Gross gaming revenue in Macao totaled 18.06 patacas ($22.35 billion) in September, down 1.2% year-over-year, marking the fourth consecutive month of declines since May, the city’s Gaming Inspection and Coordination Bureau announced on Thursday.

Gaming revenue typically softens in September as tourist traffic tapers off with the end of the summer holidays. October often reverses the trend, as many tourists visit Macao during the Mainland’s weeklong National Day holiday that starts Oct. 1.

Macao's cumulative gaming revenue for the first nine months of the year totaled 187.12 billion patacas, up 3.2% year-over-year, reaching 79.3% of the government's full-year projection of 236 billion patacas. Typical strength in the fourth quarter, which includes both the National Day and Christmas holidays, means the city is almost certain to meet the government’s full-year target.

By Lau Chi Hang

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NEV brand ZO Future Group (2309.HK) said on Friday it expects to report a profit of up to HK$120 million ($15.3 million) for its fiscal year through June, reversing a loss of HK$314 million in the previous year. It attributed the return to profitability to a one-time gain of HK$357.8 million from the sale of a subsidiary.

ZO Future previously reported it was profitable in the six months to last December, the first half of its fiscal year, but only thanks to gains from offloading its debt-laden Birmingham City Football Club. Since then the company has pivoted to new energy vehicles (NEV). That business lost HK$49.3 million in the six months to December, more than double the HK$20.4 million it lost a year earlier.

ZO Future’s stock rose 1.2% on Monday to close at HK$2.10. The stock is down 1.4% this year.

By Doug Young

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Online game operator Boyaa Interactive International Ltd. (0434.HK) said on Monday it has continued to acquire bitcoin, including its acquisition of 152 units of the virtual currency over the past week for HK$90.63 million ($11.62 million), at an average cost of $75,899 per coin.

The purchases bring Boyaa’s current bitcoin holdings to 4,468, with an average cost of approximately $68,543 per coin. Bitcoin prices have trended higher recently, reaching $85,000 per coin.

Boyaa said that it began to actively position itself within the Web3 gaming ecosystem in 2024. In addition to significant investments in Web3 games and infrastructure R&D, the company has also acquired related strategic assets, mostly bitcoin. Boyaa says it has created a business framework of “gaming applications + ecosystem development + value storage.”

Shares of Boyaa opened up 4% at HK$3.245 on Tuesday. The stock is down nearly 60% from its 52-week high.

By Lau Chi Hang

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Online travel agent Trip.com Group Ltd. (9961.HK; TCOM.US) said on Wednesday its second-quarter revenue rose 6% year-on-year to 15.66 billion yuan ($2.3 billion). But it posted a net loss of 2.46 billion yuan for the period, reversing a net profit of 4.85 billion yuan in the year-ago period.

The company attributed its revenue growth mainly to rebounding travel demand, while its swing to the red owed to a 5.18 billion yuan antitrust penalty imposed by China’s State Administration for Market Regulation. Excluding the penalty, the company earned second-quarter net income of 2.7 billion yuan.

By segment, the company’s accommodation reservation revenue rose 6% year-on-year to 6.58 billion yuan, while transportation ticketing revenue fell 1% to 5.35 billion yuan. Package-tour revenue increased 8% to 1.16 billion yuan, and corporate travel revenue grew 11% to 771 million yuan. Revenue from Trip.com’s international platform rose more than 50% in the quarter, while inbound travel revenue grew at a high double-digit rate.

For the first half of the year, Trip.com reported revenue of 31.87 billion yuan, up about 11.2% year-on-year, while its net income was 41 million yuan. On a non-GAAP basis, its first-half net income was 8.7 billion yuan, compared with 9.2 billion yuan a year earlier.

Trip.com’s stock opened lower on Wednesday in Hong Kong, but later reversed course and closed at HK$319.4 by the midday break, up 2.63%. The stock is down about 42% this year.

By Lee Shih Ta

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Online content community operator Zhihu Inc. (ZH.US; 2390.HK) said on Sunday it has agreed to invest 1.5 billion yuan ($223 million) in Tianjin Lisi Xingshen Equity Investment Partnership, a fund that will invest in early- to mid-stage companies in AI and related technologies. The investment is still subject to shareholder approval.

The investment will give Zhihu up to 30% of the fund. Zhihu said it believes the investment will enable it to leverage the fund manager’s sector expertise, industry resources and investment capabilities to broaden the company’s access to high-quality AI and technology investment opportunities.

Zhihu is making the investment as large language models undermine its own business, which traditionally centered on knowledge-sharing between its members. Its revenue has been falling in the face of that challenge, including a 3.8% decline to 690 million yuan in the second quarter of this year from 717 million yuan a year earlier.

The company is looking to focus more heavily on leading-edge topics and offline events to remain relevant to its users in the face of the AI challenge.

Zhihu’s shares fell 2% to close at HK$6.80 on Monday in Hong Kong after the announcement. The stock is down about 20.5% this year.

By Doug Young

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Online music platform Tencent Music Entertainment Group (TME.US; 1698.HK) said on Friday it plans to issue $1 billion in senior unsecured notes, consisting of $500 million of 5.05% notes due in 2031 and $500 million of 5.65% notes due in 2036.

The company plans to complete the offering on or around Sept. 10, and list the notes on the Hong Kong Stock Exchange.

After deducting underwriting discounts and commissions and estimated offering expenses, Tencent Music expects to receive net proceeds of about $991.9 million from the issuance. It will use the funds for general corporate purposes, including refinancing offshore debt and repurchasing shares.

Tencent Music’s Hong Kong-listed shares opened flat on Friday and closed at HK$32.88 by the midday break, up 1.04%.

By Lee Shih Ta

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Short-video platform Bilibili Inc. (9626.HK; BILI.US) on Thursday reported its revenue rose 7.5% year-on-year to 15.41 billion yuan ($2.29 billion) in the first half of this year, while its net profit leaped 163.7% to 553 million yuan.

Revenue from its value-added services edged up 4% year-over-year to 5.88 billion yuan during the six-month period. Advertising revenue climbed 29% to 5.72 billion yuan, but mobile gaming revenue fell 13% to 2.91 billion yuan.

The company’s daily active users grew 7% year-over-year to 115.9 million during the period. Meanwhile, average daily time spent on the platform reached 116 minutes, up over 9 minutes year-on-year, driving a 17% year-over-year increase in total user time spent on the platform.

Shares of Bilibili opened up 1.8% at HK$132 on Friday. The stock is down over 50% from its 52-week high.

