million, representing a decrease of no more than 22.6% as compared to a net profit of approximately RMB 278 million for the six months ended June 30, 2024. Recent Insider Transactions • Jul 18
Insider recently sold HK$20m worth of stock On the 16th of July, Xin Li sold around 7m shares on-market at roughly HK$2.90 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$74m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$2.83, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 7x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 18% over the past year. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$2.45, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 5x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 41% over the past year. Reported Earnings • May 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.11 (up from CN¥0.088 in FY 2023). Revenue: CN¥2.79b (down 7.7% from FY 2023). Net income: CN¥239.6m (up 27% from FY 2023). Profit margin: 8.6% (up from 6.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Services industry in Hong Kong. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$2.04, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 55% over the past year. Reported Earnings • Mar 30
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.11 (up from CN¥0.088 in FY 2023). Revenue: CN¥2.79b (down 7.7% from FY 2023). Net income: CN¥239.6m (up 27% from FY 2023). Profit margin: 8.6% (up from 6.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Consumer Services industry in Hong Kong. Annuncio • Mar 29
Fenbi Ltd., Annual General Meeting, Jun 27, 2025 Fenbi Ltd., Annual General Meeting, Jun 27, 2025. Annuncio • Mar 14
Fenbi Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 Fenbi Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to HK$3.29, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 23% over the past year. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Significant insider selling over the past 3 months (HK$56m sold). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$3.11, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 39% over the past year. New Risk • Nov 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Significant insider selling over the past 3 months (HK$56m sold). Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$2.39, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 48% over the past year. New Risk • Nov 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: HK$56m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Nov 21
Co-Founder recently sold HK$48m worth of stock On the 14th of November, Xiaolong Zhang sold around 17m shares on-market at roughly HK$2.88 per share. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Xiaolong has been a net seller over the last 12 months, reducing personal holdings by HK$52m. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to HK$2.79, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 6x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 43% over the past year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$2.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 5x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 44% over the past year. Reported Earnings • Sep 25
First half 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.04 in 1H 2023) First half 2024 results: EPS: CN¥0.13 (up from CN¥0.04 in 1H 2023). Revenue: CN¥1.63b (down 3.1% from 1H 2023). Net income: CN¥277.7m (up 241% from 1H 2023). Profit margin: 17% (up from 4.8% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Services industry in Hong Kong. New Risk • Sep 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • Aug 30
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥3.69b to CN¥3.45b. EPS estimate also fell from CN¥0.228 per share to CN¥0.202 per share. Net income forecast to grow 40% next year vs 18% growth forecast for Consumer Services industry in Hong Kong. Consensus price target down from HK$5.47 to HK$5.13. Share price fell 11% to HK$2.67 over the past week. Recent Insider Transactions • Aug 29
Co-Founder recently bought HK$2.0m worth of stock On the 26th of August, Xiaolong Zhang bought around 660k shares on-market at roughly HK$2.96 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xiaolong has been a buyer over the last 12 months, purchasing a net total of HK$3.9m worth in shares. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.04 in 1H 2023) First half 2024 results: EPS: CN¥0.13 (up from CN¥0.04 in 1H 2023). Revenue: CN¥1.63b (down 3.1% from 1H 2023). Net income: CN¥277.7m (up 241% from 1H 2023). Profit margin: 17% (up from 4.8% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Consumer Services industry in Hong Kong. Annuncio • Aug 14
Fenbi Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Fenbi Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$2.95, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 4x in the Consumer Services industry in Hong Kong. Total loss to shareholders of 38% over the past year. Annuncio • May 14
Fenbi Ltd. (SEHK:2469) announces an Equity Buyback for HKD 300 million worth of its shares. Fenbi Ltd. (SEHK:2469) announces a share repurchase program. Under the program, the company will repurchase up to HKD 300 million worth of its shares. The repurchased shares will be cancelled. The Company intends to finance the program by its own financial resources other than proceeds from the global offering. The program will be valid for May 12, 2025. Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.088 (up from CN¥2.87 loss in FY 2022). Revenue: CN¥3.02b (up 7.5% from FY 2022). Net income: CN¥188.6m (up CN¥2.28b from FY 2022). Profit margin: 6.2% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Services industry in Hong Kong. Annuncio • Mar 29
Fenbi Ltd., Annual General Meeting, Jun 13, 2024 Fenbi Ltd., Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.09 (vs CN¥2.87 loss in FY 2022) Full year 2023 results: EPS: CN¥0.09 (up from CN¥2.87 loss in FY 2022). Revenue: CN¥3.02b (up 7.5% from FY 2022). Net income: CN¥188.6m (up CN¥2.28b from FY 2022). Profit margin: 6.2% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Services industry in Hong Kong. Annuncio • Mar 15
Fenbi Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 Fenbi Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 Recent Insider Transactions • Jan 16
Co-Founder recently bought HK$1.8m worth of stock On the 11th of January, Xiaolong Zhang bought around 452k shares on-market at roughly HK$4.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xiaolong has been a buyer over the last 12 months, purchasing a net total of HK$2.0m worth in shares. Recent Insider Transactions • Dec 20
Non-Executive Director recently sold HK$46m worth of stock On the 11th of December, Xin Li sold around 9m shares on-market at roughly HK$5.33 per share. This transaction amounted to 7.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth HK$54m. Insiders have been net sellers, collectively disposing of HK$100m more than they bought in the last 12 months. Reported Earnings • Sep 02
First half 2023 earnings released: EPS: CN¥0.04 (vs CN¥0.54 loss in 1H 2022) First half 2023 results: EPS: CN¥0.04 (up from CN¥0.54 loss in 1H 2022). Revenue: CN¥1.68b (up 16% from 1H 2022). Net income: CN¥81.5m (up CN¥473.2m from 1H 2022). Profit margin: 4.8% (up from net loss in 1H 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Services industry in Hong Kong. Annuncio • Aug 19
Fenbi Ltd. to Report First Half, 2023 Results on Aug 30, 2023 Fenbi Ltd. announced that they will report first half, 2023 results on Aug 30, 2023 Annuncio • Jul 14
Fenbi Ltd. Provides Earnings Guidance for the Six Months Ended June 30, 2023 Fenbi Ltd. provides earnings guidance for the six months ended June 30, 2023. The Group is expected to record (i) a revenue of not less than RMB 1,660 million for the six months ended June 30, 2023, representing an increase of not less than 14.4% as compared to the revenue of approximately RMB 1,451 million for the same period last year, and (ii) a net profit of not less than RMB 65 million for the six months ended June 30, 2023, compared to a net loss of approximately RMB 391.8 million for the same period last year, thereby achieving a turnaround from loss to profit. In addition, the adjusted net profit (non-IFRS measure), which is defined as profit for the period excluding share-based payments, fair value losses on financial liabilities at fair value through profit or loss, loss on settlement of financial liabilities at fair value through profit or loss, and listing expenses, is expected to be not less than RMB 270 million for the six months ended June 30, 2023, compared to the adjusted net profit (non-IFRS measure) of approximately RMB 95.6 million for the same period last year. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CN¥11b). Revenue has declined by 18% over the past year. Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). Board Change • Jan 10
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Director Xin Li is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Annuncio • Jan 07
Fenbi Ltd. has completed an IPO in the amount of HKD 198 million. Fenbi Ltd. has completed an IPO in the amount of HKD 198 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,000,000
Price\Range: HKD 9.9
Discount Per Security: HKD 0.4455
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,000,000
Price\Range: HKD 9.9
Discount Per Security: HKD 0.4455
Transaction Features: Regulation S; Sponsor Backed Offering 
