Announcement • Jun 05
IPE Group Limited Approves Final Dividend for the Year Ended 31 December 2025 IPE Group Limited at the AGM held on June 5, 2026 approved the declaration and payment of a final dividend of 2.8 Hong Kong cents per ordinary share of the Company for the year ended 31 December 2025. Upcoming Dividend • Jun 02
Upcoming dividend of HK$0.028 per share Eligible shareholders must have bought the stock before 09 June 2026. Payment date: 30 June 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.8%. Lower than top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (2.8%). New Risk • May 11
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 10% 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 Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. New Risk • Mar 30
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (HK$631.4m market cap, or US$80.6m). Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: HK$0.011 (vs HK$0.01 in FY 2024) Full year 2025 results: EPS: HK$0.011 (up from HK$0.01 in FY 2024). Revenue: HK$1.09b (up 7.6% from FY 2024). Net income: HK$11.4m (up 7.5% from FY 2024). Profit margin: 1.0% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
IPE Group Limited, Annual General Meeting, Jun 05, 2026 IPE Group Limited, Annual General Meeting, Jun 05, 2026. Announcement • Mar 16
IPE Group Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 IPE Group Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 New Risk • Dec 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$768.1m (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (HK$768.1m market cap, or US$98.8m). Recent Insider Transactions • Oct 02
Insider recently sold HK$996k worth of stock On the 25th of September, Siu On Chui sold around 1m shares on-market at roughly HK$0.94 per share. This transaction amounted to 1.4% 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$21m more than they bought in the last 12 months. Reported Earnings • Sep 27
First half 2025 earnings released: EPS: HK$0.002 (vs HK$0.002 in 1H 2024) First half 2025 results: EPS: HK$0.002 (in line with 1H 2024). Revenue: HK$487.7m (down 2.9% from 1H 2024). Net income: HK$2.21m (down 7.3% from 1H 2024). Profit margin: 0.5% (in line with 1H 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Sep 22
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: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (HK$21m sold). Market cap is less than US$100m (HK$662.9m market cap, or US$85.3m). Reported Earnings • Aug 21
First half 2025 earnings released: EPS: HK$0.002 (vs HK$0.002 in 1H 2024) First half 2025 results: EPS: HK$0.002 (in line with 1H 2024). Revenue: HK$487.7m (down 2.9% from 1H 2024). Net income: HK$2.21m (down 7.3% from 1H 2024). Profit margin: 0.5% (in line with 1H 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Aug 09
IPE Group Limited to Report First Half, 2025 Results on Aug 20, 2025 IPE Group Limited announced that they will report first half, 2025 results on Aug 20, 2025 Announcement • Jun 30
IPE Group Limited Appoints Zeng Jing as A Member of the Nomination Committee of the Board, with Effect from 30 June 2025 The board of directors of IPE Group Limited announced that with effect from 30 June 2025, Ms. Zeng Jing, a non-executive Director, has been appointed as a member of the nomination committee of the Board in order to enhance the corporate governance of the Company and to fulfil the new gender diversity requirement of the nomination committee under the amended Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited which will come into effect on 1 July 2025. Following the above change, the nomination committee of the Board comprises of five members, namely Mr. Zeng Guangsheng (chairperson), Mr. Yang Rusheng, Mr. Cheung, Chun Yue Anthony, Mr. Zhu Jianbiao and Ms. Zeng Jing. Recent Insider Transactions • Jun 26
Insider recently sold HK$21m worth of stock On the 23rd of June, Siu On Chui sold around 50m shares on-market at roughly HK$0.41 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • May 02
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Jianbiao Zhu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: HK$0.01 (vs HK$0.005 in FY 2023) Full year 2024 results: EPS: HK$0.01 (up from HK$0.005 in FY 2023). Revenue: HK$1.01b (up 12% from FY 2023). Net income: HK$10.6m (up 87% from FY 2023). Profit margin: 1.0% (up from 0.6% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Mar 28
IPE Group Limited, Annual General Meeting, May 16, 2025 IPE Group Limited, Annual General Meeting, May 16, 2025. Announcement • Mar 17
