8I HOLDINGS LTD - Interim / Quarterly Report 2022

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8I Holdings Limited
2022 Interim Report
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ASX code: 8IH Company registration number 201414213R

FINANCIAL STATEMENTS For the six months ended 30 September 2021

ARBN 601 582 129

FINANCIAL AND OPERATIONS REVIEW

For the financial period ended 30 September 2021

About 8I Holdings Limited

8I �� Australian-listed investment holding company engaged in the businesses of Financial Education �� Management.

�� operates under the VI brand within the FinEduTech space. With offices in Singapore, Malaysia, Taiwan and Shanghai, VI �� provider supporting a community of value investors from 29 cities globally. The VI App is a smart stock analysis and screening tool infused with a social networking element to enable users to invest smarter, faster and easier.

�� the Group operates a registered fund management business in Singapore, investing in public listed equities in the United States and Asia-Pacific region. �� -driven and systematic stock selection process refined over the years and around investing in Growth Businesses with favourable industry dynamics over the mid to long term.

FINANCIAL AND OPERATIONS REVIEW

For the financial period ended 30 September 2021

Prelude

FINANCIAL AND OPERATIONS REVIEW

For the financial period ended 30 September 2021

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FINANCIAL ASSET
MANAGEMENT
Powered by a research-driven and
systematic stock selection process
refined over the years, the fund
management arm of the Group invests
in public listed equities in the Unites
States and Asia-Pacific region with a
focus on investing in Growth Businesses
with favourable industry
dynamics over the mid to
long term.
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FINANCIAL AND OPERATIONS REVIEW

For the financial period ended 30 September 2021

Overview

FY2022 began amid a challenging operating landscape and uncertain macro-economic and geopolitical environment around the world.

Following updates from our FY2021 annual report, the Group has made conscious efforts to continue with its core focus and the implementation of its growth strategies to maintain its position of profitability in FY2022.

�� ), the Group recorded a revenue and investment gain of S$18.3 million, as compared to S$17.9 million in the first half of FY2021 �� S$4.2 million, as compared to S$7.2 million in the previous corresponding period.

The result is mainly attributable to the continued strong growth of our FinEduTech division, as well as the positive performance of the restructured Hidden Champions Fund and portfolios.

Our FinEduTech segment registered a 54.8% increase in revenue from S$11.4 million in HY2021 to S$17.6 million in HY2022 while the Financial Asset Management division registered S$0.7 million gain in investment in HY2022, from S$6.5 million in HY2021.

The Group also maintained a healthy financial position, recording cash and cash equivalents of S$24.6 million as compared to S$23.5 million in HY2021. We have also recorded 62.3% increase in financial assets, at FVPL, from S$21.5m in HY2021 to S$34.9m in HY2022.

Business Segment Report

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FinEduTech � 8VI Holdings Limited

In HY2022, 8VI has continued to broaden and deepen its efforts in its acquisition, retention and technology development pillars while focusing on putting out meaningful, localized content, programmes and features for its users, community and the public at large.

The success of our core efforts is reflected in the results and performance for HY2022, where 8VI maintained an overall growth in the number of graduates, users and subscribers. The total number of graduates for HY2022 for 8VI were 13,215, up 7.1% as compared to 12,343 in HY2021. Meanwhile, the Total User Growth rate is recorded at 88% while Subscriber Growth Rate is recorded at 54% in the last twelve months for the period ended September 2021.

The team has also created meaningful engagement on the public front across the region. With a total of 629 content videos created and put out thus far, our content has garnered more than 25 million views, translating close to 1 million hours of content watched by audience around the globe.

In addition to investing in digitalization and talent, we also believe that key to our future growth also lies in expanding our addressable market and positioning ourselves to offer new products in the regulated space.

Within HY2022, 8VI has incorporated VIFIN to pursue new business verticals in both Singapore and Malaysia through ancillary financial services as an expansion to its service base and offerings to our existing graduates and community. By making inroads into these types of regulated services, we believe we can further raise our competitive edge in the long-term by extending our position on the value chain and towards our ultimate goal of building a smarter future for our community.

For more details on the FinEduTech segment, please refer to the HY2022 Interim Report for 8VI Holdings Limited.

FINANCIAL AND OPERATIONS REVIEW

For the financial period ended 30 September 2021

Business Segment Report (continued)

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Financial Asset Management – VI Fund Management (“VI Fund”)

As highlighted during the FY2021 Annual General Meeting, our Financial Asset Management entity embarked on a rebranding exercise, and it is now operating under the identity of VI Fund Management. This rebranding is to reflect the Asset Management entity’s alignment with the entire Group’s identity and core values, where we believe that we will be able to unleash our maximum potential now that we are totally congruent.