By Lau Chi Hang

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Cambodian gaming operator NagaCorp Ltd. (3918.HK) on Monday reported its revenue declined 8.6% year-on-year to $304 million in the first half of the year, as its net profit fell 3.2% to $144 million.

Gaming revenue from the company’s VIP business plummeted 34.8% year-over-year during the period to $65.3 million, while its mass market business rose 2.7% to $238 million.

NagaCorp said its business slowed in the second quarter, which it attributed to impact from the World Cup. It added that international perception of Cambodia has been tarnished by online scams. Rising aviation fuel prices have also driven up airfares, increasing costs for overseas visitors. Compounding those headwinds, heightened geopolitical tensions and a reduction in direct international flights to Cambodia have made travel to Phnom Penh less convenient.

Shares of Naga opened up 2% at HK $3.67 on Tuesday. The stock is down nearly 50% from its 52-week high.

By Lau Chi Hang

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Online video company iQiyi Inc. (IQ.US) on Tuesday reported its revenue fell 5% year-on-year to 6.29 billion yuan ($933 million) in the second quarter, as it moved ahead with its ongoing transformation toward operating a decentralized social media ecosystem.

The company, controlled by search giant Baidu, also reported a net loss of 288 million yuan in the second quarter, widening from a loss of 134 million yuan a year earlier. It also swung to the red on a non-GAAP basis, reporting a non-GAPP loss of 210 million yuan in the latest period compared with a profit of 14.7 million yuan in the second quarter of 2025.

Revenue from the company’s membership and online advertising services, its two biggest income sources, both fell 2% year-on-year. That was partly offset by a 56% gain for its content distribution revenue, which reached 682 million yuan for the quarter.

iQiyi shares fell 7.5% on Tuesday after the report’s release. The stock is down about 37% this year.

By Doug Young

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Toymaker Bloks Group Ltd. (0325.HK) announced on Wednesday its revenue rose 32.7% year-over-year to 1.78 billion yuan ($263 million) in the first half of this year, while its profit climbed 30% to 387 million yuan.

The company's online and offline sales both posted double-digit growth during the six-month period. Offline sales grew 31.4% year-over-year to 1.59 billion yuan, accounting for 89.7% of total revenue. Online revenue jumped by a faster 68.1% to 181 million yuan, making up 10.2% of the total. The company had 1,851 stock-keeping units (SKUs) on sale in the first half of the year, including 426 newly launched products.

Bloks posted triple-digit revenue growth overseas, with international sales soaring 228.5% year-over-year to 366 million yuan. The U.S and Indonesia were the two biggest countries among its international markets during the period.

Shares of Bloks opened up 6.2% at HK$63 on Thursday. The stock is down nearly 50% from its 52-week high.

By Lau Chi Hang

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Gaming company Huya Inc. (HUYA.US) on Tuesday reported its revenue rose 11% year-on-year to 1.74 billion yuan ($258 million) in the second quarter, as a decline for its core livesteaming business was offset by strong growth for game-related services and advertising.

Huya’s livestreaming revenue fell 4.3% during the quarter to 1.1 billion yuan from 1.15 billion yuan a year earlier, as the company cited the livestreaming industry’s current environment for the weakness. But its game-related services and advertising segment rose 54% year-on-year to 638 million yuan, accounting for about 37% of revenue from just 26% a year earlier.

The company’s gross margin improved to 14.7% during the quarter from 13.5% a year earlier. It returned to the black with a quarterly net profit of 1.6 million yuan, reversing a loss of 5.5 million yuan a year earlier. But Huya’s non-GAAP net income fell to 36.4 million yuan in the second quarter from 47.5 million yuan a year earlier.

Huya’s stock fell 0.4% on Tuesday to close at $2.42. The shares are down about 16.6% this year.

By Doug Young

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Online gaming company Boyaa Interactive International Ltd. (0434.HK) on Monday said it swung to a net loss of HK$790 million ($101 million) to HK$800 million in the first half of 2026, blaming a steep decline in the value of its bitcoin holdings. The loss compared with a profit of HK$226 million in the year-ago period, when the result was buoyed by a gain in the fair value of its digital assets.

Management emphasized that excluding changes in the fair value of its financial assets, the company’s first-half profit actually surged by 120% to 125% year-over-year, bolstered by an increase in online gaming revenue.

Shares of Boyaa opened flat at HK$2.315 on Tuesday. The stock is down more than 70% from its 52-week high.

By Lau Chi Hang

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Casino operator MGM China Holdings Ltd. (2282.HK) on Thursday reported its revenue rose 4.4% year-on-year to HK$17.39 billion ($2.23 billion) in the first half of the year, but its profit slid 20% to HK$1.9 billion.

Its casino revenue totaled HK$15.1 billion in the first half of the year, up 3.4% from HK$14.6 billion in the prior-year period. Its main floor gross table games win increased nearly 10% year-over-year to HK$16.55 billion, and its slot machine gross win jumped 23% to HK$1.34 billion. But its VIP table gross table games win took a hit, tumbling 30% to HK$1.7 billion.

The company did not specify why its profit fell despite the gaming revenue uptick. But its financial statements suggest the drag stems from a hefty increase in licensing fees. Those costs skyrocketed 119%, jumping to HK$637 million in the first half of this year from HK$291 million a year ago.

Late last year, MGM China's parent, MGM Resorts (MGM.US) unexpectedly doubled its branding agreement fee from 1.75% of monthly consolidated net revenue to 3.5%, with the hike taking effect this year. The abrupt maneuver triggered a 17% single-day plunge in MGM China's shares, wiping out HK$10 billion in market value.

Shares of MGM China opened flat at HK$11.08 on Friday. The stock is down 30% from its 52-week high.

By Lau Chi Hang

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Macao's Gaming Inspection and Coordination Bureau announced on Sunday that gross gaming revenue for July fell 8.4% year-over-year to 20.26 billion Macao patacas ($2.52 billion). While the latest figure was down year-on-year, the drop narrowed from June's 12% slide, and full-month gaming receipts rose above the 20-billion-pataca mark again.

July's gaming revenue rose 9.4% sequentially from June. The conclusion of the World Cup in the middle of last month helped to fuel a rebound in tourist and gambler volumes, driving a recovery in gaming receipts in the latter half of the month. With the World Cup finished and the summer holidays in full swing, gaming revenue for August is poised for a more substantial rebound.

Despite the drag from slipping gaming revenue in June and July, cumulative gaming receipts for the first seven months of the year reached 147.16 billion patacas, up 4.4% year-over-year. Total gaming revenue to date now stands at 62% of the government's 236 billion pataca estimate, leaving a strong probability of meeting its full-year target.