IPE Group Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 IPE Group Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Board Change • Dec 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Jianbiao Zhu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 29
First half 2024 earnings released: EPS: HK$0.002 (vs HK$0.001 loss in 1H 2023) First half 2024 results: EPS: HK$0.002 (up from HK$0.001 loss in 1H 2023). Revenue: HK$502.1m (up 20% from 1H 2023). Net income: HK$2.38m (up HK$3.63m from 1H 2023). Profit margin: 0.5% (up from net loss in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Aug 15
IPE Group Limited to Report First Half, 2024 Results on Aug 26, 2024 IPE Group Limited announced that they will report first half, 2024 results on Aug 26, 2024 Announcement • Apr 13
IPE Group Limited, Annual General Meeting, May 10, 2024 IPE Group Limited, Annual General Meeting, May 10, 2024, at 11:00 Singapore Standard Time. Location: 4/F, Ching Room,Sheraton Hong Kong Hotel & Towers, 20 Nathan Road, Kowloon Hong Kong Agenda: To consider and receive the audited consolidated financial statements of the Company and the reports of the directors and auditors for the year ended 31 December 2023;to consider re-elect Mr. Zeng Guangsheng as an executive director of the Company;to consider re-elect Ms. Zeng Jing as a non-executive director of the Company;to consider re-elect Mr. Chen Kuangguo as a non-executive director of the Company;to consider authorize the board of directors of the Company to fix the respective directors' remuneration;to consider re-appoint Mazars CPA Limited as auditors of the Company and to authorize the board of directors of the Company to fix auditors' remuneration;and to consider other matters. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: HK$0.005 (vs HK$0.008 in FY 2022) Full year 2023 results: EPS: HK$0.005 (down from HK$0.008 in FY 2022). Revenue: HK$898.7m (down 6.6% from FY 2022). Net income: HK$5.67m (down 35% from FY 2022). Profit margin: 0.6% (down from 0.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Mar 14
IPE Group Limited to Report Fiscal Year 2023 Results on Mar 22, 2024 IPE Group Limited announced that they will report fiscal year 2023 results on Mar 22, 2024 Reported Earnings • Aug 28
First half 2023 earnings released: HK$0.001 loss per share (vs HK$0.011 profit in 1H 2022) First half 2023 results: HK$0.001 loss per share (down from HK$0.011 profit in 1H 2022). Revenue: HK$419.8m (down 17% from 1H 2022). Net loss: HK$1.25m (down 111% from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Aug 16
IPE Group Limited to Report First Half, 2023 Results on Aug 25, 2023 IPE Group Limited announced that they will report first half, 2023 results on Aug 25, 2023 Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: HK$962.6m (down 6.6% from FY 2021). Net income: HK$8.69m (down 89% from FY 2021). Profit margin: 0.9% (down from 7.9% in FY 2021). Announcement • Feb 03
IPE Group Limited Provides Group Earnings Guidance for the Year Ended 31 December 2022 IPE Group Limited provided group earnings guidance for the year ended 31 December 2022. The unaudited net profit after tax of the Group for the year ended 31 December 2022 is expected to decrease by approximately 65% as compared with the year ended 31 December 2021. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Rusheng Yang was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 15
IPE Group Limited Appoints Zhu Jianbiao as an Independent Non-Executive Director of the Company and A Member of Each of the Board's Audit Committee, Remuneration Committee, Nomination Committee and ESG Committee The board of directors of IPE Group Limited announced that Mr. Zhu Jianbiao has been appointed as an independent non-executive director of the Company and a member of each of the Board's Audit Committee, Remuneration Committee, Nomination Committee and ESG Committee with effect from 14 November 2022. Mr. Zhu, aged 48, was appointed as vice chairman of the board of directors and executive director, member and chairman of the Strategic Development Committee and member of the Executive Committee of China Shandong Hi-Speed Financial Group. Ltd., a company listed on the Main Board of the The Stock Exchange of Hong Kong Limited (the "Stock Exchange");executive director of Shandong Hi-Speed New Energy Group Limited (Formerly known as "Beijing Enterprises Clean Energy Group Co. Ltd.") (Stock Code: 1250), a company listed on the Main Board of the Stock Exchange. He is also an independent non-executive director of Beijing Energy International Holdings Limited (Stock Code: 686), a company listed on the Main Board of the Stock Exchange. Mr. Zhu graduated from Jiangxi University of Finance and Economics