We have also shared that we are currently working on 2 fund series, namely VI Fund & VI Quant, comprising 4 fund products which are VI Fund US, VI Fund Asia (to be rebranded from HCF Asia Fund), VI Quant US and VI Quant Asia. Among them, VI Quant US and VI Fund Asia are currently open to Accredited Investors. Meanwhile, VI Fund US and VI Quant Asia are currently funded by the Group’s proprietary capital for research and development. These fund products will be launched at a later date when they are suitably assessed and deemed ready.

Asset Management Company

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VI Fund Management Pte. Ltd. (previously known as Hidden Champions Capital Management Pte. Ltd.)

Funds Currently Open to Accredited Investors

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VI Fund Asia (to be rebranded from HCF Asia)

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VI Quant US

(8IH VCC VI Quant US sub-fund)

Our investment returns are positive as a Group, despite the negative impact to our Asia portfolio, particularly with our significant exposure in China. Despite that, we believe in the long-term prospects of that market. Currently, our largest equity exposure is still in the United States.

A short summary for both VI Fund Asia and VI Quant US Fund are as follows:

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VI Fund Asia Summary

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120 40%
110 35%
30%
100
96.9 25%
90
87.5
20%
82.6
80
79.5 15%
70 9%
10%
60 5%
50 0%
Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Cash % VI Fund Asia MSCI Asia Pac
MSCI China HS China
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	VI Fund Asia	MSCI Asia Pac	MSCI China	Hang Seng China
FYTD	-12.5%	-3.1%	-17.4%	-20.5%

Under the VI Fund Asia series, we currently manage a combined AUM of US$7 million. For 1HFY2022, the listed securities under VI Fund Asia registered an unrealised loss on investment securities of US$0.47 million under our direct stake. This is a return of -12.5% for the last six months, against the MSCI China index of -17.4%.

Beijing’s recent crackdowns on the tech sector wiped off about $1 trillion of market value from Chinese shares around the world this year, and the markets declined further as they expanded their reach from antitrust and e- commerce concerns to private tutoring, data security, healthcare and online content in quick succession.

Overall, the portfolio was affected due to the wider exposure to China Technology and Healthcare companies. With no visibility on how the companies’ business models will evolve or need to change after the finalization and implementation of the regulatory changes, any future assessment of the business will just be our own speculation. The increased scrutiny has led to a tougher policy environment, and forced firms to slow expansion plans so as not to be caught in a situation of overexpansion, while anti-monopoly enforcement actions will expose the tech companies to greater competition. With that in mind, we are wary of the regulatory risk and have rebalanced the portfolio slightly to be aligned with the Chinese government’s long-term goals.

FINANCIAL AND OPERATIONS REVIEW

For the financial period ended 30 September 2021

Business Segment Report (continued)

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VI Quant US summary

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We are proud to announced that the VI Quant US Growth Fund has been successfully launched under the Singapore incorporated VCC structure in September 2021.

To date, we have welcomed 30 clients to the 8IH VCC fund in the past 2 months. Under this VI Quant Fund series, we currently manage a combined AUM of US$13 million and are looking to consolidate all holdings under this structure in the coming months.

The first half of the calendar year saw pullback among growth portfolios due to fears of interest rate spike affecting valuations. However, the VI Quant US Growth fund managed to surpass its all-time high when its momentum-based algorithms kicked in to rotate out of some stocks which are still currently underperforming as of this update despite them being of high quality.

We continue with our pipeline of research projects to backtest and implement statistical learning methodologies to sharpen the investment process of our VI Quant series.

Moving forward, we are in the midst of building up a business development team to promote and market our fund products. This will enable us to serve our investors better and reach out more effectively to the right target market as part of our efforts to expand our potential clientele base.

At the same time, we will continue to refine and work on our investment strategies, processes and portfolio allocation to achieve a sound return on our capital.

Going Forward

2021 has been a transformative year for the Group, and we are celebrating this leap with a new office space. The significance of this newly designed office marks a new era for the Group as we work on growing the synergies within the 8I ecosystem where collaboration, agility and empowerment will be our key focus. All elements are consciously put together to remind the team of the values that we live by, what we strive to achieve and dynamic spaces dedicated to different purposes and preferences in line with our 80:20 rule.

