Group 1 - Tencent Holdings has announced a global medium-term note program amounting to $30 billion [1] - The company has applied to the Hong Kong Stock Exchange for the program to be listed for 12 months starting from September 15, 2025 [1] - The notes will be issued only to professional investors through a debt issuance mechanism [1]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The top three stocks with the highest short-selling ratios are New World Development-R (80016) and Li Ning-R (82331) at 100.00%, followed by AIA Group-R (81299) at 92.90% [1][2] - Other notable stocks include BYD Company-R (81211) at 91.45% and China National Offshore Oil Corporation-R (80883) at 71.40% [2] Short Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 5.602 billion, followed by Tencent Holdings (00700) at 2.725 billion and Baidu Group-SW (09888) at 2.062 billion [3] - Other significant amounts include Meituan-W (03690) at 1.088 billion and Pop Mart International (09992) at 879 million [3] Deviation Values - Li Ning-R (82331) has the highest deviation value at 35.57%, followed by AIA Group-R (81299) at 28.24% and China National Offshore Oil Corporation-R (80883) at 27.47% [1][3] - Other notable deviation values include BYD Company-R (81211) at 25.22% and New World Development-R (80016) at 24.06% [3]

格隆汇9月15日｜腾讯控股公告，已于九月十五日更新计划，包括公司近期的公司及财务资料。公司根 据计划仍有本金总额177.5亿美元的未偿还票据。公司已向联交所申请九月十五日后起计12个月将计划 （仅向若干专业投资者）以债务发行的方式上市。就票据的任何发行而言，公司可选择与相关交易商协 定将票据在联交所或任何其他获认可证券交易所上市。拟运用每次发行的票据（包括建议票据）所得款 项净额作本公司一般企业用途。 ...

Core Viewpoint - Tencent Holdings has announced a global medium-term note program totaling $30 billion, aimed at professional investors, with a listing date set for September 16, 2025 [1] Group 1 - The total amount of the medium-term note program is $30 billion [1] - The program will be listed for a duration of 12 months starting from September 15, 2025 [1] - The issuance of the notes will be exclusively for professional investors [1]

腾讯控股在港交所公告，已于九月十五日更新计划，包括公司近期的公司及财务资料。公司根据计划仍 有本金总额177.5亿美元的未偿还票据。公司已向联交所申请九月十五日后起计12个月将计划（仅向若 干专业投资者）以债务发行的方式上市。就票据的任何发行而言，公司可选择与相关交易商协定将票据 在联交所或任何其他获认可证券交易所上市。拟运用每次发行的票据（包括建议票据）所得款项净额作 本公司一般企业用途。 (本文来自第一财经) ...

（股份代號：700（港幣櫃台）及 80700（人民幣櫃台）） 30,000,000,000 美元之 全 球 中 期 票 據 計 劃（「 該 計 劃 」） 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的內容概不負責，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。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 本公告不會直接或間接在或向美國境內（包括其領土和屬地、美國的任何州以及哥倫比亞特區）發 放。本公告不構成或作為在美國或任何其他司法管轄區（而在該等司法管轄區，要約、招攬或出售證 券在根據該司法管轄區的證券法律進行登記或獲得資格前屬違法）出售證券的要約或招攬購買證券的 要約的任何部份。本公告提及的證券尚未且不會根據美國證券法登記，而在未辦理登記手續或未獲 美國證券法登記規定的適用豁免的情況下，不得在美國發售或出售。凡在美國公開發售任何證券， 均須以刊發招債章程之方式進行。該招債章程須載有作出有關發售之公司、其管理層及財務報表的 詳盡資料。 於香港聯合交易所有限公司 上市之通告 如日期為二零二五年 ...

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的內容概不負責，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。 本公告不構成在美國或任何其他司法權區出售證券的要約或招攬購買證券的要約：在該等司法權 區，上述要約、招攬或出售在根據該司法權區的證券法律進行登記或獲得資格前屬違法。在未辦理 登記手續或未獲適用的登記規定豁免的情況下，不得在美國發售或出售任何證券。凡在美國公開發 售任何證券，均須以刊發招債章程的方式進行。該招債章程須載有作出有關發售之本公司、其管理 層及財務報表的詳盡資料。本公司無意在美國公開發售任何證券。 （股份代號：700（港幣櫃台）及 80700（人民幣櫃台）） 更新全球中期票據計劃 根據全球中期票據計劃建議發行票據 及 財務資料摘要 茲 提 述 本 公 司 日 期 為 二 零 一 四 年 四 月 十 日、 二 零 一 五 年 四 月 二 十 四 日、 二零一八年一月九日、二零一九年四月一日、二零二零年五月二十五日及 二零二一年四月十三日有關設立計劃、提高計劃限額及更新計劃的公告。 董事會欣然宣佈本 ...