in planning statistics, with a bachelor's degree in economics, and holds a master's and doctorate degrees in finance from Jinan University. Mr. Zhu has more than 20 years of extensive experience in private equity investment, secondary market investment and financial management. He has served as the chief operating officer of CITIC Private Equity Funds Management Co. Ltd. and the executive deputy general manager of Changsheng Fund Management Co. Ltd. Mr. Zhu also served as a lecturer in the Department of Investment Finance of Guangdong University of Finance and Economics. Following the appointment of Mr. Zhu with effect from 14 November 2022, the Company will have (i) three independent non-executive Directors, which will be in compliance with Rule 3.10(1) of the Listing Rules; and (ii) three members of the Audit Committee, which will be in compliance with Rule 3.21 of the Listing Rules. Announcement • Nov 01
Ipe Group Limited Announces Resignation of Independent Non-Executive Director The board of directors of IPE Group Limited announces that the Board received a resignation letter from Mr. Mei Weiyi ("Mr. Mei") on 30 October 2022, pursuant to which he resigned from his positions as an independent non-executive director of the Company and a member of each of the Board's Audit Committee, Remuneration Committee, Nomination Committee and ESG Committee due to his focus on other business engagement. Mr. Mei has confirmed that he has no disagreement with the Board and the Company and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. the number of independent non-executive Directors on the Board would decrease from three to two, falling below the minimum number required under Rule 3.10(1) of the Listing Rules; and the number of members of the Audit Committee would decrease from three to two, falling below the minimum number as required under Rule 3.21 of the Listing Rules. The Company will use its best endeavor to identify a suitable candidate to act as an independent non-executive Director to meet the requirement set out in Rules 3.10 and 3.21 of the Listing Rules as soon as practicable, and in any event within three months as required under Rules 3.11 and 3.23 of the Listing Rules, and will make further announcement as and when appropriate. Reported Earnings • Aug 20
First half 2022 earnings released: EPS: HK$0.011 (vs HK$0.029 in 1H 2021) First half 2022 results: EPS: HK$0.011 (down from HK$0.029 in 1H 2021). Revenue: HK$502.9m (down 3.0% from 1H 2021). Net income: HK$11.5m (down 62% from 1H 2021). Profit margin: 2.3% (down from 5.8% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jun 21
IPE Group Limited Provides Earnings Guidance for the Six Months Ended 30 June 2022 The board of directors of IPE Group Limited informed the shareholders and potential investors of the Company that based on the preliminary review of the management accounts of the Group for the five months ended 31 May 2022 and the information currently available to the Board, the net profit after tax of the Company for the six months ended 30 June 2022 is expected to decrease by approximately 45% as compared with the corresponding period in 2021. The decrease in the net profit after tax of the Group was primarily due to: (i) the decrease in revenue arising from the continuous negative impact of the novel coronavirus pandemic on the overall economic environment and the business of the Group in the first five months of 2022; (ii) the increase in production costs resulting from increased unit price of raw materials; and (iii) the decrease in the amount of government grants received during the first five months of 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Weiyi Mei was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: HK$0.077 (up from HK$0.026 in FY 2020). Revenue: HK$1.03b (up 30% from FY 2020). Net income: HK$81.4m (up 197% from FY 2020). Profit margin: 7.9% (up from 3.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • Mar 04
IPE Group Limited to Report Fiscal Year 2021 Results on Mar 14, 2022 IPE Group Limited announced that they will report fiscal year 2021 results on Mar 14, 2022 Announcement • Jan 22
IPE Group Limited Provided Earnings Guidance for the Year Ended 31 December 2021 The board of directors of the IPE Group Limited inform the shareholders and potential investors of the Company that based on the latest unaudited management account of the Group, the unaudited net profit of the Group for the year ended 31 December 2021 amounted to not less than HKD 80,000,000, representing a significant increase as compared with the net profit of HKD 29,039,000 for the year ended 31 December 2020. The reasons for the increase in the net profit of the Group are primarily owing to fading effect of the COVID-19 pandemic. Besides, domestic manufacturing industry in the PRC started to recover and sales orders of the Group were rebounded. The Company will continue its effort to raise its production capacity, reduce costs and expand its sales network, in order to increase the earnings of the Company. Recent Insider Transactions • Jan 08