In FY2022, we will continue to invest significant resources into diversifying our human capital to find the right talent to strengthen our position in innovation and technology. Our quest to acquire talented individuals in the fields that support our growth plans continues and we are on the lookout for passionate subject matter experts to join the Group in building our unique FinEduTech and Financial Asset Management ecosystem.

For more information and past annual reports, please refer to our website at www.8iholdings.com

At VI Quant Series, we believe that having the right stocks at the wrong time is still a wrong holding as it is considered an opportunity cost.

�� STATEMENT

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For the financial period ended 30 September 2021

In the opinion of the directors,

(a) to the best of our knowledge, nothing has come to the attention of the Board of Directors of the Company which may render the accompanying interim financial information for the six months ended 30 September 2021 to be false or misleading; and
(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.

On behalf of the directors

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Chee Kuan Tat, Ken Director

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Clive Tan Che Koon Director

5 November 2021

KLP LLP 13A MacKenzie Road Singapore 228676 Tel: (65) 6227 4180

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[email protected] www.klp.com.sg

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION TO THE MEMBERS OF 8I HOLDINGS LIMITED

Introduction

�� s of 30 September 2021 and the related statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of this interim financial information in accordance with Financial Reporting Standards in Singapore, Interim Financial �� w.

Scope of Review

We conducted our review in accordance with Singapore Standard on Review Engagements 241 �� primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Singapore Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information does not give a true and fair view of the financial position of the Group as at 30 September 2021, and of its financial performance, its changes in equity and its cash flows for the six-month period then ended in accordance with FRSs 34.

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KLP LLP

Public Accountants and Chartered Accountants

Singapore, 5 November 2021

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CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Interim Financial Report for the financial period ended 30 September 2021

Note Revenue 4 Investment gain 4 Cost of sales and services Gross profit Other gains Other income 5 Expenses - Administrative expenses - Marketing and other operating expenses - Finance costs Share of loss/(profit) attributable to the unit holders of redeemable participating shares Profit before income tax Income tax expense 6 Profit for the period Other comprehensive income/(loss): Items that may be reclassified subsequently to profit or loss: - Currency translation differences arising from consolidation Items that will not be reclassified subsequently to profit or loss: - Financial (loss)/gain, at FVOCI Other comprehensive income/(loss), net of tax Total comprehensive income for the period Profit attributable to: - Owners of the Company - Non-controlling interests Total comprehensive income attributable to: - Owners of the Company - Non-controlling interests Profit per share attributable to equity holders of the Company (S$ cent per share) - Basic earnings 7 - Diluted earnings 7	Half-year ended 30 Sep 2021 Half-year ended 30 Sep 2020 S$ S$ 17,639,657 11,399,376 658,891 6,476,094 (4,216,589) (1,967,764)
	14,081,959 15,907,706 163,966 - 1,303,372 808,793 (5,915,246) (4,551,225) (5,957,402) (2,975,762) (22,507) (22,677) 857,495 (1,362,543)
	4,511,637 7,804,292 (305,742) (593,959)
	4,205,895 7,210,333
	137,548 (423,835) (6,827) 36,841
	130,721 (386,994)
	4,336,616 6,823,339
	3,294,554 6,590,154 911,341 620,179
	4,205,895 7,210,333
	3,377,102 6,213,025 959,514 610,314
	4,336,616 6,823,339
	0.92 1.82 0.92 1.82

The accompanying notes form an integral part of these financial statements.

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CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As At 30 September 2021

Note ASSETS Current assets Cash and cash equivalents Trade and other receivables 8 Financial assets, at FVPL Non-current assets Other receivables 8 Property, plant and equipment Development of software 9 Financial assets, at FVOCI Deferred income tax assets Total assets LIABILITIES Current liabilities Trade and other payables Borrowings Current income tax liabilities Unearned revenue 10 Redeemable participating shares 11 Non-current liabilities Borrowings Unearned revenue 10 Deferred income tax liabilities Total liabilities NET ASSETS EQUITY Capital and reserves attributable to owners of the Company Share capital Other reserves Retained profits Non-controlling interests Total equity	30 Sep 2021 31 Mar 2021 S$ S$ 24,640,952 26,819,650 3,400,982 2,153,261 34,949,133 24,868,213
	62,991,067 53,841,124
	365,700 351,900 1,733,441 1,450,709 1,162,204 790,401 1,268,380 1,275,182 297,233 296,355
	4,826,958 4,164,547
	67,818,025 58,005,671
	3,403,088 3,852,696 1,309,958 798,089 393,144 465,036 10,344,865 9,521,393 8,184,999 5,359,489
	23,636,054 19,996,703
	733,824 73,625 367,288 233,789 4,000 4,000
	1,105,112 311,414
	24,741,166 20,308,117
	43,076,859 37,697,554
	33,731,412 33,972,254 (13,127,964) (14,122,248) 18,856,809 15,562,255
	39,460,257 35,412,261 3,616,602 2,285,293
	43,076,859 37,697,554

The accompanying notes form an integral part of these financial statements.

