国际资本的动作不仅反映出对中国经济韧性与转型成果的信心，也表明在全球不确定性仍存的背景下， 中国资产的配置价值正在经历重估。 本报讯(记者昌校宇)今年以来，长线资本加快配置中国资产的步伐，释放出"看好中国"的强烈信号。近 日，香港知名投资机构无极资本(Infini Capital)宣布，拟以39亿港元战略入股港股上市公司中国儒意， 持股比例将达7.51%。 无极资本近期动作频频，以独家认购的方式相继参与多家港股上市公司H股配售。此外，6月份，该机 构还作为基石投资者参与了曹操出行、蓝思科技（300433）的港股IPO。无极资本于今年4月份获得阿 布扎比金融牌照，其双总部分别设于中国香港及阿布扎比，旗下管理多只一级基金、二级基金，尤其是 在中东资本加持下重点布局长期投资。 ...

近期活跃于新兴产业投资的无极资本(Infini Capital)，短短半个月内，便投资约77.08亿元参与3家港股的配售融 资： 7月17日，拟以13.08亿港元投资第四范式(06682)，持股4.98%; 7月31日，完成以25亿港元投资商汤(00020)，持股4.31%; 无极资本，成立于2015年，双总部位于香港、阿布扎比，是国际领先的资产管理公司，曾以96%的投资回报率拿 下2021年亚洲对冲基金回报率第一名。 无极资本，由前投行家钱涛(Tony Chin To)创立，他曾就职于摩根士丹利、汇丰银行的并购部门工作。在创立无 极资本之前，他是专注于亚洲金融行业并购和重组机会的香港私募股权公司GCS Capital的合伙人。 钱涛，出生于上海，在香港长大，曾就读于香港的苏浙小学和圣士提反书院，并拥有密歇根大学安娜堡分校的经 济学学士学位。 | | | 2021年亞洲對沖基金回報率排名 | | | --- | --- | --- | --- | | 名灾 | 對沖甚金名稱 | 類型 | 回報率 | | 1 | Infini無極資本 | 多策略 | +96% | | 2 | Tribeca Global Na ...

Core Viewpoint - The payment industry is undergoing significant transformation, leading to increased operational challenges for institutions and a more active market for buying and selling [1] Company Summary - China Ruyi (0136.HK) announced the acquisition of a 30% stake in Kuaiqian Financial from Shanghai Wanda Network Financial Services for 240 million yuan, making China Ruyi the largest single shareholder of Kuaiqian Financial [3][6] - The acquisition is expected to create synergies with China Ruyi's existing businesses, including online streaming and gaming services [3] - Kuaiqian Financial's most important asset is Kuaiqian Payment, which was once a leading player in the third-party payment sector but has seen a decline in transaction volume, dropping out of the top twenty in the industry [4][5] - The total valuation of Kuaiqian Payment is estimated at around 800 million yuan, a decrease of approximately 60% from its valuation during Wanda's acquisition in 2014 [6] Industry Summary - The payment industry is facing stricter regulations, making it more challenging for companies to obtain licenses and operate [7] - The core value of Kuaiqian Payment lies in its full payment license and its established merchant resources in key industries such as insurance, aviation, and retail [7] - China Ruyi's revenue for 2024 is reported at 3.671 billion yuan, with a net loss of 207 million yuan, although adjusted net profit increased by 120% year-on-year [8] - Kuaiqian Payment is actively expanding into overseas markets and developing digital RMB services, which may present new opportunities [9]

Core Viewpoint - China Ruyi (00136) experienced a decline of over 3%, trading at 3.02 HKD per share, with a transaction volume of 83.59 million HKD, following the announcement of a subscription agreement with Wujie Capital Management [1] Group 1 - The company announced a subscription agreement with Wujie Capital Management, allowing the latter to conditionally subscribe for a total of 1.3 billion shares at a price of 3.00 HKD per share [1] - The subscription shares represent approximately 7.51% of the company's enlarged issued share capital, assuming no other changes in the issued share capital from the announcement date to the completion date [1] - The subscription price of 3.00 HKD per share reflects a discount of about 4.46% compared to the closing price of 3.14 HKD on July 31, 2025 [1] Group 2 - After deducting related placement agent fees, costs, and expenses, the net proceeds from the subscription are expected to be approximately 3.895 billion HKD [2] - The company plans to allocate the net proceeds as follows: 20% for business growth and expansion, 60% for strategic investments and acquisitions, and 20% for general working capital purposes, including advertising, employee costs, technology development services, and rental costs [2]