Insider recently sold HK$7.3m worth of stock On the 5th of January, Siu On Chui sold around 9m shares on-market at roughly HK$0.85 per share. In the last 3 months, they made an even bigger sale worth HK$43m. Insiders have been net sellers, collectively disposing of HK$7.3m more than they bought in the last 12 months. Recent Insider Transactions • Dec 07
Executive Chairman & CEO recently bought HK$43m worth of stock On the 3rd of December, Guang Sheng Zeng bought around 50m shares on-market at roughly HK$0.85 per share. This was the largest purchase by an insider in the last 3 months. This was Guang Sheng's only on-market trade for the last 12 months. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Weiyi Mei was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 40% share price gain to HK$1.05, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 13x in the Machinery industry in Hong Kong. Negligible returns to shareholders over past three years. Reported Earnings • Aug 26
First half 2021 earnings released: EPS HK$0.029 (vs HK$0.003 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: HK$518.3m (up 53% from 1H 2020). Net income: HK$30.2m (up HK$27.6m from 1H 2020). Profit margin: 5.8% (up from 0.8% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Jun 23
IPE Group Limited Provides Earnings Guidance for the Six Months Ended June 30, 2021 IPE Group Limited provided earnings guidance for the six months ended June 30, 2021. For the period, the company expected to record appreciable increase in net profit and it is expected that the net profit of the Group for the six months ended June 30, 2021 will be not less than HKD 30 million, as compared with the net profits of approximately HKD 2.2 million for the corresponding period in 2020. Announcement • Jun 17
IPE Group Limited Provides Unaudited Earnings Guidance for the Half Year Ended June 30, 2021 IPE Group Limited provided unaudited earnings guidance for the half year ended June 30, 2021. For the half year, the net profit after tax of the Group for the half year ended 30 June 2021 is expected to record improved performance and recover to the level before the pandemic. The Board believes that the improvement in the net profit after tax of the Group for the half year ended 30 June 2021 was mainly attributable to the fact that the COVID-19 pandemic has been under control since the second half of 2020. As the domestic manufacturing industry in the PRC started to recover and sales orders of the Group were rebounded, such growth continued through the first half of 2021, where the gross profit recovered to the level before the pandemic with the greater economics of scale as a result of growth in sales, and the effective cost control measures implemented by the management. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS HK$0.026 (vs HK$0.038 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: HK$793.7m (down 2.3% from FY 2019). Net income: HK$27.4m (down 32% from FY 2019). Profit margin: 3.5% (down from 5.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS HK$0.026 (vs HK$0.038 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: HK$793.7m (down 2.3% from FY 2019). Net income: HK$27.4m (down 32% from FY 2019). Profit margin: 3.5% (down from 5.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Mar 18
IPE Group Limited to Report Fiscal Year 2020 Results on Mar 26, 2021 IPE Group Limited announced that they will report fiscal year 2020 results on Mar 26, 2021 Is New 90 Day High Low • Mar 10
New 90-day low: HK$0.68 The company is down 6.0% from its price of HK$0.72 on 10 December 2020. The Hong Kong market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: HK$0.76 The company is up 7.0% from its price of HK$0.71 on 27 October 2020. The Hong Kong market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 27% over the same period. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total profits of HK$27.1m, down 51% from the prior year. Total revenue was HK$746.6m over the last 12 months, down 14% from the prior year. Announcement • Aug 13
IPE Group Limited to Report First Half, 2020 Results on Aug 24, 2020 IPE Group Limited announced that they will report first half, 2020 results on Aug 24, 2020 