By Lau Chi Hang

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Hotel giant H World Group Ltd. (HTHT.US; 1179.HK) took the top two spots on a list of the world’s leading hotel brands in the latest rankings by “Hotels” magazine, reflecting its rising position in the global hospitality sector.

The company’s Ji Hotel and Hanting chains took first and second place, respectively, in the magazine’s annual “Global Top 50 Hotel Brands” rankings, marking the first time Chinese brands have occupied the top two spots in the single-brand category. The leading Chinese hotelier ranked fourth globally by room count on the 2025 “Global Hotel Groups” list.

H World’s jump to the top of the rankings reflects its rapid growth in recent years to become one of the world’s leading hospitality groups by scale. The company says a strong pipeline of new hotel concepts, a seamless operating model, technological adoption and a widely popular loyalty program collectively support its long-term growth.

Using standardized management, centralized procurement and scale-driven coordination, H World says it has built a supply chain that supports consistency and cost efficiency across its multi-brand portfolio, enabling its rapid expansion in the midscale and economy segments.

The company said it has invested in technology to deliver AI-enabled customer service and digital management systems that enhance the customer experience and bring guests back to its hotels. H World operates one of the world’s largest hospitality loyalty programs, with more than 300 million members, which provides a stable source of direct traffic and supports targeted marketing and personalized services with a tiered loyalty system.

Founded in Shanghai in 2005, H World operates a diversified hotel portfolio spanning economy to upscale and luxury brands across China and select international markets. The company operated 13,215 hotels with over 1.3 million rooms at the end of March this year. 

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Livestreaming e-commerce platform East Buy Holding Ltd. (1797.HK) said on Thursday it expects to report its revenue ranged from 5.6 billion ($827 million) to 5.8 billion yuan for its fiscal year through May, up 27.3% to 31.8% year-on-year. It projected its profit for the year would reach 520 million to 550 million yuan, representing a massive 85- to 90-fold surge year-on-year.

The big profit growth was driven by expansion of its private-label offerings, along with a more diversified selection of third-party products, which improved its overall product mix. During the period, several private-label items emerged as smash hits.

In line with its multi-channel growth strategy, the company launched a broader network of livestreaming accounts on Douyin, expanded its roster of livestream hosts and extended broadcasting hours, all of which bolstered its overall gross merchandise volume (GMV).

The company also credited an increase in paying members, higher user repurchase rates and steady revenue growth from its proprietary app, combined with an ongoing supply chain buildout and an upgraded, end-to-end quality control management system.

Shares of Easy Buy opened up 1.4% at HK$22.64 on Friday. The stock is down nearly 60% from its 52-week high

By Lau Chi Hang

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NetEase Cloud Music Inc. (9899.HK) announced on Thursday that it renewed an agreement to license music from Warner Music Group. Under the multiyear deal, NetEase Cloud Music said it will expand beyond simply distributing Warner’s recordings to also promoting the U.S. music label’s artists to improve their visibility in China.

NetEase Cloud Music, the music arm of gaming giant NetEase, said the renewed partnership will also focus on multimedia content collaboration beyond audio streaming.

NetEase Cloud Music began its relationship with Warner Music in 2020, shortly before China ordered rival Tencent Music to end its monopolistic practices in the country. Before that, Tencent Music had exclusive licensing agreements to distribute most of the world’s top music labels’ recordings in China, and sublicensed that content to other Chinese music companies like NetEase Cloud Music.

NetEase Cloud Music’s stock rose 2.1% on Thursday before the announcement. The stock is down 35.2% this year, and has lost more than half of its value since a peak last August.

By Doug Young

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Online video platform iQiyi Inc. (IQ.US) named Tian Ying as its new CFO on Thursday, filling a position that was vacated in January when long-serving CFO Wang Jun stepped down after four years for personal reasons.

Since Wang’s departure the CFO position has been filled on an interim basis by Zeng Ying, who will now return to her previous role as senior vice president of finance, iQiyi said. Including Zeng, Tian is the fourth person to serve as iQiyi’s CFO in the last six years.

Before joining iQiyi, Tian was CFO for four years of the cloud and intelligent driving units of internet giant Baidu, which is iQiyi’s controlling shareholder. He worked at Huawei before that.

iQiyi’s shares fell 3.4% on Thursday after the announcement. The stock has lost nearly half of its value this year.

By Doug Young

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Macao’s gross gaming revenue (GGR) slipped 12.1% year-over-year to 18.52 billion patacas ($2.29 billion) in June, the city’s Gaming Inspection and Coordination Bureau reported on Wednesday. The June figure was down by an even steeper 18% compared with May, as June marked both the lowest-grossing month of the first half of 2026 and the only month to post a year-over-year decline.

With the June performance, cumulative gaming revenue for the first half of the year came in at 126.9 billion patacas, up just 6.8% year-over-year — a sharp deceleration after cumulative gaming revenue consistently logged double-digit year-over-year growth in the first five months of the year.

Market watchers believe the World Cup in June may have triggered a decline in the number of gamblers visiting Macao. In addition, the diversion of some betting volume toward the World Cup took a toll on the city's gaming receipts — an effect expected to spill over into July.

Despite that, Macao's gaming revenue in the first half of the year already reached 53% of the government’s full-year projection. Moreover, visitor and gambler foot traffic are expected to see a potential “revenge” rebound after the World Cup, making it likely that revenue will hit the government's full-year target of 236 billion patacas.

By Lau Chi Hang

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Budget hotel operator GreenTree Hospitality Group Ltd. (GHG.US) on Tuesday reported its revenue fell 14% in the first quarter of 2026, as both its hotel and restaurant business declined amid growing consumer caution in China. The company reported revenue of 227.7 million yuan ($33.5 million) in the three months to March, down from 264.8 million yuan a year earlier.

Revenue from GreenTree’s core hotel business fell 11.4% year-on-year in the quarter to 188.7 million yuan from 213 million yuan a year earlier, while its restaurant business dropped 24.6% to 39.1 million yuan from 51.9 million yuan. Revenue per available room (revpar) for the company’s hotel business dropped 5.7% year-on-year to 95 yuan in the latest quarter.

The company’s gross margin rose to 30.3% in the latest quarter from 29.3% a year earlier. That improvement, combined with sharp reductions in operating expenses, lifted the company’s net profit to 14 million yuan from 7.8 million yuan a year earlier.

GreenTree shares were mostly flat on Tuesday, and were unchanged in late morning trading on the New York Stock Exchange. The stock is down about 35% so far this year.