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CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Interim Financial Report for the financial period ended 30 September 2021

Half-year FY2022 Opening balance as at 1 Apr 2021 Profit for the period Other comprehensive income/(loss) for the period Total comprehensive income for the period Share buy-back Value of employee services Performance rights exercised Options exercised Dilution of subsidiary without change in control Total transactions with owners of the Company, recognised directly in equity Closing balance as at 30 Sep 2021	Attributable to owners of the Company Share capital Fair value reserve Currency translation reserve Capital reserve Employee share plan reserve Retained profits Total Non- controlling interests Total equity
	S$ S$ S$ S$ S$ S$ S$ S$ S$ 33,972,254 (11,394,993) (666,982) (2,339,023) 278,750 15,562,255 35,412,261 2,285,293 37,697,554
	- - - - - 3,294,554 3,294,554 911,341 4,205,895 - (6,827) 89,375 - - - 82,548 48,173 130,721
	- (6,827) 89,375 - - 3,294,554 3,377,102 959,514 4,336,616
	(240,842) - - - - - (240,842) - (240,842) - - - 59,516 979,698 - 1,039,214 210,521 1,249,735 - - - (11,886) (188,224) - (200,110) 200,110 - - - - 91,505 (74,033) - 17,472 72,528 90,000 - - - 55,160 - - 55,160 (111,364) (56,204)
	(240,842) - - 194,295 717,441 - 670,894 371,795 1,042,689
	33,731,412 (11,401,820) (577,607) (2,144,728) 996,191 18,856,809 39,460,257 3,616,602 43,076,859

The accompanying notes form an integral part of these financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Interim Financial Report for the financial period ended 30 September 2021

Half-year FY2021 Opening balance as at 1 Apr 2020 Profit for the period Other comprehensive income/(loss) for the period Total comprehensive income for the period Share buy-back Dilution of subsidiary without change in control Total transactions with owners of the Company, recognised directly in equity Closing balance as at 30 Sep 2020	Attributable to owners of the Company Share capital Fair value reserve Currency translation reserve Capital reserve Retained profits Total Non- controlling interests Total equity
	S$ S$ S$ S$ S$ S$ S$ S$ 34,455,641 (11,395,788) (47,644) (2,310,515) 7,615,639 28,317,333 1,058,535 29,375,868
	- - - - 6,590,154 6,590,154 620,179 7,210,333 - 36,841 (413,970) - - (377,129) (9,865) (386,994)
	- 36,841 (413,970) - 6,590,154 6,213,025 610,314 6,823,339
	(62,181) - - - - (62,181) - (62,181) - - - 32,787 - 32,787 119,394 152,181
	(62,181) - - 32,787 - (29,394) 119,394 90,000
	34,393,460 (11,358,947) (461,614) (2,277,728) 14,205,793 34,500,964 1,788,243 36,289,207

The accompanying notes form an integral part of these financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

