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1 This summary aims to give you an overview of the information contained in this document. As it is a summary, it does not contain all the information that may beimportant to you. You should read this document in its entirety before you decide to [REDACTED] in our Shares. There are risks associated with any investment. Some of the particular risks in [REDACTED] in our Shares are set out in the section headed Risk factors of this document. You should read that section carefully before you decide to [REDACTED] in our Shares. BUSINESS OVERVIEW Our Group is a soft skills training and development programmes provider with a network of training centres operated primarily in Hong Kong, PRC, Singapore and Myanmar under a franchising business model with our brand People Impact. As at the Latest Practicable Date, our programmes comprised Baby Impact Program, IQEQ Program and Think Impact Program which are self-developed and improved over the years of our operation with assistance from a team of professors recruited from well-known universities worldwide. Our programmes are developed to improve various areas of children s growth including but not limited to sensory awareness and integration, cognition and learning, motor skills, thinking and sociopersonal-emotional intelligence, critical reasoning, problem solving, and numerical, spatial and linguistic reasoning. We believe they are effective in improving children s IQ, EQ and scholastic performance. We also provide other ancillary services to children/or parents such as assessment services, exchange programmes and counselling services. We consider our programmes and other ancillary services supplementary to the traditional school education children receive. Under our brand People Impact, we attract franchisees worldwide to join our franchise network not only by our effective programmes and other ancillary services, but also by offering comprehensive operation support to our franchisees. During the Track Record Period, we directly engaged centre franchisees and area developers. Our operation support to them primarily includes the offering of consultation service on selecting centre location and decoration, initial training to their management and employees, provision of franchise and training manuals, programme publications and promotional material samples, as well as general consultation service on business and pricing strategies from time to time. Our area developers who are our franchisees at the same time and, in addition to operating training centres, could recruit subfranchisees and provide them with the training and operation support which are principally the same kind of training and operation support we provide to the area developers. In order to control the overall service quality across our centre network, we have developed selection and monitoring policies for our franchisees to accelerate our expansion process by identifying and engaging suitable franchisees in different countries while protecting our rights. Please refer to the sub-sections headed Our business and operations Franchising Franchisee engagement and selection and Quality assurance in this section for detail. Leveraging on our self-developed and effective programmes, our well-managed franchising business model and well-established brand, we managed to achieve significant growth in our business. The number of our franchisees increased from 21 as at 31 December 2016 to 27 as at 31 December 2017 among which the number of area developers increased from five to 14 over the year. As at the Latest Practicable Date, the number of our franchisees further increased to 29, among which the number of area developer increased to 18. As at the Latest Practicable Data and among our 29 franchisees, (i) 13 have been operating franchised centres in PRC, Singapore and Myanmar; (ii) one in U.S. and two in PRC have entered into lease agreement for their centres which were under renovation process and are expected to commence operation before the third quarter of year 2018; and (iii) 10 in PRC, one in UAE, one in Philippines and one in Australia were yet to enter into lease agreement for their centres among which four were engaged after the Track Record Period. During the Track Record Period, we recorded revenue from two segments, which are franchising and tuition programmes and other services. Our revenue from franchising segment was charged to our franchisees while revenue from tuition programmes and other service were charged to our end customers. Our revenue, gross profit and net profit increased significantly by approximately 162.4%, 206.4% and 4,480.0% between the year ended 31 December 2016 and 2017, respectively, which was primarily due to the significant increase in franchising revenue and the number of our area developers, where we generally charge higher franchising fees for their exclusive rights to operate a relatively larger territory. It is also - 1 -

2 because area developers may operate more than one centre while other centre franchisees generally could only operate one centre. For the year end 31 December 2016 and 2017, respectively, area developers contributed over 60% and 80% of our total revenue. The following table sets forth a breakdown of our revenue during the Track Record Period by segments: Year ended 31 December HK$ 000 % HK$ 000 % Franchising Sales of training materials 7, , Initial admission fees 4, , Continuing franchise fees 2, , Sub-total 14, , Tuition programmes and other services Programme fees 1, , Assessment and other service fees 1, , Sub-total 2, , Total 16, , Franchising structure Since our establishment, we have been devoted to enhancing our business model. In order to expand the geographical coverage of our centre network efficiently and cost-effectively, we adopted a franchising business model under which we engage third party franchisees to operate centres according to our standard model. We believe that the franchising business model facilitates the expansion of our centre network across different countries. The franchising business model is not uncommon in the soft skills training and development industry according to the F&S Report. Throughout our experience in managing our franchise network of over nine years, we have developed comprehensive operation support to our franchisees. Leveraging on our direct franchising experience and to replicate our expansion model, we also developed the practice of engaging area developers who, in addition to operating centres, could identify and recruit subfranchisees on principally the same franchising terms between area developers and our Group. Our Directors consider that area developers are usually willing to commit larger amount of investment and are more familiar with their local markets such that they can identify and recruit sub-franchisees more efficiently. Such practice has contributed significantly to the increase in our revenue, profit and our expansion. The following table illustrates a breakdown of the number of our franchisees as at the Latest Practicable Date by level, franchise nature and geographical distribution: PRC Singapore UAE U.S. Myanmar Philippines Australia Direct franchisees Area developer(s) Centre franchisee(s) 8 Sub-franchisees 2 1 Total number of franchisee(s)

