银河娱乐(00027)发布公告，银娱已授出(i)根据认股权计划认购合共21万份股份的认股权;(ii)根据奖励计 划合共835.52万份股份的股份奖励，但须待承授人接纳方告作实。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） （股份代號：27） 授出認股權及股份獎勵 董事會宣佈銀娛已授出 (i) 根據認股權計劃認購合共 210,000 份股份之認股權； 及 (ii) 根據獎勵計劃合共 8,355,200 份股份之股份獎勵，惟須待承授人接納方告 作實。 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第 17.06A條作出。 授出認股權及股份獎勵 | | 認股權 | 股份獎勵 | | --- | --- | --- | | 行使期: | 由二零二六年十二月三十一日起 | 不適用 | | | 至二零三一年十二月三十日止 | | | 歸屬期: | 二零二六年十二月三十一日: | 二零二六年十二月三十一日: | | | 69,997 | 2,756,107 | | | 二零二七年十二月三十一日: ...

Core Viewpoint - Macquarie forecasts that Macau's gaming revenue in December could increase by 17% to 22% year-on-year, with a total revenue estimate of MOP 213 billion to MOP 222 billion [1] Group 1: Industry Insights - The average daily gaming revenue in Macau last week was MOP 700 million, reflecting a week-on-week increase of 8% [1] - The VIP room win rate has returned to normal levels, with average daily revenue in the mass market increasing by 3% to 5% compared to November, and VIP room daily revenue growing by 2% to 5% [1] - The VIP room win rate is reported to be between 2.7% and 2.9%, which is lower than the over 3% recorded in November [1] Group 2: Company Recommendations - Galaxy Entertainment (00027) is identified as the top pick in the gaming sector, with a target price of HKD 57.5, rated "outperform" due to its strong property project reserves and ample hotel room supply [1] - The opening of the Capella Hotel by the end of this year is expected to enhance Galaxy's market share in the high-end mass market [1] - Investors are advised to reconsider Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at HKD 25.2 and HKD 22.6 respectively, both rated "outperform" [1]

Group 1 - The core viewpoint of the article indicates that Macau's average daily gaming revenue increased to 700 million MOP last week, reflecting an 8% week-on-week rise, with VIP room win rates returning to normal levels [1] - Compared to November, the average daily revenue from the mass market increased by 3% to 5%, while the average daily revenue from VIP rooms grew by 2% to 5%, with VIP win rates ranging from 2.7% to 2.9%, down from over 3% in November [1] - Assuming the average daily gaming revenue remains between 660 million to 750 million MOP for the rest of the month, total gaming revenue for December is projected to reach between 21.3 billion to 22.2 billion MOP, representing a year-on-year increase of 17% to 22% [1] Group 2 - The preferred stock in the gaming industry is Galaxy Entertainment (00027), with a target price of 57.5 HKD and a rating of "Outperform," primarily due to its strong property project reserves and ample hotel room supply [1] - The company anticipates that the Capella Hotel, which will fully commence operations by the end of this year, is expected to enhance its market share in the high-end mass market [1] - Additionally, investors are encouraged to reassess Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at 25.2 HKD and 22.6 HKD, respectively, both rated as "Outperform" [1]

Core Viewpoint - Macao's average daily gaming revenue increased to 700 million Macanese Patacas last week, reflecting an 8% week-on-week rise, with VIP room win rates returning to normal levels [1] Group 1: Gaming Revenue Projections - If the average daily gaming revenue remains between 660 million to 750 million Macanese Patacas for the rest of the month, total gaming revenue for December is projected to reach between 21.3 billion to 22.2 billion Macanese Patacas, representing a year-on-year increase of 17% to 22% [1] Group 2: Preferred Stocks - The preferred stock is Galaxy Entertainment, with a target price of 57.5 Hong Kong dollars and a rating of "Outperform," attributed to its strong property project reserves and ample hotel room supply [1] - The Capella Hotel, expected to fully operate by the end of this year, is anticipated to enhance the company's market share in the high-end segment [1] Group 3: Other Investment Recommendations - Investors are advised to reconsider Sands China and MGM China, given their market share growth and attractive valuation levels, with target prices set at 25.2 Hong Kong dollars and 22.6 Hong Kong dollars, respectively, both rated "Outperform" [1]

