Core Viewpoint - The company Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (stock code: *ST Suwu) is set to be delisted from the Shanghai Stock Exchange, with the delisting process commencing on December 9, 2025, and concluding on December 31, 2025 [1][5]. Group 1: Delisting Process - The company's stock will enter a delisting transition period for 15 trading days, after which it will be officially delisted [1]. - Following the delisting, the company's stock will be transferred to the National Equities Exchange and Quotations (NEEQ) system for trading, managed by a designated securities company [2]. Group 2: Financial Misconduct - The company has been penalized for failing to disclose its actual controller and for falsifying financial reports from 2018 to 2023, including inflated revenue and profits [5]. - Specific financial discrepancies include inflated revenues of 49.53 million, 46.85 million, 43.07 million, and 37.67 million for the years 2020 to 2023, representing 26.46%, 26.39%, 21.26%, and 16.82% of reported revenues respectively [6]. - The company also failed to disclose significant non-operating fund occupations by related parties, with balances reaching 169.26 million by the end of 2023, which constituted 96.09% of the reported net assets [7].

Core Viewpoint - The company Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (ST Wuzhong) will be delisted from the Shanghai Stock Exchange on December 31, 2025, following a trading period of 15 days after the announcement of its delisting [1][5]. Group 1: Delisting Process - The company's stock will enter a delisting transition period starting December 9, 2025, and will be officially delisted on December 31, 2025 [1]. - After delisting, the company's shares will be transferred to the National Equities Exchange and Quotations (NEEQ) system for trading, managed by a designated broker [2]. Group 2: Financial Misconduct - The company was found to have significant financial discrepancies, including failing to disclose the actual controller and falsifying financial reports from 2018 to 2023 [5]. - The company inflated its operating income and costs, with reported inflated figures of 495.26 million yuan, 468.51 million yuan, 430.75 million yuan, and 376.66 million yuan for the years 2020 to 2023, respectively [6]. - The inflated profits for the same years were reported as 14.58 million yuan, 20.27 million yuan, 19.92 million yuan, and 21.22 million yuan, representing significant percentages of the total reported profits [6]. Group 3: Related Party Transactions - The company engaged in non-commercial trade activities with related parties, leading to significant non-operational fund occupation, which was not disclosed in financial reports from 2020 to 2023 [7]. - The balance of non-operational funds occupied by related parties reached 169.26 million yuan by the end of 2023, constituting 96.09% of the company's net assets [7].

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]

Core Viewpoint - The equity change announced by ST Dehao (002005.SZ) is due to the expiration of the "Joint Action Agreement" signed by several shareholders, which will not affect the company's control or governance structure [1] Group 1: Equity Change Details - The equity change involves shareholders including Anhui Dehao Runda Electric Co., Ltd., Bengbu Xinrui Project Management Co., Ltd., Wang Sheng, Beijing Fengyan Private Fund Management Co., Ltd., Beijing Lingrui Investment Management Co., Ltd., and Beijing Lingrui Yixin Asset Management Co., Ltd. [1] - The expiration of the agreement on June 21, 2024, does not involve changes in the number or proportion of shares held by these shareholders [1] Group 2: Impact on Company Structure - The equity change will not lead to a change in the company's control [1] - There are no arrangements to circumvent reduction restrictions or other regulatory requirements [1] - The company's operational development and governance structure will not be adversely affected, and there is no change in the situation of having no controlling shareholder or actual controller [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]

Group 1 - The core point of the news is that Southbound funds have increased their holdings in Melco International Development (00200.HK) by 1.57 million shares on December 17, 2025, marking a net increase of 2.67 million shares over the past five trading days and 6.57 million shares over the last 20 trading days [1][2] - As of now, Southbound funds hold 14.5 million shares of Melco International Development, which accounts for 6.35% of the company's total issued ordinary shares [1][2] - The company primarily engages in entertainment and hotel operations, providing services such as gaming, accommodation, dining, entertainment performances, shopping, and conference exhibitions through its integrated resort business [2]

