The reserves, more than tripling since 2012-13, result from operational surpluses, tuition fees, and capital from nomination rights amid shrinking government subsidies.
ESF states most reserves are allocated for renewing and rebuilding schools, while it anticipates increased competition to attract new students in the coming years.
With reserves surpassing universities, is ESF's mission now more financial than educational?
With HSBC reviewing school perks, could Hong Kong's elite education market face a sudden downturn?
Can Hong Kong become a global education hub if its top schools focus on wealth accumulation?
As ESF's wealth soars, how can families without corporate backing gain fair access?
Should public subsidies for wealthy schools be diverted to save struggling local ones?