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olivLaw · US equity research

Intelligent Group Ltd INTJ

Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)

2.98USD+7.01% · 1 dayClose 04 Nov 2026

Intelligent Group Ltd is a Hong Kong professional services firm specializing in financial public relations for companies that are listing or already listed on the Hong Kong stock exchange. The company reported revenue of HK$18.5 million in fiscal 2025, down year on year, with large operating losses amid a volatile capital market backdrop.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Intelligent Group Ltd (INTJ) stock was 2.98 USD (+7.01% on the day), with market capitalisation 33.5 m USD, dividend yield 44.71%, beta 0.48, 52-week range 2.50–12.40 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
33.5 m USD
shares as of 30 Nov 2023
P/E (TTM)
unavailable
Diluted EPS TTM -2.28 · TTM to 30 Nov 2025
E/P (TTM)
-76.64%
TTM to 30 Nov 2025
Dividend yield
44.71%
DPS 12m 1.33
Beta (2y)
0.48
Volatility (1y) 97%
52-week range
2.5012.40

Price history

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Technical reading

RSI (14)
50.7
neutral
Bollinger (20, 2)
2.71 – 3.15
in the upper half of the band · %B 0.60 · band width 14.9%
SMA 50 / 200
2.95 / 5.74
mixed trend
MACD (12, 26, 9)
0.00 / -0.00
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+4.0%−1.1%+5.1 pp—
3 months+10.2%−0.5%+10.6 pp—
6 months−70.3%+4.4%−74.6 pp—
Year to date−75.2%+12.3%−87.5 pp—
1 year−72.6%+13.5%−86.1 pp−20.9%
3 yearsunavailable+76.4%unavailable−28.0%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−79.8%
05 Dec 2025 → 04 Aug 2026
Max drawdown (5y)
−96.2%
20 Mar 2024 → 04 Aug 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenueunavailableunavailable2.6 m2.6 m2.4 m
Revenue YoYunavailableunavailableunavailable−0.9%−9.0%
Net incomeunavailableunavailable521.0 k-54.7 k-2.3 m
Net income YoYunavailableunavailableunavailable−110.5%unavailable
Diluted EPSunavailableunavailable0.050.00-2.28
Diluted EPS YoYunavailableunavailableunavailable−100.0%unavailable
net %unavailableunavailable19.8%-2.1%-98.3%
Free cash flowunavailableunavailable345.4 kunavailable-130.7 k

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 30 Nov 2025

Cash
8.7 m USD
Financial debt
193.3 k USD
Net debt
-8.5 m USD
Equity
11.6 m USD
Total assets
12.3 m USD
Debt / equity
0.02x
Current ratio
27.28x
ROE
-23.5%
ROA
-21.7%
FCF margin
-5.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.6 m
2024
2.6 m
2025
2.4 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
576.9 k
2024
1.0 m
2025
858.9 k

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
2.1 m ≈
2024
1.6 m ≈
2025
1.5 m ≈

SEC (XBRL)· 31 Mar 2026derived

Operating income
2023
529.3 k
2024
-324.7 k
2025
-2.6 m

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
589.0 k
2024
-141.6 k
2025
-2.4 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
67.9 k
2024
-86.9 k
2025
-65.4 k

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
521.0 k
2024
-54.7 k
2025
-2.3 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
0.05
2024
0.00
2025
-2.28

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
562.5 k
2024
656.3 k
2025
1.0 m

SEC (XBRL)· 31 Mar 2026verified

Dividend per share
2023
—
2024
1.33
2025
1.33

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
3.2 m
2024
8.2 m
2025
8.7 m

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
694.1 k
2024
303.1 k
2025
304.4 k

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
3.9 m
2024
9.0 m
2025
12.0 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
4.4 k
2024
3.6 k
2025
3.5 k

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
4.4 m
2024
9.2 m
2025
12.3 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2023
319.3 k
2024
258.7 k
2025
193.3 k

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
1.8 m
2024
656.9 k
2025
441.4 k

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
2.2 m
2024
915.6 k
2025
656.2 k

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
2.2 m †
2024
8.3 m †
2025
11.6 m †

SEC (XBRL)· 31 Mar 2026verified

Shares outstanding at year end
2023
11.3 m
2024
—
2025
—

SEC (XBRL)· 29 Mar 2024verified

Cash flow · USD

Operating cash flow
2023
349.4 k
2024
-160.4 k
2025
-22.9 k

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
4.0 k
2024
—
2025
107.9 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
345.4 k ≈
2024
—
2025
-130.7 k ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
840
2024
-1.2 m
2025
-2.6 m

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
906.9 k
2024
6.2 m
2025
3.2 m