Interim Financial Report for the financial period ended 30 September 2021

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Cash flows from operating activities Profit before income tax Adjustments for: - Net fair value gain of investment securities held at fair value through profit or loss - Net loss/(gain) on disposal of investment securities held at fair value through profit or loss - Dividend income - Interest income - Depreciation of property, plant and equipment - Amortisation of intangible assets - Property, plant and equipment written off - Bad debt written off - (Write-back of)/credit loss allowance - Finance costs - Employee share plan expense - Share of (loss)/profit attributable to the unit holders of redeemable participating shares - Exchange differences Change in working capital: - Trade and other receivables - Financial assets, at FVPL - Trade and other payables - Unearned revenue Cash (used in)/generated from operations Interest received Dividend received Interest paid Income tax (paid)/refund Net cash (used in)/provided by operating activities Cash flows from investing activities Additions to non-controlling interest without a change in control Proceeds from sale of non-controlling interest without a change in control Proceeds from loan to non-related parties Additions to property, plant and equipment Additions to intangible assets Net cash (used in)/provided by investing activities Cash flows from financing activities Proceeds from options Shares buy-back Repayment of principal portion of lease liabilities Proceeds from borrowings Repayment of principal portion of bank borrowings Interest paid Net proceeds received from��-controlling unit holders Net cash provided by/(used in) financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents Beginning of financial period Effects of currency translation on cash and cash equivalents End of financial period	Half-year ended 30 Sep 2021 Half-year ended 30 Sep 2020 S$ S$ 4,511,637 7,804,292 (3,065,993) (4,749,292) 2,462,069 (1,304,107) (54,967) (422,695) (78,260) (39,091) 833,512 834,855 264,622 131,729 1,023 11,213 - 83,029 (10,394) 49,119 22,507 22,677 1,190,219 - (857,495) 1,362,543 45,818 (260,014)
	5,264,298 3,524,258 (1,251,127) 29,207 (9,476,996) (1,115,694) (449,608) 618,654 956,971 2,027,565
	(4,956,462) 5,083,990 78,260 39,091 54,967 422,695 - - (378,512) 119,303
	(5,201,747) 5,665,079
	(71,774) - - 150,093 - 600,000 (297,393) (125,442) (636,425) (251,825)
	(1,005,592) 372,826
	90,000 - (240,842) (62,181) (532,936) (689,541) 1,000,000 - (106,701) - (21,057) (22,677) 3,774,339 24,158
	3,962,803 (750,241)
	(2,244,536) 5,287,664 26,819,650 18,442,385 65,838 (184,381)
	24,640,952 23,545,668

The accompanying notes form an integral part of these financial statements.

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NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

1. Corporate information

�� re. The address of its registered office and principal place of business is Goldbell Towers, 47 Scotts Road, #03-03/04, Singapore 228233.

The principal activities of the Company are investment holding and management consultancy services. The principal activities of its subsidiaries are as follows:

Name
Principal activities
Held by the Company:
8 Investment Pte. Ltd.
Business management consultancy
VI Fund Management Pte. Ltd.
(formerly known as Hidden
Champions Capital Management
Pte. Ltd.)
Registered fund management
company
8IH Global Limited
Investment trading
8VI Holdings Limited
Investment holding and
management consultancy services
8BIT Global Pte. Ltd. (a)
Computer programming and data
processing and hosting
8 Business Pte. Ltd.
Business management consultancy
8IH VCC
Investment trading
Held through 8VI Holdings Limited
8VI Global Pte. Ltd.
Seminar and programs organiser
8VI FIN Singapore Pte. Ltd.
Advisory services
Held through 8VI Global Pte. Ltd
8VI Malaysia Sdn. Bhd.
Seminar and programs organiser
8VI Taiwan Co., Ltd
Seminar and programs organiser
8VIC (Thailand) Company Limited
Dormant
8VI China Pte. Ltd.
Business management consultancy
8VIC Singapore Pte. Ltd.
Struck off
Value Investing College Pte. Ltd.
Dormant
Held through 8VI Malaysia Sdn. Bhd.
8VIC JooY Media Sdn. Bhd.
Agency and media
8VI FIN Malaysia Sdn. Bhd.
Advisory services

Country of
business/
incorporation
Proportion
of ordinary
shares
directly held
by parent
Proportion
of ordinary
shares held
by the Group
Proportion
of ordinary
shares held
by non-
controlling
interests
30 Sep
2021
31 Mar
2021
30 Sep
2021
31 Mar
2021
30 Sep
2021
31 Mar
2021
%
%
%
%
%
%
Singapore
100
100
100
100
-
-
Singapore
100
100
100
100
-
-
Mauritius
100
100
100
100
-
-
Singapore
78.7
79.5
78.7
79.5
21.3
20.5
Singapore
42.0
42.0
82.2
82.6
17.8
17.4
Singapore
100
100
100
100
-
-
Singapore
100
-
100
-
-
-
Singapore
-
-
78.7
79.5
21.3
20.5
Singapore
-
-
55.1
-
44.9
-
Malaysia
-
-
78.7
79.5
21.3
20.5
Taiwan
-
-
55.1
55.7
44.9
44.3
Thailand
-
-
72.1
72.1
27.9
28.0
Singapore
-
-
51.2
51.7
48.8
48.3
Singapore
-
-
-
79.5
-
20.5
Singapore
-
-
78.7
79.5
21.3
20.5
Malaysia
-
-
78.7
79.5
21.3
20.5
Malaysia
-
-
55.1
-
44.9
-