3 The table below sets forth the movement in the total number of our franchisees for the years/period indicated: Year ended 31 December From 1 January 2018 and up to the Latest Practicable Date At the beginning of the year/period Add: new franchisees Less: terminated franchisees 4 2 At the end of the year/period Net increase We offer operation support to our direct franchisees and we charge them franchising fees correspondingly. Please refer to the section headed Business Our business and operations Franchising in this document for details. Our programmes and other ancillary services Name of programmes/services Soft skills training and development programmes Baby Impact Program IQEQ Program Think Impact Program Other ancillary services Assessments 3Q-Pro Screening Assessment Ages and Stages Questionnaire Major Developmental Milestones Core Development Areas Raven s Progressive Matrices Rosenberg s Self-Esteem Scale Description For children from 7- to 35-month-old with the presence of their parents, presents a series of tutored and peer investigated situations or exercises covering sensory awareness and integration, motor skills, cognition and learning, and socio-personal skills For children above 3-year-old up to and including those in secondary education level. It consists of IQ development and EQ development components and presents a series of tutored and peer investigated situations or exercises. It contains interactive games, exercises, riddles, puzzles and others which aim to enhance their IQ and EQ For children above 6-year-old up to and including those in secondary education level whose IQ score exceed 120 under appropriate IQ tests. Covers critical thinking, critical reasoning, problem seeking and solving, numerical and spatial reasoning, and linguistic reasoning Captures respondent s preliminary performance on parts of general, emotional and academic intelligences Determines infant s progress in communication, gross motor, fine motor, problem solving and personal-social skills Keeps track of infant s learning progress with a list of behavioural measurements Designed for IQEQ Program and Think Impact Program, contains assessment components to allow instructors and parents to keep track of children s learning progress Assists trainers to understand a child s cognitive function Determines the presence of both high and low levels of self-esteem - 3 -

4 Counselling services Mainly cover training, family and individual counselling which aim to help resolving parental issues and issues relating to children s development and well-being. Exchange programmes Organised from time to time for parents and children to join and put their learning experience in practice, covered various destinations, content and experience. The following table sets forth a further breakdown of revenue by programmes received by our flagship centre: For the year ended 31 December 2016 Types of programme Revenue (HK$ 000) Total number of classes Total attendance Baby Impact Program ,633 IQEQ Program 1, ,207 Think Impact Program Total 1,833 1,373 3,840 For the year ended 31 December 2017 Types of programme Revenue (HK$ 000) Total number of classes Total attendance Baby Impact Program ,166 IQEQ Program 1, ,989 Think Impact Program Total 1,638 1,294 3,

5 Our training centres As at the Latest Practicable Date, we directly operated or franchised a total of 15 centres. The following table sets forth a list of our existing centres as at the Latest Practicable Date, their information and number of enrolment during the Track Record Period: Training centre (Note 1) Time of commencement of business Nature of franchise Gross floor area of the leased property (approximate square feet) Total number of children enrolled for the year ended 31 December (Note 3) Self-operated centres Hong Kong Coronation Circle flagship centre December 2013 N/A 6, Sai Ying Pun centre April 2018 N/A Franchised centres PRC Jincheng centre March 2016 Area developer 4, Shenzhen (Futian) centre December 2017 Area developer 1,474.0 Wuhan (Jianghan) centre June 2014 Centre franchisee 4, Shantou centre June 2014 Centre franchisee 2, Shanghai (Changning) centre December 2014 Centre franchisee 5, Hefei centre March 2016 Centre franchisee 3, Shenzhen (Nanshan) centre October 2016 Centre franchisee 3, Wuhan (Hongshan) centre December 2016 Centre franchisee 2, Shanghai (Yangpu) centre June 2017 Centre franchisee 4, Singapore Upper Thomson centre November 2013 Area developer 1, West Coast Plaza centre December 2015 Sub-franchisee 1, Eastpoint Mall centre March 2017 Sub-franchisee 1, Myanmar Myanmar Plaza centre December 2017 Sub-franchisee 1,660.8 (Note 2) Total 591 1,253 Notes: 1. The names of the training centres are for identification purpose only. 2. The figure reflects the net floor area of the leased property only due to the unavailability of the gross floor area. 3. The reason of some of the above centres having nil enrolment is that they were opened near the end of, or not opened in, the relevant year. The following table sets forth a list of centres which were under renovation as at the Latest Practicable Date: Training centre (Note) Status (as at the Latest Practicable Date, if not otherwise specified) Time of commencement of business Nature of franchise Gross floor area of the leased property (approximate square feet) Franchised centres U.S. Los Angeles centre Under renovation Expected to open in the third quarter of year 2018 Area developer 1,000.0 PRC Chongqing centre Under renovation Expected to open in the second quarter of year 2018 Area developer 1,883.7 PRC Chengdu centre Under renovation Expected to open in the second quarter of year 2018 Centre franchisee 2,477.2 Note: The names of the training centres are for identification purpose only

