Highlights

  • Revenue for the six months to 31 May 2026 climbed 89% to HK$15.5 million from HK$8.2 million.
  • Project-based PR Revenue more than tripled to HK$7.8 million, driven mainly by IPO-related client activity.
  • Net income increased to HK$2.8 million, while gross Margin narrowed to about 50% on higher supplier costs.
  • Cash and equivalents rose to HK$76.1 million at 31 May 2026, with total liabilities of HK$5.4 million.

A busier Hong Kong listing pipeline translated into sharply higher sales for Intelligent Group Limited (NASDAQ:INTJ), the financial Public Relations firm that operates through its Subsidiary Intelligent Joy Limited. For the six months ended 31 May 2026, revenue rose 89% to HK$15.5 million (US$2.0 million) from HK$8.2 million a year earlier.

Net income increased to HK$2.8 million (US$0.36 million) from HK$36,606, and the company recorded Operating Income of HK$1.5 million against an operating loss of HK$1.0 million in the prior-year period, as higher fee income outpaced a 53% rise in total operating expenses.

IPO Work Shifts the Revenue Mix

Project-based PR revenue jumped to HK$7.8 million from HK$2.3 million, driven mainly by IPO-related activities, while one-off PR revenue rose to HK$4.6 million from HK$1.3 million as Demand grew for add-on services such as roadshows and listing ceremonies. Retainer-based financial PR revenue fell about 34% to HK$3.1 million after some contracts ended without renewal.

Direct cost of revenues rose 246% to HK$7.8 million, cutting gross margin from over 70% to about 50%. Management attributed the decline to higher third-party supplier costs for client-requested deliverables and said it does not indicate a substantive deterioration in underlying profitability. Selling expenses fell 12% and general and administrative expenses declined 10%, while other income rose 34% to HK$1.3 million on exchange gains and deposit interest.

Cash-Rich Balance Sheet and Capital Changes

Cash and equivalents increased to HK$76.1 million at 31 May 2026 from HK$67.5 million at 30 November 2025, helped by HK$7.5 million of repayments from a director. Shareholders' Equity stood at HK$93.1 million against total liabilities of HK$5.4 million. Operating Cash Flow turned positive at HK$1.7 million compared with an outflow of HK$95,540 a year earlier, although Accounts Receivable rose 156% to HK$6.1 million.

A 1-for-20 reverse share split took effect on 17 February 2026. The company also issued 600,000 Class B shares to New Bay Development at US$12.50 each for US$7.5 million, with the cash received after the period end. Shares outstanding totaled 2,137,498 at 31 May 2026.

Money Lending License, New Subsidiaries and Board Changes

Beyond PR, the group holds a money lender's license through LQ Capital and, since 31 March 2026, through acquired Business United Planning Company, which has produced no revenue since acquisition. The company formed five new wholly owned subsidiaries, including entities in the Kyrgyz Republic, as platforms for potential acquisitions and expansion. Management expects Working Capital to cover cash needs for at least the next 12 months and anticipates no material Capital Expenditure in that period, while noting that integration may raise operating expenses.