Intelligent Group Limited

What they do

Based on the registration and corporate details in the Form 20-F/A, Intelligent Group Limited is organized in the British Virgin Islands with principal executive offices at 1203C, Level 12, Tower 1, Admiralty Centre, 18 Harcourt Road, Admiralty, Hong Kong. It is listed on the Nasdaq Capital Market under the symbol INTJ, with Class A Ordinary Shares registered under Section 12(b). The filing excerpt covers Item 16G corporate governance rather than a business narrative, so the specific services, customers and segments are not described in the source material. The document indicates the company has opted to follow British Virgin Islands home-country governance practices in place of several Nasdaq rules.

Revenue drivers

• Management consulting services — The company's reported SIC classification is Services-Management Consulting Services; the excerpt does not break out specific service lines or their relative size.
• Consulting operations (by revenue base) — Annual revenue was $2.6M in 2023, $2.6M in 2024 and $2.4M in 2025, indicating the consulting business at roughly this scale, though no segment breakdown is provided.
• Dividend distribution activity — Dividends per share of $1.33 were reported for both 2024 and 2025, reflecting a return of cash to shareholders funded against a $12.3M asset base and $8.7M cash balance.

Recent performance

Revenue was $2.6M in 2023, $2.6M in 2024 and $2.4M in 2025, essentially flat with a modest decline in the latest year. Net income swung from $521,029 in 2023 to a loss of $54,715 in 2024 and a loss of $2.3M in 2025, and diluted EPS moved from $0.05 in 2023 to $0 in 2024 and negative $2.28 in 2025. Operating cash flow went from positive $349,443 in 2023 to negative $160,396 in 2024 and negative $22,862 in 2025. At November 30, 2025 the balance sheet showed $12.3M in total assets, $656,179 in total liabilities, $11.6M in shareholder equity and $8.7M in cash and equivalents. Dividends of $1.33 per share were declared or paid in both 2024 and 2025, and there were 1,537,498 Ordinary Shares outstanding as of November 30, 2025 after retrospective application of the February 17, 2026 Reverse Share Splits.

Strategy

The Form 20-F/A is an amendment filed solely to update Item 16G corporate governance disclosure from the original Form 20-F filed March 31, 2026, and it does not reflect events after the original filing date. The company states it may rely on exemptions afforded to foreign private issuers and follows British Virgin Islands corporate governance practices in lieu of specified Nasdaq rules. Those exemptions cover Rule 5605(b)(2) on regularly scheduled independent-director-only meetings, Rule 5620(c) on quorum requirements, and Rules 5635(a) through 5635(d) on shareholder approval for acquisitions, change-of-control issuances and certain equity compensation and below-market issuances. It also cites Rule 5640 regarding voting rights of existing shareholders of registered common stock, though the excerpt is cut off mid-sentence. No other strategic priorities, capital investments or growth plans are described in the source material.

Risks

• Deteriorating profitability — Net income moved from $521,029 profit in 2023 to a $2.3M loss in 2025, while revenue was essentially flat, indicating cost or margin pressure relative to the $2.4M revenue base.
• Negative operating cash flow — Operating cash flow has been negative in 2024 and 2025 ($160,396 and $22,862 respectively), versus positive $349,443 in 2023.
• Dividends against declining results — Dividends per share of $1.33 in both 2024 and 2025 were declared while the company reported a net loss in each of those years.
• Governance exemptions from Nasdaq rules — The company follows British Virgin Islands practices in lieu of Nasdaq Rules 5605(b)(2), 5620(c) and 5635(a) through (d), reducing certain independent-director meeting, quorum and shareholder-approval protections for investors.

Outlook

The filing excerpt does not include forward-looking guidance, revenue expectations or management projections from Item 7 MD&A. Management notes the amendment does not reflect events after the March 31, 2026 original Form 20-F filing date and does not update other disclosures, so no forward outlook can be drawn from the source material.