6 OUR COMPETITIVE STRENGTHS Our Directors believe the following competitive strengths contribute to our success and differentiate us from our competitors: (i) self-developed, effective, comprehensive soft skills training programmes which could be applied universally and help us to achieve sustainable growth in different countries; (ii) a wellmanaged franchising business model with standardised manuals for franchisees which enables a fast-paced expansion while ensuring service quality and reputation; (iii) comprehensive set of training manuals for use by our franchisees and systematic training to ensure high standards of instructors across our centres network; and (iv) experienced, passionate management with clear division of responsibilities. Please refer to the subsection headed Business Our strengths in this document for details. OUR STRATEGIES We intend to apply the [REDACTED] to be received by our Group from the [REDACTED] to (i) set up a training, research and development centre in Hong Kong to enrich our programme content; (ii) digitalise our programme content and upgrade our PIANOS; (iii) establish an academy in PRC for training, supporting and monitoring purposes; (iv) establish an overseas training centre as regional headquarters; and (v) promote our brand and increase our recognition in the market so as to attract potential franchisees and end customers. Please refer to the sub-sections headed Business Our strategies and Future plans and [REDACTED] Future plans in this document for a detailed description of these strategies. OUR CUSTOMERS AND SUPPLIERS Our customers principally comprise our franchisees and parents paying for their children s enrolment in our programmes and services in our Hong Kong flagship centre. Due to the nature of our business, our franchisees are generally our largest customers. For the year ended 31 December 2016, our five largest customers contributed a revenue of approximately HK$11.6 million, representing approximately 68.1% of our total revenue, whereas our largest customer contributed a revenue of approximately HK$4.3 million, representing approximately 25.3% of our total revenue. For the year ended 31 December 2017, our five largest customers contributed a revenue of approximately HK$21.2 million, representing 47.7% of our total revenue, whereas our largest customer contributed a revenue of approximately HK$6.6 million, representing 14.9% of our total revenue. Due to the nature of our business, we principally consume our programme publications during operation. During the Track Record Period, we used our inventories for this purpose, and as a result, we did not engage nor have any supplier

7 [REDACTED] Assuming an [REDACTED] of HK$[REDACTED] per [REDACTED], being the mid-point of the indicative [REDACTED] range of HK$[REDACTED] to HK$[REDACTED] per [REDACTED], and after deducting the related expenses in connection with the [REDACTED] borne by our Group, we estimate that the [REDACTED] received by our Group from the [REDACTED] will be approximately HK$[REDACTED]. Our Directors presently intend to apply such [REDACTED] as follows: Strategy Set up a training, research and development centre in Hong Kong to enrich our programme content Digitalise our programme content and upgrade PIANOS Establish an overseas training centre as regional headquarters Establish an academy in PRC for training, supporting and monitoring purposes Promote our brand and increase our recognition in the market as to attract potential franchisees and customers Working capital to fund our daily operation Approximate amount or percentage of [REDACTED] The [REDACTED] of the [REDACTED], being an aggregate of [REDACTED], based on the [REDACTED] of HK$[REDACTED] per [REDACTED], being the mid-point of the proposed [REDACTED] range of HK$[REDACTED] to HK$[REDACTED] per [REDACTED], would be approximately HK$[REDACTED] representing approximately [REDACTED] of the total [REDACTED] from the [REDACTED]. The [REDACTED] of the [REDACTED] will be attributable to our [REDACTED] only and will not belong to our Company. RISK FACTORS Our business is subject to a number of risks and there are risks relating to an investment in the [REDACTED]. Our Directors believe that the following are some of the major risks that may have a material adverse impact on us: We face risks typically associated with the franchising business model We may not be able to successfully expand our network by increasing the number of our franchisees We have limited insurance coverage which could expose us to significant costs and business disruption If we are unable to maintain or raise the fee level of franchising fee and tuition programmes and other services, our business and result of operations may be adversely affected If there are any serious injuries, accidents, or other harm suffered by students or employees of our self-operated training centres, our business, financial position and reputation may be adversely affected If we are unable to retain the continuing efforts of our senior management team and other key personnel, our business operations and profitability may be materially and adversely affected If we are unable to avoid any interruption to or discontinuation of our PIANOS, the training activities of us, our direct franchisees and sub-franchisees may be adversely affected For further details, please refer to the section headed Risk factors in this document - 7 -