Core Viewpoint - Morgan Stanley's research report indicates that Macau's total gaming revenue for the first 21 days of December reached MOP 14.65 billion, averaging approximately MOP 697 million per day, suggesting potential upward adjustments in revenue forecasts for December and Q4 [1] Industry Summary - The report suggests that the current gaming sector valuation is low, with expectations of significant revaluation in the coming quarters due to improved earnings visibility and an increase in gamblers [1] - The forecast for Q4 gaming revenue is projected to grow by 15% to 16% year-on-year and by 6% to 7% quarter-on-quarter, supporting market expectations for upward adjustments [1] Company Summary - In the short term, the report is optimistic about Sands China, anticipating an increase in dividends and improvements in market share and profits for Q4 [1] - For the long term (over 12 months), Galaxy Entertainment is favored due to its combination of solid value and long-term growth potential [1] - The report advises avoiding Melco International and Austar Holdings [1]

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Core Viewpoint - Alibaba's investment arm, Alibaba Entrepreneurship Fund, has reduced its stake in Huayi Brothers, leading to a significant change in shareholding structure, which is expected to stabilize the company's equity structure without adversely affecting its operations [2][5]. Shareholding Changes - Alibaba Entrepreneurship Fund's shareholding decreased from 3.467799% to 2.403580%, while the combined stake of Alibaba and Jack Ma fell from 6.064215% to 4.999996% [2][3]. - The reduction in shares was based on Alibaba's own business arrangements, with a possibility of further reductions in the next 12 months [3]. Company Financial Performance - Huayi Brothers has faced continuous losses for seven years, accumulating over 8 billion yuan in losses by the end of 2024 [5]. - For the first three quarters of the current year, the company reported revenue of 215 million yuan, a year-on-year decline of 46%, and a net profit attributable to shareholders of -114 million yuan [5]. Debt Situation - The company is experiencing a liquidity crisis, with overdue debts totaling 52.5 million yuan as of December 10, 2025, which exceeds 10% of the company's audited net assets for 2024 [6]. - The controlling shareholder's shares have been fully frozen, amounting to 13.81% of the company's total share capital [7]. Legal Issues - Huayi Brothers and its legal representative, Wang Zhongjun, have recently been subjected to a consumption restriction order due to an advertising contract dispute, indicating ongoing legal challenges [9][10].

Group 1 - The core point of the news is that Huayi Brothers is experiencing financial difficulties, including overdue debts and a significant drop in revenue, while also undergoing changes in shareholder structure due to a major shareholder's reduction in holdings [1][3][4] Group 2 - On December 17, 2025, Alibaba Investment reduced its stake in Huayi Brothers from 3.467799% to 2.403580%, resulting in a combined holding with Jack Ma dropping from 6.064215% to 4.999996%, thus no longer being a major shareholder [1] - As of December 10, 2025, Huayi Brothers reported overdue debts totaling 52.5 million yuan, exceeding 10% of the company's audited net assets for 2024 [3] - The third-quarter financial report indicated that Huayi Brothers achieved revenue of 62.6 million yuan, a year-on-year decline of 31.61%, with a net loss attributable to shareholders of 39.5 million yuan [4] - For the first three quarters of 2025, the company reported revenue of 215 million yuan, down 46.08% year-on-year, and a net loss of 114 million yuan [4]

Group 1 - The core viewpoint of the report indicates that Macau's average daily gaming revenue over the past week is approximately 650 million MOP, a decline from the previous week's 743 million MOP, attributed partly to lower VIP room win rates [1] - The average daily gaming revenue for the month to date remains around 696 million MOP, reflecting a year-on-year growth of about 19%, but a slight month-on-month decrease of approximately 1%, contrasting with the typical 1% month-on-month increase recorded from 2015 to 2019 during the same period [1] Group 2 - The report expresses a positive outlook on Galaxy Entertainment, Wynn Macau, and MGM China, identifying them as industry favorites with target prices set at 46.9 HKD, 8.9 HKD, and 20.3 HKD respectively, all rated as "Buy" [1]