消息面上，中国儒意发布公告，于2025年7月31日，公司与认购方(无极资本管理有限公司)订立认购协 议，据此，认购方已有条件同意认购，而公司已有条件同意以认购价每股认购股份3.00港元发行及配发 合共13亿股认购股份；及于2025年8月1日(交易时段前)，公司与配售代理就认购事项订立配售协议，据 此，配售代理已有条件同意按尽力基准促使认购方与公司订立认购协议以按认购价认购认购股份。 智通财经APP获悉，中国儒意(00136)午前跌超3%，截至发稿，跌3.51%，报3.02港元，成交额8359.44万 港元。 经扣除认购事项的相关配售代理费、成本及开支后，认购事项的所得款项净额合共将约为38.95亿港 元。公司拟按下列方式使用认购事项的所得款项净额：20%用于集团业务的增长及扩张；60%用于战略 性投资及收购以扩大集团的业务；及20%用作一般营运资金用途(主要包括支付广告及宣传费用、员工 成本、技术及开发服务费用及租金成本)。 认购股份相当于经配发及发行认购股份扩大的公司已发行股本(假设自本公告日期起至完成日期，除配 发及发行认购股份外，公司已发行股本概无任何变动)约7.51%。认购价为每股认购股份3.00港元 ...

经扣除认购事项的相关配售代理费、成本及开支后，认购事项的所得款项净额合共将约为38.95亿港 元。公司拟按下列方式使用认购事项的所得款项净额：20%用于集团业务的增长及扩张；60%用于战略 性投资及收购以扩大集团的业务；及20%用作一般营运资金用途(主要包括支付广告及宣传费用、员工 成本、技术及开发服务费用及租金成本)。 中国儒意(00136)午前跌超3%，截至发稿，跌3.51%，报3.02港元，成交额8359.44万港元。 认购股份相当于经配发及发行认购股份扩大的公司已发行股本(假设自本公告日期起至完成日期，除配 发及发行认购股份外，公司已发行股本概无任何变动)约7.51%。认购价为每股认购股份3.00港元，较 2025年7月31日在联交所所报每股股份收市价3.14港元折让约4.46%。 消息面上，中国儒意发布公告，于2025年7月31日，公司与认购方(无极资本管理有限公司)订立认购协 议，据此，认购方已有条件同意认购，而公司已有条件同意以认购价每股认购股份3.00港元发行及配发 合共13亿股认购股份；及于2025年8月1日(交易时段前)，公司与配售代理就认购事项订立配售协议，据 此，配售代理已有条件同意按 ...

Group 1 - The core point of the article is that the payment industry in China is undergoing significant transformation, with increased challenges for institutions and a necessity for more active market transactions. China Ruyi's acquisition of a 30% stake in Kuaiqian Financial is a strategic move to enhance its business synergy with existing operations [2][3] - China Ruyi announced the acquisition of Kuaiqian Financial for 240 million yuan, making it the largest single shareholder post-transaction. The deal will be completed in three phases and is expected to create synergies with Ruyi's existing businesses, including online streaming and gaming services [2][3] - Kuaiqian Payment, a key asset of Kuaiqian Financial, was once a leading player in the third-party payment sector but has seen a decline in transaction volume, dropping out of the top twenty in the industry as of 2024 [3][4] Group 2 - Kuaiqian Payment has faced compliance issues, including significant fines for various violations, which have raised concerns about its operational integrity. The company has been penalized multiple times in recent years, indicating ongoing regulatory scrutiny [4][5] - Following the acquisition, Kuaiqian Financial will not be consolidated into China Ruyi's financial statements, despite Ruyi becoming its largest shareholder. The ownership structure of Kuaiqian Financial is fragmented, with multiple shareholders involved [4][5] - The valuation of Kuaiqian Payment has significantly decreased, with the current total valuation estimated at around 800 million yuan, a 60% drop from its valuation at the time of the 2014 acquisition by Wanda Group [5][6] Group 3 - The payment industry is experiencing a contraction in cash-out businesses, and the future profitability of Kuaiqian Payment will depend on its ability to leverage synergies with new shareholders and its existing merchant resources in key sectors [6][7] - China Ruyi's core business includes content production, online streaming, and gaming services, with recent financial results showing a revenue of 3.671 billion yuan in 2024, a 1.2% increase year-on-year, despite a net loss of 207 million yuan [7][8] - The acquisition of Kuaiqian Financial is not the first for China Ruyi, which has previously acquired stakes in Wanda Group's assets, indicating a strategic focus on integrating payment services with its entertainment and gaming operations [7][8]

