Group 1 - MGM China (02282.HK) experienced a significant decline of over 10% in early trading, with a current drop of 10.85% to HKD 13.89 [1] - The trading volume reached HKD 224 million [1]

Group 1 - MGM China Holdings (02282) experienced a significant decline of over 10% in early trading, with a current drop of 10.85%, trading at HKD 13.89, and a transaction volume of HKD 224 million [1] - On December 23, MGM Resorts International announced a new long-term brand partnership agreement with MGM China, which will see the brand usage fee increase from 1.75% to 3.5% starting in 2026 [1] - Morgan Stanley's report indicates that the brand usage fee is expected to reach HKD 1.2 billion in 2026, a substantial increase from HKD 600 million in 2025 [1] Group 2 - The report forecasts a 7% decline in MGM China's EBITDA for 2026 compared to previous expectations, with a year-on-year decrease of 5%, and an EBITDA margin contraction of 220 basis points [1] - The proportion of brand usage fees relative to EBITDA is projected to rise to 15.2% [1]

Group 1 - MGM China Holdings (02282) experienced a significant decline of over 10%, trading down 10.85% at HKD 13.89, with a transaction volume of HKD 224 million [1] - On December 23, MGM Resorts International announced a new long-term brand partnership agreement with MGM China, which will see the brand usage fee increase from 1.75% to 3.5% starting in 2026 [1] - The report from Morgan Stanley predicts that the brand usage fee will reach HKD 1.2 billion in 2026, a substantial increase from HKD 600 million in 2025 [1] Group 2 - The forecast indicates that MGM China's EBITDA for 2026 will decline by 7% compared to previous expectations, with a year-on-year decrease of 5% [1] - The EBITDA margin is expected to narrow by 220 basis points, with the brand usage fee accounting for 15.2% of the company's EBITDA [1]

Core Viewpoint - MGM Resorts International has entered into a Long Term Branding Agreement with MGM China Holdings Limited, extending the use of the "MGM" name through 2032, with an automatic extension until December 31, 2045 if a further concession is granted [1][2]. Group 1: Branding Agreement Details - The Branding Agreement secures MGM China's rights to the MGM brand, which has significantly contributed to its market share growth from approximately 9% pre-pandemic to about 16% as of September 30, 2025 [2]. - The new agreement eliminates the need for negotiations every three years, thereby protecting MGM China's shareholders and ensuring fair compensation for MGM Resorts [2]. Group 2: Financial Terms - The monthly license fee has increased from 1.75% to 3.5% of MGM China's adjusted consolidated net monthly revenues, with MGM Resorts receiving approximately 66.6% of this fee [3]. - The fees will be capped annually based on business volumes, as required by the Hong Kong Stock Exchange [3]. Group 3: Company Overview - MGM Resorts International is a global gaming and entertainment company with a portfolio of 31 hotel and gaming destinations, including well-known resort brands [4]. - The company is also involved in sports betting and online gaming through its venture BetMGM, and is pursuing expansion in Asia, particularly in Japan [4].

MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 更新持續關連交易 長期品牌協議 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，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 截至2026年12月31日止年度之年度上限 獨立財務顧問 茲提述美高梅中國控股有限公司（「本公司」）(i)日期為2022年12月8日的公告（「第三份重 續品牌協議公告」），內容有關本公司、MGM B&D Holdings、美高梅金殿超濠、美高 梅國際酒店集團、MRIH及NCE根據第三份重續品牌協議訂立的持續關連交易；及(ii) 日期為2024年8月16日的公告（「修訂年度上限公告」），內容有關上述訂約方訂立的修訂 協議，以修訂年度上限。 誠如第三份重續品牌協議公告所載，第三份重續品牌協議的期限將於2025年12月31日 屆滿。因此，本公司與各 ...

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，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 更新持續關連交易 茲提述本公司日期為(i)2022年12月8日的公告，內容有關重續本公司及╱或美高梅金殿 超濠與有關對手方根據第四份重續發展協議、第四份重續總服務協議及第六份BEH市 場推廣協議訂立的持續關連交易（「2022年持續關連交易重續公告」）；(ii)2023年3月31日 的公告，內容有關本公司與對手方根據國際市場推廣協議訂立的持續關連交易（「國際 市場推廣協議公告」）；及(iii)2025年9月11日的公告，內容有關訂立修訂協議以修訂第 四份重續總服務協議的持續關連交易的年度上限（「總服務修訂公告」，連同2022年持續 關連交易重續公告及國際市場推廣協議公告，統稱 ...

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]

Core Insights - The top short-selling ratios are observed in Sun Hung Kai Properties-R (80016), Anta Sports-R (82020), and JD Group-SWR (89618), all at 100.00% [1] - The highest short-selling amounts are recorded for Alibaba-SW (09988) at 2.008 billion, Tencent Holdings (00700) at 1.701 billion, and Xiaomi Group-W (01810) at 1.183 billion [1] - The highest deviation values are seen in MGM China (02282) at 49.34%, Xiaomi Group-WR (81810) at 46.08%, and Shenzhen Holdings (00604) at 39.03% [1] Top Short-Selling Ratios - Sun Hung Kai Properties-R (80016) has a short-selling amount of 42,700 with a ratio of 100.00% and a deviation of 24.87% [2] - Anta Sports-R (82020) has a short-selling amount of 14,700 with a ratio of 100.00% and a deviation of 17.57% [2] - JD Group-SWR (89618) has a short-selling amount of 20,300 with a ratio of 100.00% and a deviation of 38.44% [2] Top Short-Selling Amounts - Alibaba-SW (09988) leads with a short-selling amount of 2.008 billion, a ratio of 19.61%, and a deviation of 3.66% [2] - Tencent Holdings (00700) follows with a short-selling amount of 1.701 billion, a ratio of 15.61%, and a deviation of 2.97% [2] - Xiaomi Group-W (01810) has a short-selling amount of 1.183 billion, a ratio of 26.97%, and a deviation of 8.81% [2] Top Short-Selling Deviation Values - MGM China (02282) has a short-selling amount of 130 million, a ratio of 57.40%, and a deviation of 49.34% [2] - Xiaomi Group-WR (81810) has a short-selling amount of 6.7943 million, a ratio of 89.71%, and a deviation of 46.08% [2] - Shenzhen Holdings (00604) has a short-selling amount of 3.5736 million, a ratio of 49.93%, and a deviation of 39.03% [2]

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 - MGM China has announced the appointment of Mr. Feng Xiaofeng as the new Chief Executive Officer, effective from December 19, 2025 [1]