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Online travel agent Trip.com Group Ltd. (9961.HK; TCOM.US) on Thursday reported its revenue rose 17% year-over-year in the first quarter to 16.2 billion yuan ($2.4 billion). But its profit took a severe hit, plunging 42% year-on-year to 2.5 billion yuan, though its non-GAAP net income fell by a milder 7% to 3.9 billion yuan.

The company projected muted second-quarter revenue growth of just 3% to 8% year-over-year, citing headwinds from elevated energy prices and geopolitical volatility, along with operational adjustments to align with evolving industry standards.

Trip.com is currently under investigation for monopolistic behavior by the State Administration for Market Regulation (SAMR). It warned that the outcome of the probe could result in hefty fines or necessitate overhauls to its business practices — either of which could deal a materially adverse blow to its consolidated financial position, operating results or cash flows.

Shares of Trip.com fell nearly 11% on Thursday in Hong Kong. The stock has lost nearly half of its value from its 52-week high.

By Lau Chi Hang

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Lifestyle platform Xiaohongshu, also known as RedNote, is preparing to confidentially file for a Hong Kong listing by the end of this month, with an aim to completing the IPO this year, Bloomberg reported this week.

The company was worth $20 billion during a 2021 funding round, and the valuation further climbed to $31 billion last year. The report said the size of the IPO remains undetermined, but the company is expected to post a profit of $3 billion for 2026. Goldman Sachs and CICC are acting as underwriters.

Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu initially focused on sharing overseas shopping content. It has since evolved into one of China's most popular social media, short video, and e-commerce platforms. The company's backers include Hillhouse, Tencent and Alibaba.

Xiaohongshu reportedly filed a confidential application for a U.S. listing in 2021, but ultimately scrapped that plan due to concerns from Chinese regulators over the listing venue.

By Lau Chi Hang

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Dating app operator Hello Group Inc. (MOMO.US) on Tuesday reported its revenue fell 5.3% year-on-year in the first quarter to 2.39 billion yuan ($353 million), as continued weakness in its core China market failed to offset strong growth for its newer international business.

Revenue from the company’s China business, centered on its Momo and Tantan apps, fell 15.2% during the quarter to 1.79 billion yuan from 2.11 billion yuan a year earlier. Its international business rose 44% to 597 million yuan from 415 million yuan a year earlier, as the company cited strong performance in the Middle East and North Africa (MENA) region.

Hello Group’s profit during the first quarter fell 18.7% to 291 million yuan from 358 million yuan a year earlier.

The company said it expects its revenue to keep falling in the second quarter, forecasting a year-on-year decline of 2.7% to 6.5%. Its revenue has been falling on an annual basis since 2020, after peaking at about 17 billion yuan in 2019.

Hello Group’s shares fell 6% on Tuesday after the announcement. The stock is down 11.3% this year.

By Doug Young

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Online literature platform China Literature Ltd. (0772.HK) said on Tuesday that it will acquire an additional 28.22% of Wuhan YHKT Entertainment Co. Ltd. from Tencent for 400 million yuan ($59.26 million), raising its holdings to a majority 59.7%.

Wuhan YHKT develops and operates animation and gaming content, and owns the core intellectual property for “Ling Long,” an animated series that has amassed over 10 billion cumulative views across various platforms since its premier in 2019.

China Literature said that Wuhan YHKT will bolster its IP capabilities across all stages, from incubation and visual adaptation to commercialization. The company emphasized that the partnership will enhance its competitive edge and provide it with valuable IP.

Shares of China Literature opened up 1.3% at HK$25.96 on Wednesday. The stock is down over 40% from its 52-week high.

By Lau Chi Hang

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Macao’s gross gaming revenue (GGR) for May totaled 22.61 billion patacas ($2.8 billion), up 6.7% year-over-year and a 13.7% increase from the previous month, Macao's Gaming Inspection and Coordination Bureau reported on Monday.

Gross gaming revenue for the first five months of the year totaled 108.38 billion patacas, up 10.9% year-over-year. With the exception of April, revenue has topped 20 billion patacas each month this year, exceeding 22 billion patacas in three of those months.

The Macao government previously forecast that gross gaming revenue would reach 236 billion patacas this year. The first five months already account for 46% of that target, meaning full-year revenue is widely expected to hit the mark — and potentially eclipse the 247.4 billion patacas for 2025.

By Lau Chi Hang

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Social media platform Weibo Corp. (9898.HK; WB.US) reported on Thursday that its revenue rose 6% year-on-year to $421 million in the first quarter, as advertising and marketing revenue increased 9% to $370 million. But its adjusted net profit fell 23% year-on-year to $91.9 million on higher costs.

The company’s first-quarter costs and expenses rose 8% year-on-year to $310 million, mainly due to higher advertising production and marketing expenses, causing its adjusted operating margin to decline by 5 percentage points to 28%.

Weibo also recorded a non-operating loss of $59.9 million, mainly related to fair value losses on investments and losses from equity-method investments. On a GAAP basis, the company’s net profit fell 67.5% year-on-year to $34.7 million.

CEO Wang Gaofei said he was satisfied with the company’s first-quarter performance and that Weibo would continue expanding its content marketing solutions across more industries and clients, while systematically improving advertising conversion efficiency through AI technologies.

Weibo’s stock opened higher on Friday in Hong Kong, but later reversed course and closed 1.7% lower at HK$60.10 by the midday break.

By Lee Shih Ta

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Baidu Inc.’s (BIDU.US; 9888.HK) revenue from its general business grew 2% year-on-year to 26 billion yuan ($3.82 billion) in the first quarter, as its core AI-driven business accounted for more than half of the total for the first time, according to its results released on May 18. AI-related revenue rose 49% during the quarter to 13.6 billion yuan, making up 52% of total general business revenue.

The company’s non-GAAP income totaled 4.3 billion yuan, compared with 6.5 billion yuan a year earlier.

During the quarter, the company’s AI Cloud Infra business, which has been upgraded for large-scale agent-based applications, surged 79% to 8.8 billion yuan, with GPU cloud revenue up 184%.

AI applications generated 2.5 billion yuan during the quarter, the company said. During the company’s annual developer conference, Baidu unveiled a series of updates to its agent portfolio. Baidu co-founder and CEO Robin Li also introduced a new metric, “daily active agents” (DAA), to gauge AI productivity, contending that tokens represent cost, not value, making them less useful for measuring the success of AI. He also projected that global DAA could eventually exceed 10 billion.

On chip development, the company’s Kunlun P800 chip is scaling production and deployment, and the company plans to roll out its M100 chip, optimized for large-scale inference with high cost effectiveness. Meanwhile, Apollo Go, Baidu’s autonomous ride-hailing service, completed 3.2 million fully driverless rides in the quarter, up more than 120% year-on-year. Its reach now spans 27 cities worldwide, with active operations in Dubai and upcoming trials in Switzerland and London in partnership with Uber and Lyft, and cumulative rides provided to the public exceeding 22 million.

