Participant Experiences
Reviews from participants who have worked through the Koi Reserve programmes in Hong Kong.
Back to Home340+
Participants enrolled
4.7/5
Average rating
91%
Completion rate
7 yrs
Operating in Hong Kong
Reviews
"I had read about dividend investing for years without feeling like I actually understood it. The First Principles course gave me a framework that made the numbers meaningful — particularly the section on how HK-listed companies behave differently to US ones. I came in expecting to learn some terminology; I left with a genuinely different way of reading a company's financials."
Michael K.
Finance professional, 48 — Wan Chai
March 2025
"The Income-Focused Portfolios programme was useful and well-organised. The material on payout ratios and what to look for when a dividend might be at risk was the part I found most valuable. I would have liked more time spent on the bonds section — it felt a little compressed — but overall I came away with a clearer sense of what to look for and what to be wary of."
Agnes T.
HR director, 53 — Kowloon Tong
February 2025
"I completed all three courses across 18 months. The Pre-Retirement programme was the one that really changed how I think about the next decade. The process of building a written income plan — with Winston's feedback at each stage — was far more useful than I expected. By the end I had something concrete to work from, not just notes from a series of lectures."
Raymond N.
Engineer, 56 — Sha Tin
January 2025
"What I appreciated most was the absence of anything being sold to me. There were no product mentions, no referrals, nothing pushing me toward a particular broker or fund. Just a careful walk through concepts that I had been meaning to understand for years. The cohort format also helped — hearing how others in similar stages were thinking through the same questions was genuinely valuable."
Sandra L.
Architect, 47 — Mid-Levels
March 2025
"I came to First Principles thinking I already knew the basics — and in a sense I did, but the course surfaced a number of assumptions I had been making that turned out to be wrong, or at least oversimplified. The comparison of HK and US company behaviour around dividends was eye-opening. I am now working through Income-Focused Portfolios and finding it equally worthwhile."
Peter C.
Operations manager, 44 — Sai Ying Pun
February 2025
"The Pre-Retirement course addressed questions I had not found good answers to anywhere else — particularly around withdrawal sequencing and how to think about the relationship between dividend income and capital. Serena's structure made a complex ten weeks feel manageable. Daniel's knowledge of HK-specific issues was very helpful for those of us with offshore holdings."
Janet W.
Senior manager, 58 — Tsuen Wan
January 2025
Case Studies
Starting Point
A logistics manager in her early 50s with a modest existing share portfolio. She had been receiving dividends from a few HK-listed holdings without understanding much about them, and wondered whether to tilt her portfolio further toward income ahead of planning to reduce her hours in her late 50s.
The Courses
She worked through First Principles and Income-Focused Portfolios across two cohort cycles. By the second course, she had enough framework to evaluate the payout sustainability of her existing holdings and to understand the trade-offs of adding yield-heavier positions.
The Outcome
She describes feeling considerably more equipped to have a useful conversation with her financial adviser — and less susceptible to being moved by yield figures alone. She has since enrolled in the Pre-Retirement programme.
Starting Point
An accountant in his late 40s who had followed dividend investing discussions online for years but found most content either superficial or US-centric. He wanted something that addressed HK-specific tax and market behaviour in depth.
The Courses
He joined the Income-Focused Portfolios programme directly, having some prior knowledge. The HK-specific modules — particularly around offshore dividend tax treatment and the peculiarities of HK company payouts — were the areas he found most distinctive.
The Outcome
He came away with a framework for evaluating income-tilted positions that accounted for the specific environment he was investing in. He described the small cohort discussion as the most valuable aspect — hearing how others in similar roles and life stages were thinking.
Starting Point
A senior educator in her late 50s planning to retire at 62. She had a mix of MPF, a share portfolio, and some offshore holdings. She knew she wanted to use dividends as part of her income in retirement but had no clear sense of how to think about the sequencing.
The Courses
She completed the Pre-Retirement programme. Over ten weeks she developed a written income plan that addressed her specific situation: offshore holdings, MPF timing, spending pattern projections, and the role of capital drawdown relative to dividend income.
The Outcome
She left with a written plan that she continues to update. Her own summary: "I understood things in theory before. Now I have something that belongs to my situation, which is a different kind of understanding."
Find Us
11/F, Times Square Tower 2
1 Matheson Street, Causeway Bay
Hong Kong
Mon–Fri: 9:00 am – 6:00 pm
Sat: 10:00 am – 1:00 pm
"If you have questions about our courses before you commit, a short conversation is the best place to start. We will tell you honestly whether what we offer is a fit for where you are."
Send an EnquiryCredentials
Aligned with HKMA investor awareness initiatives since 2021.
All three courses carry CPD recognition for eligible participants.
Listed as an approved CPD provider for financial education content since March 2022.
Drop us a message. We are happy to help you decide whether one of our courses is the right step for where you are.
Get in Touch