According to the business plan, the group uses telecommunication product business and e-learning product business as its core revenue sources, accounting for about 75 percent of the group's total revenue in 2013. By region, North America and Europe brought the most revenue to the Group, accounting for about 91% of the Group's total revenue in 2013. The overall trend of revenue and net profit is improving, liquidity is at a healthy level, the leverage ratio is at an excellent level, and an ideal return on shareholder equity over the long term has been maintained. The cash cycle has deteriorated due to an increase in the average inventory transfer date, and the share of employee-related costs in revenue has also continued to rise. In terms of prospects, the renminbi continues to appreciate, and employee-related costs from China continue to rise, but it is expected that after the group gradually develops the Chinese market, it can reduce related negative factors. The revival of the US real estate market is expected to restore growth momentum to the Group's telecommunication products business. Based on the dividend discount model, the valuation of the group is HK$120 per share, a potential increase of about 25.3% from the current price. Proposed purchase and long-term holding of VTech.