8 LEGAL PROCEEDINGS AND NON-COMPLIANCE During the Track Record Period and up to the Latest Practicable Date, we did not have any legal proceeding pending or threatened against us which could have a material adverse effect on our financial conditions or operations. During the Track Record Period, we had certain non-compliance incidents, details of which are set out in the section headed Business Non-compliance in this document. CONTROLLING SHAREHOLDERS Immediately following completion of the [REDACTED] and [REDACTED] (without taking into account any options that may be granted under the Share Option Scheme), Casa BCN Incorp., Go Perfect Investment, Vast Talent Holdings, PYC Education, Global Pro, Katrina Investment and Star Novel will control [REDACTED], [REDACTED], [REDACTED], [REDACTED], [REDACTED], [REDACTED] and [REDACTED] of our Company s issued share capital, respectively. For the purpose of the GEM Listing Rules, PYC Education and its shareholder, Mr. Wong are the Controlling Shareholders of the Company. Mr. Wong and PYC Education confirm that they do not hold or conduct any business which competes, or is likely to compete, either directly or indirectly, with our business. For further details, please refer to the section headed Relationship with our Controlling Shareholders in this document OF FINANCIAL INFORMATION Our financial conditions and results of operation have been and will continue to be influenced by a number of key factors, the most significant ones of which are (i) market demand for soft skills training and development programmes; (ii) our capability to attract potential franchisees; (iii) our ability to protect our intellectual property rights; and (iv) our ability to maintain good service quality and reputation. The following tables summarise the combined financial information of our Group during the Track Record Period, which are extracted from the Accountant s Report in Appendix I to this document. The summary financial data should be read in conjunction with the combined financial information set out in the Accountant s Report in Appendix I to this document. For detailed analysis of the following financial information, please refer to the section headed Financial information of this document. Summary of combined statements of comprehensive income For the year ended 31 December HK$ 000 HK$ 000 Revenue 16,988 44,562 Profit before taxation 1,826 28,399 Profit for the year (attributable to owners of the Company) ,860 Summary of combined statements of financial position As at 31 December As at 31 March 2018 HK$ 000 HK$ 000 HK$ 000 Total non-current assets 1, Total current assets 16,866 30,764 17,228 Total current liabilities (50,703) (29,600) (20,581) Net current (liabilities)/assets (33,837) 1,164 (3,353) Total assets 17,891 31,557 18,