Group 1 - The Xinhua Chang·New Macau high-end cultural tourism project has been signed in Foshan with a total investment of 4.9 billion yuan, including a fixed investment of approximately 3 billion yuan [1] - The project aims to create a comprehensive urban cultural tourism destination integrating culture, tourism, commerce, residence, and performance in the Qian Deng Lake area of Nanhai District [1] - The collaboration between Xinhua Chang Investment Group and New Macau Group will leverage their respective resources to ensure the project's successful implementation [1] Group 2 - The project is seen as a significant step in Foshan's deepening connection with Hong Kong and Macau, enhancing the city's modern cultural tourism service system [2] - The introduction of Hong Kong and Macau capital and international brands is expected to facilitate efficient flows of people, capital, and information within the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The project will fill gaps in Foshan's international-level performance tourism and high-end hotel clusters, stimulating the night economy and cross-border consumption [2] Group 3 - The project is anticipated to elevate Foshan's urban profile and enhance its cultural tourism industry chain, fostering new business models such as digital tourism and immersive experiences [3] - The recent progress of another high-end cultural tourism project, Lingnan Fantasy, indicates a growing trend in Foshan's cultural tourism sector [4] - Lingnan Fantasy project, with a planned investment of 3 billion yuan, aims to create an immersive digital tourism resort and is expected to open by summer 2026 [6]

Group 1 - The gaming stocks have experienced significant declines, with MGM China down 3.55% to HKD 15.74, Sands China down 3.67% to HKD 19.96, Wynn Macau down 1.6% to HKD 6.15, and Melco International Development down 1.52% to HKD 4.55 [1] - The Macau SAR government has projected that the gross gaming revenue for the next year will be estimated at MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred tourist destination for wealthy travelers from mainland China, with a forecasted 6% year-on-year growth in gaming revenue and a 10% increase in industry EBITDA for the next year, maintaining an EBITDA margin of approximately 29% [1]

Core Viewpoint - The Macau gaming stocks have experienced significant declines, with major companies like MGM China, Sands China, Wynn Macau, and Melco International Development all reporting drops in their stock prices amid concerns over the gaming industry's future performance [1] Group 1: Stock Performance - MGM China shares fell by 3.55%, trading at HKD 15.74 [1] - Sands China shares decreased by 3.67%, trading at HKD 19.96 [1] - Wynn Macau shares dropped by 1.6%, trading at HKD 6.15 [1] - Melco International Development shares declined by 1.52%, trading at HKD 4.55 [1] Group 2: Government and Market Outlook - The Macau SAR government has projected that the gaming gross revenue for the next year will be MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred travel destination for affluent mainland tourists, supported by rich concert activities, luxurious new hotel offerings, and new baccarat side bet options [1] Group 3: Revenue Projections - Citigroup forecasts a 6% year-on-year growth in Macau's gaming revenue for the upcoming year [1] - The industry EBITDA is expected to grow by 10% year-on-year, with an EBITDA margin remaining stable at approximately 29% [1]

Group 1 - The core viewpoint of the article highlights that southbound funds have increased their holdings in Melco International Development (00200.HK) by 488,000 shares on December 11, indicating a positive trend in investor interest [1] - Over the past five trading days, there have been four days of net increases in holdings by southbound funds, totaling 1.5715 million shares [1] - In the last twenty trading days, there were twelve days of net increases, amounting to 6.786 million shares [1] Group 2 - As of now, southbound funds hold 14.3 million shares of Melco International Development, which represents 6.26% of the company's total issued ordinary shares [1] - Melco International Development Limited primarily engages in entertainment and hotel operations through two segments: the entertainment and hotel segment, and the investment segment [1] - The entertainment and hotel segment operates integrated resort businesses, including gaming, accommodation, dining, entertainment performances, shopping, and conference exhibitions [1]