By Teri Yu

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Gaming giant NetEase Inc. (9999.HK; NTES.US) announced on Thursday its revenue rose 6.1% year-on-year to 30.6 billion yuan ($4.5 billion) in the first quarter, while its net profit increased 3.6% to 10.67 billion yuan. Its non-GAAP net profit edged up 0.3% year-on-year to 11.28 billion yuan.

Gaming and related value-added services remained the company’s main revenue source, with first-quarter revenue for that segment up 6.9% year-on-year to 25.71 billion yuan, accounting for 84% of the total. The increase was mainly driven by self-developed titles including the “Fantasy Westward Journey” series and “Where Winds Meet.”

Among its other businesses, revenue for NetEase’s Youdao (DAO.US) education arm rose 3.8% year-on-year to 1.3 billion yuan, while NetEase Cloud Music’s (9899.HK) revenue increased 6.6% to 2 billion yuan. Revenue from the company’s innovative and other businesses fell 4.6% year-on-year to 1.5 billion yuan.

NetEase CEO William Ding said the company will continue strengthening its technological capabilities while focusing on content and R&D innovation. By integrating advanced technologies with operational capabilities, the company aims to deliver premium content and richer experiences to a broader global player base.

NetEase’s stock opened higher on Friday in Hong Kong and traded at HK$186.2, up 8.44%, by the midday break. The stock has fallen about 13% so far this year.

By Lee Shih Ta

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Internet giant Tencent Holdings Ltd. (0700.HK) on Wednesday reported its revenue rose 9.1% year-on-year to 196 billion yuan ($28.93 billion) in the first quarter. Its non-IFRS profit rose by 10.7% to 67.9 billion yuan, while its profit under IFRS accounting standards rose 21.5% to 58.1 billion yuan.

The company’s domestic games revenue grew 6% year-on-year to 45.4 billion yuan, missing market expectations. Management said the slower growth was mainly due to the later timing of the Lunar New Year holiday this year, which caused part of the revenue to be deferred to the second quarter. The company added that evergreen titles including “Honor of Kings” and “Game for Peace,” together with newer games such as “Delta Force,” drove its gross receipts for domestic games to record double-digit growth. International games revenue rose 13% to 18.8 billion yuan.

By comparison, advertising and enterprise services remained the company’s main growth drivers. Marketing services revenue increased nearly 20% year-on-year to 38.17 billion yuan, benefiting from upgrades to AI-powered advertising recommendation models and stronger closed-loop marketing capabilities within the WeChat ecosystem. Revenue from fintech and business services rose 9% to 59.9 billion yuan, while enterprise services revenue grew 20%, reflecting continued growth in demand for AI-related cloud services.

Tencent also continued to ramp up its investment in AI. Capital expenditure reached 31.9 billion yuan in the first quarter, up 16% year-on-year and 63% quarter-on-quarter. The company disclosed that, excluding the impact of AI-related products such as Hunyuan, Yuanbao, CodeBuddy and WorkBuddy, its adjusted operating profit would have risen 17% to 84.4 billion yuan.

Tencent also said its new Hy3 Preview large language model, launched in April, has become one of the most widely used models on OpenRouter in terms of token consumption, citing its strengths in reasoning, AI agents and coding capabilities.

Tencent shares opened higher on Thursday but later turn lower, closing at HK$462.2 by the midday break, down 0.09%. The stock is down more than 22.8% year-to-date.

By Lee Shih Ta

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Hotel operator Atour Lifestyle Holdings Ltd. (ATAT.US) reported on Wednesday that its revenue jumped 47.5% to 2.81 billion yuan ($414 million) in the first quarter from 1.91 billion yuan a year earlier, driven by growth in its hotel management and retail businesses.

Revenue from the company’s hotel management business rose 51.9% year-on-year to 1.57 billion yuan during the three-month period, while revenue from its leased hotel business fell 8% to 118 million. Revenue from its retail business, involving the sale of room-based products like pillows and tea, jumped 54.4% year-on-year to 1.07 billion yuan.

The company’s profit for the quarter rose 90% to 463 million yuan from 244 million yuan a year earlier. Its adjusted net income, which excludes certain non-cash items, rose 42% to 490 million yuan from 345 million yuan a year earlier.

Atour’s U.S.-listed shares fell 3.4% on Wednesday after the release of its report. The stock is down about 6% year-to-date.

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Short video site operator Kuaishou Technology (1024.HK) said on Tuesday it is considering a potential restructuring that would allow its Kling AI unit to conduct its own fundraising. Kuaishou said it made its statement in response to media reports saying it was studying a plan to separately list Kling, which would allow the video creation unit to obtain its own financing.

Kuaishou said it is still assessing the proposal, added it is still at a “preliminary stage.” Kling AI is part of a growing field of new products that use AI to generate videos using photos and other materials.

On Monday, Late Post reported that Kuaishou was planning to spin off Kling AI at a valuation of $20 billion. The publication reported Kling is currently generating revenue at an annualized rate of $500 million, with the figure rising rapidly as the product gains popularity.

Kuaishou shares were up 3% at HK$53.15 in Tuesday afternoon trading in Hong Kong after the company issued its statement. The stock is down about 17% this year.

By Doug Young

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China’s box office grew by an anemic 1.4% to 758 million yuan ($111 million) during this year’s five-day May Day holiday, extending a streak of sluggish performances for the country’s film industry during recent holiday periods.

Theaters recorded 20.9 million visits during the holiday period this year, up 10% from 2025, Caixin reported on Wednesday, citing data from ticketing platform Maoyan. But the average ticket price dropped 8% to 36.3 yuan this year from 39.5 yuan in 2025, offsetting most of the gains from higher movie attendance.

The weak growth may have owed partly to a reduced lineup of new films released during the latest period. Eighteen new films were originally set to premiere during the holiday. But several abruptly postponed their plans, resulting in only 12 movies getting released.

Only two films surpassed the 100 million yuan mark during the holiday, including “Vanishing Point,” which led with 260 million yuan; and “Cold War 1994,” which generated 200 million yuan.

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Casino operator MGM China Holdings Ltd. (2282.HK) said on Thursday it will issue $750 million worth of senior notes bearing an annual interest rate of 6.25%, payable semi-annually, and maturing on May 15, 2033.

After deducting discounts to buyers and corporate expenses, estimated net proceeds from the sale will total about $740 million. The company plans to use the funds to repay outstanding revolving credit facilities and for general working capital purposes.