SEC (XBRL)· 31 Mar 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Mar 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-9.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
63.8%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-108.2%
computed by olivLawFY 2025
Net margin
-98.3%
computed by olivLawFY 2025
FCF margin
-5.5%
computed by olivLawFY 2025

Returns

ROE
-23.5%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
ROA
-21.7%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
ROIC
-122.6%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
ROCE
-21.7%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-8.5 m USD
computed by olivLawbalance sheet at 30 Nov 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Nov 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
27.3x
computed by olivLawbalance sheet at 30 Nov 2025
Quick ratio
unavailable
input data missing
Cash ratio
19.6x
computed by olivLawbalance sheet at 30 Nov 2025

Cash

Operating cash flow
-22.9 k USD
computed by olivLawFY 2025
Capital expenditure
107.9 k USD
computed by olivLawFY 2025
Free cash flow
-130.7 k USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
47 days
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
33.5 m USD
computed by olivLawbalance sheet at 30 Nov 2025
Enterprise value
25.0 m USD
computed by olivLawbalance sheet at 30 Nov 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-76.6%
computed by olivLawFY 2025
P/B
2.9x
computed by olivLawbalance sheet at 30 Nov 2025
P/S
14.1x
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
10.5x
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.4%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
Dividend yield
44.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 29.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.98 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 33.5 m USD

Key indicators

Market capitalisation
33.5 m USD
computed by olivLawbalance sheet at 30 Nov 2025
P/E (TTM)
unavailable
insufficient data
P/B
2.9x
computed by olivLawbalance sheet at 30 Nov 2025
EV/EBITDA
unavailable
input data missing
ROE
-23.5%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
Net margin
-98.3%
computed by olivLawFY 2025
Revenue growth (YoY)
-9.0%
computed by olivLawFY 2025
Dividend yield
44.7%
computed by olivLawFY 2025

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Nov 2025
Latest balance sheet date: 30 Nov 2025
Share count (cover of the latest filing), as of: 30 Nov 2023
Source: SEC (XBRL)published 31 Mar 2026
verified 77

Score by group

29% · Insufficient data

Estimated value range

Low
17.48
USD per share
Mid
20.05
USD per share
High
23.50
USD per share
Price: 2.98 USD
The price is below the range
Potential to the central value: 573.9% (value / price − 1)
Margin of safety: 85.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.48 – 23.50 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)17.48 – 23.50 (Mid 20.05)
Multiple comparisons use the SIC vertical: Services-Management Consulting Services (SIC 8742)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-122.6%6 (vs peers)36%
Net margin · Quality-98.3%24 (vs peers)21%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet27.3x100 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-0.4%0 (on a fixed band)29%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality13/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Intelligent Group Limited (INTJ). Latest full fiscal year: 2025; data up to 2025-11-30.

Figures computed from the financial statements: revenue 2.4 m USD in 2025; YoY growth -9.0%; net margin -98.3%; ROE -23.5%.

The estimated value range is 17.48–23.50 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.05 USD, the price of 2.98 USD leaves a potential of 573.9% (value / price − 1) and a margin of safety of 85.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 27.3x
  • The price is below the estimated value range

What contradicts it

  • ROIC: -122.6%
  • Net margin: -98.3%
  • FCF yield: -0.4%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies

