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This case is primarily about managerial strategy and its links to the financial performance of twelve unidentified companies within six dominant industries in Hong Kong. The companies are divided into pairs according to their industry characteristics. The case is set in the 1997- 1998 period, when the operating environment underwent a spectacular downturn following the outbreak of the Asian financial crisis in mid-1997. The case allows students to match the descriptions of the companies with their financial profiles and consider the impact of the crisis on their financial performance. It introduces students to financial ratio analysis and the insights that the financial ratios offer. Students may draw substantial insights from the case, which may include: (1) the effect of industry differences on financial ratios; (2) the link between managerial choices and financial performance. For instance, the differences in market positioning, product mix, asset mix, and financial policy will produce dramatically different financial results; and (3) the impact of the Asian financial turmoil on firms'' financial performance.