MGM China said it may redeem some of the notes before May 15, 2029, at a price equal to or greater than 100% of the principal amount, plus accrued and unpaid interest up to the redemption date.

Shares of MGM China opened flat at HK$11.48 on Thursday. The stock is down over 30% from its 52-week high.

By Lau Chi Hang

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Social media platform operator Newborn Town Inc. (9911.HK) said on Wednesday its revenue rose more than 30% in the first quarter, fueled by its continued global expansion and the application of AI across its network.

The company said it expects to report its revenue reached between 2.03 billion yuan ($295 million) and 2.13 billion yuan in the three months to March, representing a year-on-year increase of 33% to 39.6%. Revenue from its core social networking business was between 1.79 billion yuan and 1.89 billion yuan, up between 31.3% and 37.2% year-on-year.

Cumulative downloads of the company’s social networking apps totaled 1.02 billion at the end of March, up 5.4% from three months earlier. Average monthly active users for its social networking business during the first quarter totaled 35.9 million, up 1.7% from the previous quarter.

Newborn Town’s stock fell 0.4% on Thursday to close at HK$10.51. The stock is up nearly 60% over the last 52 weeks.

By Doug Young

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Game operator CMGE Technology Group (0302.HK) said Tuesday it has agreed to sell about 123 million new shares to three investors at HK$0.244 each, representing a discount of about 6.15% to the previous day’s closing price. The deal will raise net proceeds of HK$29.5 million ($3.77 million).

The three investors are Secure Precision, owned by Yang Mei, Tanwan Games (9890.HK), and Shengqu Technology Korean, a unit of Century Huatong (002602.SZ). The new shares will account for about 3.93% of the company’s enlarged share capital upon completion.

CMGE said it will use the proceeds to support its game publishing business, including strengthening operations and marketing of IP-based games. CMGE reported revenue of 1.39 billion yuan ($204 million) last year, down 28% year-on-year, while its net loss narrowed 30.1% to 1.47 billion yuan.

The company’s shares opened higher on Tuesday and were trading at HK$0.275 by the midday break, up 5.8%. The stock is down more than 29% so far this year.

By Lee Shih Ta

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China’s box office fell 19% over the long Qing Ming holiday, as a higher number of new films and more screenings compared with a year earlier failed to excite moviegoers in a slowing economy where consumers are increasingly cautious.

Chinese movies generated 305 million yuan ($44.4 million) in ticket sales over the three-day holiday from April 4 to April 6, as moviegoing attendance dropped 13.8% to 8 million, Caixin reported on Tuesday, citing data from the official China Movie Database. The number of screenings rose by 40,000 over the holiday, also known as the Tomb Sweeping Festival, as average ticket prices fell by 2 yuan, according to movie ticketing service Maoyan.

Thirteen new films made their debut over the weekend, four more than a year earlier. The top earning title was “The Super Mario Galaxy Movie,” which generated 63.2 million yuan, accounting for about a fifth of the holiday box office.

By Doug Young

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Macao’s gross gaming revenue (GGR) totaled 22.6 billion patacas ($2.8 billion) in March, up 15% year-on-year, the city’s Gaming Inspection and Coordination Bureau (DICJ) said on Wednesday, exceeded market expectation for 11% growth and up 9.5% from February.

The March figure brought first-quarter GGR to 65.87 billion patacas, up 14% year-on-year. The average monthly haul exceeded 20 billion patacas, topping 22 billion patacas in both January and March. Should the current trajectory continue, annual gaming revenue would not only beat government forecasts but also potentially outpace the total for 2025.

Macao's GGR grew 9.1% year-on-year in 2025 to 247.4 billion patacas, averaging 20.6 billion patacas monthly. When announcing its budget for 2026 last November, the Macao government projected 2026 GGR would hit 236 billion patacas.

By Lau Chi Hang

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Shares of power amplifier audio chip designer Shanghai FourSemi Semiconductor Co. Ltd. (3625.HK) doubled in their Hong Kong trading debut on Tuesday, as the company raised HK$423 million ($54 million) by selling 12 million shares for HK$40 each.

The shares opened at HK$85.05, more than double their IPO price, and then edged down slightly to trade HK$79.90 midway through the afternoon session, valuing the company at about HK$8.86 billion. The Hong Kong portion of the listing for local investors was more than 3,000 times oversubscribed, while the international placement was nearly two times oversubscribed.

The company’s revenue fell 2.8% to 218 million yuan ($31.5 million) in the first 10 months of last year from 289 million yuan in the same period a year earlier. About 30% of its revenue in the latest period came from chips used in audio speakers, while a fifth came from chips used in mobile phones, and another fifth came from tablet PCs. Its loss in the first 10 months of last year widened to 51.8 million yuan from 46.9 million yuan a year earlier.

The strong performance for FourSemi’s stock contrasted sharply with Hangzhou Tongshifu Cultural and Creative (Group) Co. Ltd. (0664.HK), a maker of copper-based cultural and creative products, which also debuted on Tuesday. Tongshifu’s shares opened at HK$35.42, down 41% from their IPO price of HK$60, and were trading at HK$32.50 in the afternoon.

By Doug Young

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Game operator CMGE Technology Group Ltd. (0302.HK) said on Sunday it expects to report a net loss of up to 1.5 billion yuan ($217 million) for 2025, improving from a loss of 2.1 billion yuan in 2024.

The company attributed last year’s narrower loss mostly to a significant reduction in goodwill impairment related to its Beijing Wenmai Hudong Technology subsidiary in 2025. Additionally, its impairment charges on other intangible assets, content provider licenses, and R&D expenses also decreased. The company’s fair value losses on financial assets last year were also lower compared with 2024.

Shares of CMGE opened flat at HK$0.30 on Monday. The stock is down 55% from its 52-week high.

By Lau Chi Hang

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Social media operator Newborn Town Inc. (9911.HK) said on Wednesday it expects to report revenue of 6.76 billion yuan ($980 million) to 7 billion yuan for 2025, up 32.8% to 37.5% year-on-year. It expects to report a net profit of between 900 million yuan and 940 million yuan for the year, up 87.5% to 95.8% from 2024.

The company added it expects to report adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between 1.18 billion yuan and 1.22 billion yuan for the year, up 22.5% to 26.7% from 2024.

Newborn Town credited its leveraging of AI across its diversified social product portfolio for the gains, coupled with completion of its acquisition of non-controlling interests in NBT Social Networking Inc. at the end of 2024.

Shares of Newborn Town opened up 3.7% at HK$8.92 on Thursday. The stock is down 37% from its 52-week high.