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

1. Corporate information (continued)

The principal activities of its subsidiaries are as follows: (continued)

								Proportion	Proportion
			Proportion					of ordinary
			of ordinary			Proportion		shares held
		Country of	shares			of ordinary		by non-
		business/	directly held			shares held		controlling
Name	Principal activities	incorporation	by parent			by the	Group	interests
			30 Sep	31	Mar	30 Sep	31 Mar	30 Sep	31 Mar
			2021	2021		2021	2021	2021	2021
			%	%		%	%	%	%
*Held through 8VI China Pte. Ltd.*
8VI China (Shanghai) Co. Ltd	Business and management	��	-		-	51.2	51.7	48.8	48.3
��	consultancy services	Republic of
		China
*Held through 8VI China (Shanghai) Co. Ltd.*
Shanghai Ba Tou Culture Media	Dormant	��	-		-	51.2	51.7	48.8	48.3
Co. Ltd		Republic of
��		China
*Held through 8 Investment Pte. Ltd.*
Vue at Red Hill Pte. Ltd.	Struck off	Singapore	-		-	-	100	-	-
*Held through 8IH Global Limited*
Hidden Champions Fund	Investment trading	Mauritius	-		-	100	100	-	-

(a) There are capital and financial requirements imposed on the subsidiary by Monetary Authority Singapore (MAS) as a licensed financial advisor.

(i) The subsidiary is required to meet a minimum base capital of S$250,000, by the sum of:

1) paid-up ordinary share capital;
2) paid-up irredeemable and non-cumulative preference share capital; and
3) any unappropriated profit or loss in the latest audited accounts of the Company, less any interim loss in the latest accounts and any dividend that has been declared since the latest audited accounts.
(ii) The subsidiary is also required to maintain minimum financial requirements at the higher of S$150,000 paid-up capital or one quarter of relevant annual expenditure of the immediately preceding financing year.
(iii) The subsidiary is also required to maintain continuing financial requirements, net asset value of not less than:
1) One-quarter of its relevant annual expenditure of the immediately preceding financial year; or
2) Three-quarters of the minimum paid-up capital required; whichever is higher.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

2. Basis of preparation and changes in accounting policies

3. Significant accounting judgement and estimates

The condensed consolidated interim financial information for the half-year ended 30 September 2021 has been prepared in accordance with FRS 34, Interim Financial Reporting.

The condensed consolidated interim financial information does not include all the notes of the type normally included in annual financial statements. Accordingly, this report is to be read in conjunction with the annual financial statements as at 30 September 2021 and any public announcements made by 8I Holdings Limited during the interim reporting period.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of new and amended standards as set out below.

The financial statements are presented in Singapore Dollars (SGD or S$).

�� financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.

3.1 Critical �� accounting policies

Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

4. Revenue and investment income

5. Other income

Half-year
ended
30 Sep 2021
Half-year
ended
30 Sep 2020
S$
S$ Revenue
Type of good or service
Subscription income
4,697,087
1,887,831
Programme fee
12,910,206
9,480,710
Commission income
32,364
22,953
Others
-
7,882
17,639,657
11,399,376
Timing of transfer of good or service
At a point in time
12,942,570
9,701,215
Over time
4,697,087
1,698,161
17,639,657
11,399,376
Investment gain from public markets
Fair value gain on investment
securities
3,065,993
4,749,292
(Loss)/gain on sale of investment
securities
(2,462,069)
1,304,107
Dividend income
54,967
422,695
658,891
6,476,094
Other income
Interest income
Government grants
Seminar room rental
Others

Half-year
ended
30 Sep 2021
Half-year
ended
30 Sep 2020
S$
S$ 78,260
39,091
96,792
669,129
-
58,125
1,128,320
42,448
1,303,372
808,793

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

6. Income taxes

�� estimate of the weighted average effective annual income tax rate expected for the full financial year.