Core Viewpoint - Tencent has reduced its stake in ZhongAn Online to below 5%, indicating a strategic shift in its investment approach while the company continues to show growth in its insurance business [1][2][3]. Shareholding Changes - On August 13, Tencent sold 1.1652 million shares of ZhongAn Online, cashing out approximately 20.88 million HKD, reducing its stake to 4.99% of H-shares and 4.84% of total shares [1][3]. - This reduction follows a series of sales throughout the year, including a sale of 1.4788 million shares on June 27 for about 29.13 million HKD and another sale of 4.1592 million shares on July 31 for approximately 87.66 million HKD [3][5]. - In total, Tencent has reduced its holdings by over 30 million shares in 2023, estimating cash proceeds of around 600 million HKD [5]. Company Performance - ZhongAn Online's insurance business has maintained growth, with its stock price rising over 50% since the beginning of the year, peaking at over 21 HKD per share in May [1]. - As of September 12, the stock price was 18.02 HKD per share [1]. Capital Raising - Concurrently with the reduction in shareholding by original shareholders, ZhongAn Online has initiated a new round of capital raising by proposing to issue 215 million new H-shares, aiming to raise approximately 3.896 billion HKD [8]. - The proceeds from this capital raise are intended to support the company's capital needs and investments in fintech innovation [8]. Current Shareholding Structure - Following the recent share placements and reductions, the largest shareholder is now Hong Kong Central Clearing Limited, holding 61.72% of shares, while other major shareholders include China Ping An (8.9%), Shenzhen Gadesin Investment (7.93%), Ant Group (6.43%), Tencent (4.84%), and Shenzhen Xun Network (4.81%) [9]. Financial Results - ZhongAn Online reported a slight decline in insurance service revenue for the first half of 2025, totaling 15.041 billion CNY, a decrease of 0.3% year-on-year, while net profit attributable to shareholders surged by 1103.5% to 668 million CNY [9].

Group 1 - The market has seen a historical high in returns this week, with a year-to-date return of 28% and a total return of 24% since 2022, resulting in an annualized return of 5.58% [1] - The current portfolio consists of Tencent (60%), Kweichow Moutai (28%), Focus Media (10%), and Pianzaihuang (2%) [2] - Tencent has experienced a significant increase of 55.66% this year, driven primarily by profit growth, and is currently valued at 19 times the estimated net profit for 2025, which is considered reasonably low [6][7] Group 2 - Kweichow Moutai has seen a slight decline of 0.52% this year, impacting overall performance, with a current market value of 1.9 trillion yuan and an estimated profit of 93 billion yuan for 2025, resulting in a valuation of 20 times, also deemed reasonably low [8][9] - Focus Media and Pianzaihuang have had annual increases of only 16% and a decline of 5.25%, respectively, indicating that these stocks are not overvalued [10][11] - The analysis suggests a focus on individual stock performance rather than overall market indices, advocating for buying low and selling high while holding onto quality companies [12]

Investment Rating - The investment rating for the media internet industry is "Positive" (maintained) [4] Core Views - The report highlights the acceleration of AI applications in vertical business scenarios, suggesting a focus on the transformative significance of new scenarios and interaction models. It emphasizes the ongoing high growth trend in the cultural technology industry, particularly in AI applications, gaming, new consumption trends, and policy-driven developments in the television and sports sectors [5][6][8][10]. Summary by Sections Industry Performance - From September 8 to September 12, 2025, the Shanghai Composite Index increased by 1.52%, the Shenzhen Component Index rose by 2.65%, and the CSI 300 Index grew by 1.38%. The media sector ranked fourth among all industries with a growth of 4.27% [14][15]. Gaming Sector - Major companies like Tencent, Gigabit, and Giant Network demonstrated strong performance resilience and new game contributions. The report anticipates continued positive trading based on the performance of quality products, with Q3 expected to show stronger financial validation. The gaming market is characterized by a unique logic of product performance leading to EPS upgrades and valuation recovery, with no strong bubbles currently observed [5][6][10]. Film and Television - The report notes that several high-quality films are set to be released during the upcoming holiday period, which is expected to drive steady growth in the box office market. It recommends focusing on key film producers and cinema/ticketing companies [6][7]. The television sector is expected to enter a new phase of content creation and development, driven by new policies aimed at enhancing content supply [7][8]. Internet Sector - The report advises a rational assessment of platform strategies in food delivery and instant retail, suggesting that market competition will stabilize as low-price competition is regulated. It highlights the resilience of major platforms like Tencent, Alibaba, and Meituan, and emphasizes the importance of AI technology and applications in driving industry development [8][10]. AI Applications - The report suggests focusing on AI applications that have clear revenue structures, particularly in education, e-commerce, marketing, and gaming. It notes significant advancements in AI-driven e-commerce live streaming and the potential for AI-generated video technology to enhance content production processes [10][11]. National Publishing and Media - The report emphasizes the importance of state-owned media companies in driving industry consolidation and the exploration of new business models in education and other emerging sectors [11].