By Lau Chi Hang

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Online video site iQiyi Inc. (IQ.US) reported on Thursday its revenue rose 3% year-on-year to 6.79 billion yuan ($992 million) in the fourth quarter of 2025, representing its first growth in two years, as it focused on its more profitable businesses.

The Baidu-backed company said revenue from membership services in the latest quarter was flat year-on-year at 4.11 billion yuan, while online advertising revenue fell 6% to 1.35 billion yuan. But those were offset by the company’s content distribution business, whose revenue rose 94% year-on-year to 788 million yuan.

The company lost 5.8 million yuan during the quarter, narrowing sharply from a 189 million yuan loss a year earlier. It returned to the black on a non-GAAP basis, reporting a non-GAAP profit of 110 million yuan compared with a 59 million yuan loss a year earlier.

Before the latest report, the last time iQiyi’s revenue grew was in the fourth quarter of 2023, when the figure rose 1% to 7.7 billion yuan. Since then, the company has been working to improve its profitability by focusing on higher-margin services and developing new businesses, as it faces stiff competition from other video sites like Youku, as well as a newer generation of short video sites like Douyin and Kuaishou (1024.HK).

iQiyi shares fell 3.4% on Thursday after the latest report’s release. The stock is down nearly 20% over the last 52 weeks.

By Doug Young

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Leading online travel agent Trip.com Group Ltd. (TCOM.US; 9961.HK) on Thursday reported its revenue rose 21% year-on-year in the fourth quarter to 15.4 billion yuan ($2.24 billion), as all of its four main categories recorded double-digit growth.

Revenue from the company’s accommodations business rose 21% during the quarter year-on-year to 6.3 billion yuan, accounting for about 40% of the total. Quarterly transportation ticketing revenue rose 12% year-on-year to 5.4 billion, while package tour revenue rose 21% to 1.1 billion yuan. Corporate travel revenue rose 15% year-on-year during the quarter to 808 million yuan.

The company’s fourth-quarter profit nearly doubled to 4.3 billion yuan from 2.2 billion yuan a year earlier, boosted by investment gains.

Trip.com also announced the resignation of co-founders Fan Min and Ji Qi from its board, and Fan’s resignation as company president. The departures come about a month after China’s market regulator launched an investigation into Trip.com for anti-competitive behavior. The company said it is actively communicating with the regulator, and its business operations remain normal.

New York-listed shares of Trip.com were down 4.3% in after-market trading on Wednesday. The stock is down 26% this year, much of that after the launch of the anti-competitive investigation in mid-January.

By Doug Young

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Imax China Holding Inc.’s (1970.HK) large-screen theater network generated $28 million in ticket sales in the first seven days of the 2025 Lunar New Year holiday in China, its parent, Canada-based Imax Corp. (IMAX.US) said on Tuesday.

Three of the holiday’s top five films were produced in Imax’s big-screen format this year, helping Imax China theaters to deliver 3.4% of the period’s total box office, Imax said. The strongest performer was thriller "Pegasus 3," which earned $24 million in its first seven days on Imax screens. Imax China’s large-screen version of martial arts movie "Blade of the Guardians" earned $3.3 million, and a large-screen version of “Scare Out,” the thriller by acclaimed director Zhang Yimou, earned $500,000.

Imax added it continues to explore opportunities to release some of its big-screen Chinese movies in other global markets. It said “Pegasus 3” will receive an exclusive North American Imax release this week, and will also be released in Britain, Australia and New Zealand. “Blades of the Guardians” will be released in other Asia-Pacific markets including Australia, it added.

China’s overall box office fell 38% during this year’s Lunar New Year holiday period compared with last year, with total ticket sales dropping to 5.1 billion yuan ($715 million) in the first six days from 8.3 billion yuan a year earlier. Much of the drop owed to last year’s high figure on the strong performance by “Ne Zha 2,” which went on to break records for the world’s highest box office for an animated film.

Imax China’s stock fell 2.1% on Tuesday to close at HK$8.30. The shares are down 7% over the last 52 weeks.

By Doug Young

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Gaming giant NetEase Inc. (9999.HK; NTES.US) on Wednesday reported its revenue rose 3% year-on-year to 27.5 billion yuan ($3.98 billion) in the fourth quarter. But its quarterly profit fell 29.5% to 6.2 billion yuan.

Revenue from games and related value-added services during the quarter increased 3.4% year-over-year to 22 billion yuan. Revenue from its separately listed Youdao (DAO.US) education arm rose by a faster 16.8% year-on-year to 1.6 billion yuan, while its NetEase Cloud Music climbed 4.7% to 2 billion yuan. But its innovative businesses division fell 13% to 2 billion yuan from 2.3 billion yuan a year earlier.

For the full year, the company's revenue grew 7% year-over-year to 112.6 billion yuan, while its net profit rose 13.8% to 33.8 billion yuan.

“Looking ahead, we remain focused on fostering a creative talent ecosystem, deepening collaboration with partners worldwide and thoughtfully advancing our AI-application capabilities,” said CEO William Ding. “We aim to further extend the longevity of our franchises while continuing to deliver innovative experiences to create even greater value for our global players and shareholders alike.” 

Shares of NetEase fell 4% to $118.50 in U.S. trading on Wednesday. The stock opened down on Thursday in Hong Kong and was about 3.9% lower at the midday break.

By Lau Chi Hang

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Telecoms equipment maker AsiaInfo Technologies Ltd. (1675.HK) said on Monday it launched an embodied intelligence laboratory with ABB Robotics over the weekend, calling the step a practical implementation of a strategic cooperation between the pair.

The Sunday launch ceremony was attended by representatives from Alibaba Cloud and Nvidia, which will both provide technical support for the project, AsiaInfo said.

“The laboratory will integrate the leading strengths of AsiaInfo in AI applications, 5G-A communication technology and cyber security as well as the leading strengths of ABB Robotics in robot control, with a focus on cutting-edge areas such as industrial simulation and physical AI that (is) based on the vision-language-action (VLA) large model of Alibaba Cloud and the simulation platform of Nvidia,” it said.

AsiaInfo shares initially jumped more than 3% after the announcement, but later gave back most of the gains and closed up 0.9% on Monday. The stock is up about 50% over the last year.

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The popular short video app owned by ByteDance has signed an agreement to sell its U.S. business to a U.S.-led group including software giant Oracle

By Lee Shih Ta

After nearly six years of legal and political wrangling, China’s ByteDance has signed an agreement to sell the U.S. operations of its TikTok short-video division to a business consortium dominated by American entities, the New York Times reported on Thursday. The move aims to resolve long-standing threats of a ban of the service in the U.S. over national security concerns.