Multiples and returns vs the median

P/E
—
vertical median 24.9x
EV/EBITDA
—
vertical median 15.5x
P/S
14.1x
vertical median 1.4x
above median (+879.9%)
P/B
2.9x
vertical median 3.0x
at median
ROE
-23.5%
vertical median 2.9%
below median (−904.8%)
Net margin
-98.3%
vertical median 1.3%
below median (−7,789.9%)
EBIT margin
-108.2%
vertical median 1.0%
below median (−10,896.5%)
Revenue YoY
-9.0%
vertical median 2.5%
below median (−452.3%)
Net debt/EBITDA
—
vertical median 1.9x
Dividend yield
44.7%
vertical median 1.8%
above median (+2,449.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BAHBooz Allen Hamilton Holding Corporation10.5 bn13.770.0%7.1%−6.4%+6% / −29%
GGenpact Limited6.9 bn12.122.4%11.1%+6.6%−7% / +20%
FCNFti Consulting, Inc5.4 bn24.715.2%5.9%+2.4%+22% / −10%
EXPOExponent, Inc.4.2 bn39.231.2%17.7%+4.2%+21% / +14%
HURNHuron Consulting Group Inc.2.7 bn25.825.5%6.1%+11.7%+5% / +66%
ASTHAstrana Health, Inc.2.2 bn48.35.1%1.1%+56.4%+72% / +19%
ICFIICF International, Inc.1.7 bn20.18.6%4.9%−7.3%+24% / −31%
BWMNBowman Consulting Group Ltd.744.2 m105.32.9%1.4%+14.9%+19% / +39%
ONTOnterris, Inc.566.4 m—-2.5%-1.4%+19.3%−37% / −48%
PPHCPublic Policy Holding Company, Inc.381.3 m—-39.5%-18.9%+24.7%unavailable / unavailable
HCKTHackett Group, Inc.329.4 m19.020.7%6.3%−2.6%−28% / −40%
IIIInformation Services Group Inc.289.5 m25.212.7%4.7%−1.2%+13% / +46%
AERTAeries Technology, Inc.282.0 m20.9—3.6%−0.3%+35% / −68%
RMRRmr Group Inc.250.5 m12.68.7%3.1%−22.0%+10% / −30%
SUPXSuperx Ai Technology Limited209.8 m—-101.8%-527.7%+1,878.6%−84% / unavailable
TSSITss, Inc.193.3 m14.132.0%7.4%+65.9%−29% / +1,976%
GRNQGreenpro Capital Corp.122.4 m—-26.8%-169.6%−40.7%−57% / −19%
AUCAtif Holdings Limited109.4 m—-90.5%-723.7%−74.7%−12% / −70%
ROMARoma Green Finance Limited101.0 m—-44.2%-287.8%−22.2%+138% / unavailable
RTBRTB Digital, INC.92.6 m—-141.9%-198.5%−38.7%−49% / −94%
MHHMastech Digital, Inc.74.9 m71.01.3%0.7%−3.8%−21% / −27%
EGGEnigmatig Ltd64.8 m268.06.3%12.6%+12.2%+40% / unavailable
CTMCastellum, Inc.46.4 m—-6.8%-4.1%+18.1%−53% / +123%
ACCLAcco Group Holdings Limited34.9 m119.07.0%5.6%+5.8%−38% / unavailable
INTJIntelligent Group Limited33.5 m—-23.5%-98.3%−9.0%−73% / unavailable

1- and 3-year price returns: for INTJ from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (09 Oct 2026), 6-K (03 Sept 2026), 6-K (30 Jun 2026), 6-K (30 Apr 2026), 6-K (03 Apr 2026), 6-K (02 Apr 2026).

    In brief

    Intelligent Group Ltd is a Hong Kong professional services firm specializing in financial public relations for companies that are listing or already listed on the Hong Kong stock exchange. The company reported revenue of HK$18.5 million in fiscal 2025, down year on year, with large operating losses amid a volatile capital market backdrop.

    SWOT

    Strengths

    • The company offers a full range of services for mergers, acquisitions and listings, which supports long-term client relationships 1.
    • Extensive media monitoring coverage and a network of hedge funds and private equity funds are competitive assets cited by management 1.
    • A diversified client base with a growing number of Hong Kong listed companies reduces dependence on any single segment 1.

    Weaknesses

    • The company has reported net and operating losses in recent years, and general and administrative expenses rose sharply in fiscal 2025 1.
    • Operations are concentrated in Hong Kong, and revenue depends on the volume of local market listings 1.
    • The company has twice cured Nasdaq bid-price deficiencies, which points to pressure on the share price 1.

    Opportunities

    • Expansion into other international capital markets, particularly the US, could diversify revenue if the company's plans are realized 1.
    • The acquisition of assets in mainland China and expanded lending through LQ Capital could create new revenue sources 1.
    • Service automation and virtual roadshow platforms could improve efficiency and attract clients unable to travel 1.

    Threats

    • A decline in capital market activity in Hong Kong could reduce demand for listing and project services 1.
    • Intense competition could force fee reductions and weigh on profitability 1.
    • Regulatory changes in mainland China and Hong Kong could affect operations and the value of the shares 1.

    Risks

    • Dependence on the Hong Kong capital markethigh

      Demand for services depends on listing volume and investor sentiment, which can shift quickly because of economic and political factors 1.

    • Chinese regulatory riskshigh

      The Chinese government may exert greater control over operations and overseas offerings, which could limit the company's activity or the value of its shares 1.

    • Operating losses and high costsmedium

      Operating losses and rising general and administrative expenses could affect the company's ability to fund operations without additional capital 1.

    • Client concentrationmedium

      Reliance on a limited number of clients and recurring contracts could make revenue vulnerable to the loss of key clients 1.

    • Nasdaq listing compliancelow

      Repeated share price deficiency notices from Nasdaq mean that a further deficiency could affect the listing 1.

    Investment thesis

    What would need to be true (bull case)

    • If demand for Hong Kong listings stabilizes, recurring and project revenue could recover, and the diversified client base could support a rebound 1.
    • If expansion into international markets, particularly the US, materializes, the company could access new demand from Asian companies 1.
    • Control of staff costs and service automation could improve operating margins in weaker periods 1.