Group 1 - InnoCare (02577.HK) has partnered with NVIDIA to promote the large-scale implementation of the 800 VDC power architecture in AI data centers, which is designed for efficient power supply in megawatt-level computing infrastructure [1] - The 800 VDC system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, enabling a 100-1000 times increase in AI computing power [1] - The company's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V [1] Group 2 - China Ruyi (00136.HK) received a strategic investment of HKD 3.9 billion from Wuji Capital to accelerate business expansion and acquisition plans [2] - LEPU Biopharma-B (02157.HK) has authorized T-cell connector technology with an upfront payment of USD 10 million and potential milestone payments of up to USD 850 million [2] - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [2] Group 3 - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of 58% [3] - Great Wall Motors (02333.HK) achieved approximately 104,372 vehicle sales in July, reflecting a year-on-year growth of 14.34% [3] - NIO-SW (09866.HK) delivered 21,017 vehicles in July [3]

Core Viewpoint - China Ruyi (00136.HK) has signed a subscription agreement for the conditional subscription of 1.3 billion shares at HKD 3 per share, raising approximately HKD 39 billion, which will be used for business growth, strategic investments, and general operating expenses [1][2]. Group 1: Fundraising and Share Issuance - The subscription price represents a discount of about 4.3% compared to the latest closing price of HKD 3.13 per share [1]. - The new shares will account for 8.12% of the current issued share capital and 7.51% of the total share capital post-issuance [1]. - The net proceeds from the subscription are expected to be approximately HKD 38.95 billion after deducting related fees and expenses [1]. Group 2: Strategic Investments and Acquisitions - 20% of the raised funds will be allocated for business growth and expansion, 60% for strategic investments and acquisitions, and 20% for general operating expenses [2]. - Recent acquisitions include a 30% stake in Kuaiqian from Wanda Financial for HKD 240 million, as well as assets from ByteDance, Tencent, and Wanda Film [1][2]. Group 3: Shareholder Structure and Financial Performance - After the issuance, the largest shareholder, Ke Li Ming, will see his stake decrease from 16.41% to 15.18%, while Tencent's stake will drop from 16.13% to 14.92% [2]. - The company anticipates a net profit of approximately HKD 1 billion to 1.2 billion for the first half of 2025, recovering from a net loss of HKD 123 million in the same period last year [2]. - Revenue for the first half of 2025 is expected to reach about HKD 2.1 billion to 2.3 billion, representing a year-on-year increase of approximately 14% to 25% [2][3]. Group 4: Business Growth Drivers - Revenue and profit growth are attributed to robust overall business performance and the continuous release of synergies across core segments [3]. - The completion of the acquisition of Virtual Cinema Entertainment Limited has also positively impacted the company's profit, as the associated warrants have been exercised [3].

Core Viewpoint - China Ruyi (00136) has announced a subscription agreement with Infinity Capital Management Limited, involving the conditional subscription of 1.3 billion shares at a price of HKD 3.00 per share, representing approximately 7.51% of the enlarged issued share capital [1] Summary by Relevant Sections Subscription Agreement - The subscription price of HKD 3.00 per share reflects a discount of approximately 4.46% compared to the closing price of HKD 3.14 on July 31, 2025 [1] - The total net proceeds from the subscription, after deducting related fees and expenses, are expected to be approximately HKD 38.95 billion [1] Use of Proceeds - The company plans to allocate the net proceeds as follows: - 20% for growth and expansion of the group's business [1] - 60% for strategic investments and acquisitions to expand the group's operations [1] - 20% for general working capital purposes, including advertising, employee costs, technology and development services, and rental costs [1]