Under the agreement, the newly formed U.S. TikTok entity will be more than 80% owned by U.S. and other non-Chinese investors, addressing Washington’s main concern. Participants include software giant Oracle (ORCL.US), private equity firm Silver Lake, and MGX, a state-owned Emirati investment firm focused on AI. The investor group also includes the personal investment vehicle of Michael Dell, founder of Dell Technologies (DELL.US), along with several other investment firms. Adam Presser, TikTok’s head of operations, will serve as chief executive of the U.S. TikTok business.

News outlet Semafor further cited people familiar with the matter saying the transaction is expected to be completed this week. Under the final ownership structure, Oracle, Silver Lake and MGX will each hold about 15% of the U.S. TikTok entity, while ByteDance’s ownership will be reduced to just under 20%. Other investors include Susquehanna and U.S. investment firm Dragoneer.

Completion of the deal would mark a tentative end to a protracted controversy and remove a key friction point in U.S.-China relations.

The forced separation of TikTok’s U.S. operation from China stems from U.S. national security concerns tracing back to 2019. U.S. officials and lawmakers have repeatedly argued that under China’s National Intelligence Law and other regulations, Chinese companies could be compelled to provide data or technical assistance to Beijing, leaving TikTok vulnerable to potential surveillance or influence operations.

In 2024, the administration of then-President Joe Biden enacted legislation requiring ByteDance to divest TikTok’s U.S. business by a set deadline or face a nationwide ban. As the deadline approached, TikTok briefly went dark in U.S. for 14 hours, unsettling users and markets alike. After returning to office, President Donald Trump used executive orders to repeatedly delay enforcement of the ban, buying time for negotiations. The most recent extension is set to expire on Jan. 22.

It remains unclear how much ByteDance will ultimately receive from the sale. U.S. Vice President JD Vance said last September that the deal would value TikTok’s U.S. business at around $14 billion.

The fate of TikTok’s core algorithm also remains under scrutiny. Under the current arrangement, ByteDance will retain ownership of the algorithm and license it to the new U.S. entity.

In a memo to employees last December, TikTok chief executive Shou Chew said the new independent company would oversee data protection, content moderation and algorithm security, and would be governed by a seven-member board with a majority of Americans. Chew will retain a seat on the board.

By Lee Shih Ta

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Macao casino operator SJM Holdings Ltd. (0880.HK) announced on Sunday that it completed its acquisition of Arc of Triumph Development Co. Ltd. on Dec. 17, making Arc a wholly owned subsidiary of its SJM Resorts arm.

The company further disclosed that SJM Resorts received approval from the Macao Gaming Inspection and Coordination Bureau on Dec. 26 to operate casino games at Casino L’Arc Macao as a directly managed and operated casino from Dec. 30. Following that step, SJM Resorts has assumed direct operation of L’Arc’s hotel accommodation, food and beverage outlets, retail facilities and casino gaming.

L’Arc Hotel is located in the NAPE district of the Macao Peninsula and has a gross floor area of about 86,438 square meters, comprising hotel, dining, retail and casino facilities. SJM Resorts said the acquisition would strengthen its presence in high-density tourism zones and enhance synergies with its Lisboa-branded properties.

L’Arc Macao previously operated as a “satellite casino,” a business model where licensed gaming companies operate casinos inside existing hotels. That model is being phased out by the end of this year under Macao’s new gaming law. Of the nine satellite casinos once affiliated with SJM Holdings, eight have already closed, with L’Arc the only one retained through an acquisition and converted into a directly operated casino property under SJM Resorts.

SJM’s stock opened lower on Monday and closed at HK$2.45 by the midday break, down 1.21%. The stock has fallen about 8.9% this year.

By Lee Shih Ta

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Online video site Kuaishou Technology (1024.HK) said on Tuesday the livestreaming function on its app was attacked around 10 p.m. the previous day, forcing it to shut down the service. The attack targeted the service’s content moderation functions, resulting in a brief flood of pornographic material onto the livestreaming platform, according to Caixin.

Kuaishou said it repaired the system, and the livestreaming function on its app was gradually resuming normal service. It added that other services on its Kuaishou App were unaffected by the disruption. “The company strongly condemns the illegal and criminal activities of the underground and gray industries, and has reported the incidents to the police and relevant departments,” Kuaishou said.

Livestreaming is one of three main income sources for Kuaishou, accounting for 27% of its revenue in the third quarter. The company is one of China’s largest video content providers, with more than 400 million daily active users.

Kuaishou’s shares fell 3.5% on Tuesday after the announcement midway through the trading day. The stock recovered slightly on Wednesday and was up 0.4% at the midday break.

By Doug Young

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Shares of cultural tourism company Impression Dahongpao Co. Ltd. (2695.HK) opened down 9.4% at HK$3.26 in their Hong Kong trading debut on Monday, then continued to fall to close down 25% by the midday break.

The company sold 36.1 million shares for HK$3.60 apiece, representing the lower end of their range, raising net proceeds of HK$103.6 million ($13.3 million). The public portion of the offering for local investors was oversubscribed by 3,396 times, while the international placement was slightly oversubscribed.

The company's biggest vulnerability lies in its singular revenue stream, 90% of which comes from its “Impression – Dahongpao Scenery Show.” The production is subject to seasonal and weather-related disruptions, and its long-term prospects also remain questionable as audience interest gradually wanes.

The company recently launched a new show, “Moonlight over Mount Wuyi,” which premiered in May, generating 2.37 million yuan ($337,000) in the first half of the year.

By Lau Chi Hang

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Cultural tourism company Impression Dahongpao Co. Ltd. (2695.HK) launched its Hong Kong IPO on Friday, aiming to sell 36.1 million shares for HK$3.47 to HK$4.10 apiece to raise about HK$148 million ($19 million). Shares will be sold in lots of 1,000, requiring investors to pay HK$4,141.35 per lot. Subscriptions will close on Dec. 17, with trading set to begin Dec. 22.

Dahongpao’s operations include cultural performances, cultural tourism town management, and hotel operation. Its primary revenue source is “Impression – Dahongpao Scenery Show” a large-scale outdoor live show. Revenue from the show approached 130 million yuan ($18.4 million) last year, down 4.3% year-on-year. In the first half of this year, revenue from the show rose 2.5% year-on-year to 49.1 million yuan, accounting for about 90% of the company's total.

The company's overall revenue last year totaled 137 million yuan. Its annual net profit was 42.81 million yuan, down nearly 10% year-on-year. Its revenue climbed 8.5% year-on-year to 55.88 million yuan in the first half of this year, though its profit fell 19% to 10.23 million yuan.

By Lau Chi Hang

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