9 We recorded net current liabilities position of approximately HK$33.8 million as at 31 December 2016, which was principally attributable to our amounts due to shareholders of approximately HK$32.4 million. Our net current liabilities position then strengthened to net current assets of approximately HK$1.2 million as at 31 December 2017, which was primarily due to the combined effect of (i) our profit recorded for the year ended 31 December 2017 of approximately HK$22.9 million; (ii) the increase in net trade receivables; (iii) the increase in cash and bank balances; and (iv) the decrease in amounts due to shareholders. Our net current liabilities position as at 31 March 2018 was mainly because of (i) the increase in our other receivables, deposits and prepayments; (ii) the decrease in our amounts due to shareholders; (iii) the decrease in our current income tax payables, offsetting partially by the decrease in our net trade receivables, the decrease in our cash and bank balances and the increase in our accruals and other payables and contract liabilities. Summary of combined cash flow statements For the year ended 31 December HK$ 000 HK$ 000 Cash and cash equivalents at beginning of the year 993 7,219 Net cash generated from operating activities 4,288 22,107 Net cash (used in)/generated from investing activities (224) 484 Net cash generated from/(used in) financing activities 2,277 (13,226) Net increase in cash and cash equivalents 6,341 9,365 Effect on currency translation differences (115) 433 Cash and cash equivalents at end of the year 7,219 17,017 Key financial ratios The following table sets out certain key financial ratios of our Group as at 31 December 2016 and 2017 and for the two years ended 31 December 2016 and For more detailed information on the calculation basis of these key financial ratios, please refer to the section headed Financial information Key financial ratios in this document. As at 31 December Current ratio 0.3 times 1.0 times Quick ratio 0.3 times 1.0 times Gearing ratio N/A N/A Net debt to equity N/A N/A Trade receivables turnover days 13.4 days 47.3 days For the year ended 31 December Return on equity N/A N/A Return on total assets 3.0% 72.4% Interest coverage ratio 2.0 times 13.2 times Net profit margin 3.2% 51.3% RECENT DEVELOPMENT After the Track Record Period and up to the Latest Practicable Date, we newly engaged three franchisees in PRC and one in Australia who are all area developers. On the other hand, another selfoperated centre located in Sai Ying Pun commenced operation in April 2018, one franchised centre in PRC commenced renovation in May 2018, while two franchised centres in PRC closed in February As at the Latest Practicable Date, (i) one franchised centre in U.S. and two in PRC were under renovation (including the one which commenced renovation in May 2018) and are expected to commence operation before the third quarter of year 2018; and (ii) 10 franchisees in PRC, one in UAE, one in Philippines and one in Australia were yet to sign lease agreement for their centre, among which four franchisees were engaged after the Track Record Period

10 Based on the unaudited management accounts of our Group for the three months ended 31 March 2018, our revenue for the three months ended 31 March 2018 recorded an amount of HK$5.8 million. Our revenue for the three months ended 31 March 2018 was primarily because we engaged three area developers for the three months ended 31 March 2018 and that two of them have already contributed a significant amount of revenue to us due to the structure of our franchising fees. Save and except for disclosed in the paragraph headed [REDACTED] in this section, our Directors confirm that, up to the date of this document, there had been no material adverse change in the business or financial condition of our Group since 31 December 2017 (being the date to which the latest audited combined financial statements of our Group were prepared). [REDACTED] Assuming the [REDACTED] of HK$[REDACTED] per [REDACTED], being the mid-point of the indicative range of the [REDACTED] stated in this document, the total amount of expenses in relation to the [REDACTED] (the [REDACTED] ) are estimated to be approximately HK$[REDACTED] including the [REDACTED] commission of approximately HK$[REDACTED] and other [REDACTED] and fees (including SFC transaction levy and Stock Exchange trading fee) of approximately HK$[REDACTED]. The [REDACTED] shall bear the [REDACTED] in the amount of approximately HK$[REDACTED] which is the [REDACTED] commission in relation to the [REDACTED]. The remaining [REDACTED] of approximately HK$[REDACTED] shall be borne by our Company, of which approximately HK$[REDACTED] will be recorded in our Group s combined statements of comprehensive income for the year ending 31 December 2018 and approximately HK$[REDACTED] is to be accounted for as a deduction from equity in accordance with the relevant accounting standard after [REDACTED]. [REDACTED] [REDACTED] Based on an [REDACTED] of HK$[REDACTED] Based on an [REDACTED] of HK$[REDACTED] Market capitalisation (Note 1) HK$[REDACTED] HK$[REDACTED] Unaudited [REDACTED] adjusted combined net tangible assets per Share (Note 2) HK$[REDACTED] HK$[REDACTED] Notes: (1) The calculation of market capitalisation is based on [REDACTED] expected to be in issue immediately upon the completion of the [REDACTED] and the [REDACTED]. (2) The unaudited [REDACTED] net tangible assets per Share is arrived at after the adjustments referred to in the preceding paragraphs and on the basis that [REDACTED] were in issue assuming that the [REDACTED] and the [REDACTED] have been completed on 31 December 2017 but takes no account of any Shares which may be issued upon the exercise of the options which may be granted under the Share Option Scheme or any Shares which may be granted and issued or repurchased by the Company pursuant to the general mandates for the allotment and issue or repurchase of Shares granted to the Directors. DIVIDENDS No dividend has been paid or declared by our Company since its incorporation nor by any subsidiary of our Group during the Track Record Period. The declaration and payment of future dividends will be subject to the decision of the Board having regard to various factors, including but not limited to our operations and financial performance, profitability, business development, prospects, capital requirements and economic outlook. It is also subject to the approval of our Shareholders as well as any applicable laws. We do not have any predetermined dividend payout ratio. There will be no assurance that we will be able to declare or distribute any dividend in the amount set out in any plan of the Board or at all