The English Schools Foundation (ESF) has seen its reserves more than triple over a decade, reaching HK$3.75 billion. This growth occurs even as the organization works to offset declining government subsidies by modernizing its marketing and adapting to increased competition.

The reserves of Hong Kong’s largest international school group have more than tripled to HK$3.75 billion (US$480.8 million) in over a decade, even as it taps different income sources to offset shrinking government subsidies, the South China Morning Post has found by reviewing the organisation’s annual reports. The English Schools Foundation (ESF) also said in its annual report for the 2024-25 academic year that it expected increased competition for students and it would modernise its marketing.....