7. Earnings per share

The basic earnings per share is calculated by dividing the profit for the period attributable to owners of the Company by the weighted average number of ordinary shares for basic earnings per share computation. The following table reflects the profit and share data used in the computation of basic earnings per share for the period ended 30 September:

Net profit attributable to equity holders of the Company (S$) Weighted average number of ordinary shares outstanding for basic earnings per share Basic earnings per share (S$ cent per share)	Half-year ended 30 Sep 2021 Half-year ended 30 Sep 2020 S$ S$ 3,294,554 6,590,154 358,652,401 361,472,696
	0.92 1.82

The Company does not have other instruments which may have effect to dilute ordinary shares.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

8. Trade and other receivables

9. Development of software

30 Sep 202131 Mar 2021 S$ S$ Current Trade receivables - Non-related parties (a) 317,735 387,505 Other receivables - Non-related parties 56,412 281,187 - Others 1,151,307 399,575 Deposits 886,939 657,054 Prepayments 1,139,315 589,002 Credit loss allowance (150,726) (161,062) 3,400,982 2,153,261 Non-current Other receivables (b) 534,850 521,050 Credit loss allowance (169,150) (169,150) 365,700 351,900 (a) Trade receivables are non-interest bearing and are �� Cost Beginning of financial period Additions End of financial period Accumulated amortisation Beginning of financial period Amortisation charge End of financial period *Net book value* Amortisation expense included comprehensive income is analysed as Administrative expenses	30 Sep 202131 Mar 2021 S$ S$ 1,323,061 649,965 636,425 673,096
	1,959,486 1,323,061
	532,660 219,526 264,622 313,134
	797,282 532,660
	1,162,204 790,401 in the statement of follows: Half-year ended 30 Sep 2021 Half-year ended 30 Sep 2020 S$ S$ 264,622 131,729

(a) Trade receivables are non-interest bearing and are �� financial assets that is past due and/or impaired except for trade receivables.

(b) Non-current other receivables fair value approximates carrying amount. Included in the non-current other receivables are loans to third parties of S$365,700 (31 Mar 2021: S$351,900). The loans bear interest at 4.5% to 6% per annum.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

10. Unearned revenue

11. Redeemable participating shares


Advances from customer - Current - Non-current	30 Sep 202131 Mar 2021 S$ S$ 10,344,865 9,521,393 367,288 233,789
	10,712,153 9,755,182

Advances from customer represent revenue received from customers but not yet recognised to the profit or loss as service has yet to be rendered as at reporting date.

As at beginning of period ��- controlling unit holders ��-controlling unit holders Share of (loss)/profit attributable to the unit holders of redeemable participating shares Currency translation differences As at end of period	30 Sep 202131 Mar 2021 S$ S$ 5,359,489 3,927,686 4,015,628 1,755,829 (241,289) (1,117,410) (959,514) 1,062,173 10,685 (268,789)
	8,184,999 5,359,489

8IH VCC and Hidden Champions Fund are investment funds with redeemable participating shares. These shares relate to amounts payable to non-controlling unit holders of the redeemable participating shares in 8IH VCC and Hidden Champions Fund. The unit holders are entitled to redeem their shares in cash at the option of the holders at the value proportionate to the investors ��

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

12. Fair value of assets and liabilities

(a) Fair value hierarchy

The Group categorised fair value measurements using a fair value hierarchy that is dependent on the valuation inputs used as follows:

(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and
(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety in the fair value hierarchy as the lowest level input that is significant to the entire measurement.

(b) Financial instruments measured at fair value

The following table shows an analysis of each class of financial instruments measured at fair value at the end of the reporting period:

Fair value measurements at the end of the reporting period using

Quoted prices in active markets for identical instruments Significant observable inputs other than quoted prices Level 1 Level 2 S$ S$ 34,949,133 - 215,239 -	Quoted prices in active markets for identical instruments Significant observable inputs other than quoted prices Level 1 Level 2 S$ S$ 34,949,133 - 215,239 -	Unobservable inputs Level 3 Total S$ S$ - 34,949,133 1,053,141 1,268,380
35,164,372	-	1,053,141 36,217,513
24,868,213 222,041	- -	- 24,868,213 1,053,141 1,275,182
25,090,254	-	1,053,141 26,143,395

There were no transfers between levels 1 and 2 during the year.

The fair value of financial instruments traded in active markets (such as fair value through profit and loss and financial assets through other comprehensive income) is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.

The fair value of financial instruments that are not traded in an active market (for example, investment in unquoted equities) is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Valuation methods, such as using recent transacted price, are used to determine fair value for the remaining financial instruments. Where a valuation technique for these instruments is based on significant unobservable inputs, such instruments are classified as Level 3.

The carrying amount less impairment provision of trade receivables and payables are assumed to approximate their fair values.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

13. Contingent liabilities

The Group does not have any significant contingent liability at the end of the financial period.