    What would break the thesis

    • Large operating losses in fiscal 2025 and rising general and administrative expenses could signal difficulty in restoring profitability 1.
    • Intense competition and fee pressure could limit the company's ability to maintain revenue 1.
    • Regulatory risks linked to mainland China and Hong Kong remain uncertain and could affect operations and the value of the shares 1.

    What to watch

    • Trend in recurring and project-based service revenueQ1 2026
    • Operating results and the level of general and administrative expensesnext 10-K
    • Progress of expansion into international markets, particularly the US2026
    • Activity in the Hong Kong capital market and the number of listings2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (09 Oct 2026), 6-K (03 Sept 2026), 6-K (30 Jun 2026), 6-K (30 Apr 2026), 6-K (03 Apr 2026), 6-K (02 Apr 2026).

    The business

    The company provides financial public relations services through its key operating subsidiary IJL, including communications advice for reputation management, multi-stakeholder programs, press conferences, media monitoring, shareholder identification and corporate events. Its main clients are companies seeking or holding listings on the Hong Kong Stock Exchange, as well as private companies, investors and international investment banks 1. The company was established in 2016 and listed its shares on the Nasdaq Capital Market in March 2024 under the symbol INTJ 1.

    The legal structure is a British Virgin Islands holding company owning Hong Kong operating subsidiaries IJL and ITL, plus a small mainland China subsidiary, Shenzhen Huiyue Technology Limited, acquired in August 2025 1. In August 2025 the company also acquired LQ Capital Limited, which holds a Hong Kong money lender's license, to expand its lending capacity 1. The controlling shareholder holds dominant voting power through Class B shares with multiple votes 1.

    Revenue is split into three lines: recurring financial PR, project-based services such as roadshows and listing ceremonies, and one-off add-on services. In fiscal 2025 recurring services represented about 57% of revenue, and staff costs were the largest cost category 1.

    Segments

    Recurring financial PR

    This line is the largest source of revenue, at about 57% of the total in fiscal 2025 1. It includes regular media press posting, shareholder list and investor relations maintenance, press conferences and annual shareholder meetings. Revenue is recognized over the service period and comes largely from fixed fees paid periodically by clients 1.

    Project-based services

    These include roadshows, investor luncheons, press conferences, listing ceremonies and site visits. Clients generally pay the full fee in advance, and volume depends on the timing of capital market activity 1.

    One-off services

    One-off services are optional add-ons sold to recurring clients, including press release writing, media interview arrangement and re-posting of business articles. Revenue from this line has declined in recent years as clients cut discretionary marketing budgets 1.

    Market context

    The company's activity depends directly on the Hong Kong capital market, where the number of listed companies has remained broadly stable, while the pace of new listings has been affected by investor sentiment and macroeconomic conditions 1. It operates in a sector with many competitors, including larger providers with stronger brand recognition and resources 1.

    The Hong Kong financial PR services market remains competitive, and pricing pressure could intensify during periods of slower listing activity. The company cites geopolitical tensions and interest rate fluctuations as factors that may influence demand 1.

    Trends

    • Volatility in Hong Kong listing activitymixed

      Some issuers have taken a cautious approach, and capital market activity has shown periods of improvement without a stable recovery, which could weigh on demand for listing and project services 1.

    • Stabilizing demand for recurring servicestailwind

      Recurring financial PR revenue rose slightly in fiscal 2025 after an earlier decline, suggesting a relatively stable base of existing clients 1.

    • Pressure from staff costsheadwind

      Staff costs are the largest cost category, and if they rise without a proportionate increase in revenue they could weigh on results 1.

    • Interest in access to international capital marketstailwind

      The company identifies rising demand from Asia-Pacific companies seeking access to international capital markets, particularly in the US, which could open new opportunities 1.

    Competitive position

    The company faces competition from a large number of financial PR providers in Hong Kong, including larger firms with greater recognition and resources, as well as small and medium local providers 1. Competition creates an unfavorable pricing environment and may lead to fee reductions 1.

    Its stated competitive strengths include a full range of services for mergers, acquisitions and listings, extensive media monitoring coverage across Asia and a diversified client base 1. These do not remove the risk of fee pressure when capital market activity declines 1.

    • Larger financial PR providers in Hong Kong

      The source refers to larger competitors with stronger brand and resources without naming them, so no US ticker can be confirmed.

    • Small and medium local financial PR providers

      These competitors offer similar services locally and may compete for the same clients.

    • New market entrants

      The company notes that new participants may enter the market if they engage qualified professionals.

    • Service providers serving Asian companies targeting the US

      The company mentions possible collaboration with US service providers, which could also compete for the same clients.

    News & filings

    In the press

    The latest news item in our archive is from 25 May 2026; the newest SEC filing is from 09 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-11-30 · SEC / Intelligent Group Ltd · 31 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.