14. Segment information

The Group is organised into geographic business units based on management reporting structure and organisational set-up, in line with the main business divisions driving the growth of the Group. Geographically, management manages and monitors the business in two primary geographic areas namely Singapore and Malaysia, where the Company and certain subsidiaries operate. Based on the management reporting structure, management �� strategic decisions.

The segments under the reporting model are as follows:

Financial Education : involved in providing financial education in the discipline of value investing and supporting a community of value investors from 29 cities globally under ��
Financial Investment: involved in investment in listed equities in the Asia-Pacific through a focused strategy of investing in value-adding, nimble and scalable business to achieve long-term investment returns. It also involved in strategic investment in private businesses.
All other segments : included fintech business and subsidiaries that provided financial education and training in China, Taiwan and Thailand.

Management monitors the operating results of its business units separately for making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

14. Segment information (continued)

The segment information provided to the key management for the reportable segments are as follows:

Singapore Financial Education Financial Investment S$ S$ 7,880,241 828,891 (1,085,136) (170,000)	Singapore Financial Education Financial Investment S$ S$ 7,880,241 828,891 (1,085,136) (170,000)	Malaysia Financial Education S$ 5,800,076 (137,326)	All other segments S$ 5,181,802 -
6,795,105	658,891	5,662,750	5,181,802
2,088,663	733,823	589,347	1,920,410
18,750,624	15,963,733	6,756,812	9,137,158
934,016 - (7,106,050)	- - (4,926,378)	137,890 - (3,778,335)	30,708 636,425 (8,621,026)
Singapore Financial Education Financial Investment S$ S$ 4,712,249 5,625,689 (135,596) -		Malaysia Financial Education S$ 4,835,446 (128,849)	All other segments S$ 2,309,217 -
4,576,653	5,625,689	4,706,597	2,309,217
1,151,964	3,727,232	1,891,149	234,568
12,669,879	18,471,694	7,454,423	6,757,323
457,322 - (5,663,857)	- - (5,542,563)	63,208 - (4,029,543)	53,753 673,096 (4,507,167)

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Interim Financial Report For the financial period ended 30 September 2021

==> picture [41 x 41] intentionally omitted <==

8I Holdings Limited

(Incorporated in the Republic of Singapore) Company Registration Number: 201414213R ARBN 601 582 129

www.8iholdings.com

Offices Singapore Goldbell Towers, 47 Scotts Road, #03-03/04, Singapore 228233 T: +65 6801 4500

Australia

C/- SmallCap Corporate Pty Ltd, Suite 6, 295 Rokeby Road, Subiaco WA, Australia, 6008 T: +61 (8) 6555 2950 F: +61 (8) 6166 0261

AI assistant

8I HOLDINGS LTD — Interim / Quarterly Report 2022

64264_rns_2021-11-04_fcb83523-7c02-4c8b-9f90-1c643a38f354.pdf

FINANCIAL AND OPERATIONS REVIEW

About 8I Holdings Limited

FINANCIAL AND OPERATIONS REVIEW

Prelude

FINANCIAL AND OPERATIONS REVIEW

FINANCIAL AND OPERATIONS REVIEW

Overview

Business Segment Report

FinEduTech � 8VI Holdings Limited

FINANCIAL AND OPERATIONS REVIEW

Business Segment Report (continued)

Financial Asset Management – VI Fund Management (“VI Fund”)

Asset Management Company

Funds Currently Open to Accredited Investors

VI Quant US

VI Fund Asia Summary

FINANCIAL AND OPERATIONS REVIEW

Business Segment Report (continued)

Going Forward

���������� STATEMENT

In the opinion of the directors,

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION TO THE MEMBERS OF 8I HOLDINGS LIMITED

Introduction

Scope of Review

Conclusion

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

1. Corporate information

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

1. Corporate information (continued)

2. Basis of preparation and changes in accounting policies

3. Significant accounting judgement and estimates

3.1 Critical ������������������������������������ accounting policies

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

4. Revenue and investment income

5. Other income

6. Income taxes

7. Earnings per share

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

8. Trade and other receivables

9. Development of software

10. Unearned revenue

11. Redeemable participating shares

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

12. Fair value of assets and liabilities

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

13. Contingent liabilities

14. Segment information

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

14. Segment information (continued)

8I Holdings Limited

More from 8I HOLDINGS LTD

8I HOLDINGS LTD Interim / Quarterly Report 2022

�� STATEMENT

3.1 Critical �� accounting policies