Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.13% to 25,808.79 points, while the Hang Seng Tech Index increased by 0.14% to 5,496.52 points. The National Enterprises Index fell by 0.03% to 8,911.15 points, and the Red Chip Index decreased by 0.14% to 4,061.97 points [1] Company News - Vanke Enterprises extended the grace period for the repayment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific reported a passenger count of 2.5304 million in November, marking a 26% year-on-year increase [3] - China General Nuclear Power's units 1 and 2 in Huizhou are in the debugging phase, with expected operational dates adjusted to the first half and second half of 2026, respectively [3] - Nanshan Aluminum International has increased its annual production capacity of alumina to 4 million tons [7] - He Yu Pharmaceutical's CSF-1R inhibitor received approval from China's NMPA [5] - Shengnuo Pharmaceutical completed Phase I trials for its drug STP707 and submitted a clinical research report to the FDA [6] Industry Insights - Huatai Securities noted that the market is still in a left-side layout phase, with a strong consensus on an early spring rally, but year-end supply and demand pressures may create uncertainty for a "Santa rally" [10] - CITIC Construction pointed out that after a period of single-sided growth in September, the Hong Kong market has experienced adjustments, with some quality assets returning to a high cost-performance ratio [10] - Guotai Junan Securities highlighted that historical data shows strong performance in U.S. stocks during year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [11] - GF Fund mentioned that while short-term liquidity disturbances may impact the market, the upward trend in the AI industry cycle remains intact, suggesting that the market structure for Hong Kong stocks will not change [11]

Market Overview - The Hong Kong stock market opened slightly higher on December 24, with the Hang Seng Index rising 0.02% to 25,780.09 points, the Hang Seng Tech Index up 0.07% to 5,492.83 points, the National Enterprises Index increasing by 0.09% to 8,922.07 points, and the Red Chip Index gaining 0.19% to 4,075.35 points [1] Company News - Pacific Basin Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [3] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.52 million, primarily engaged in coal sales [4] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [5] - Yiyuan Yuan (08223.HK) has entered into a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation opportunities in the traditional Chinese medicine industry [5] - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [7] - Runge Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, raising about HKD 68.6 million [8] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million at prices between HKD 602.5 and HKD 613.5 [9] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million at prices between HKD 63.7 and HKD 64.65 [10] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million at prices between HKD 39.1 and HKD 39.28 [11] - COSCO Shipping Holdings (01919.HK) repurchased approximately HKD 65.48 million worth of shares, totaling 4.7215 million shares at prices between HKD 13.75 and HKD 13.93 [12] - Huaxin Cement (06655.HK) shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to HKD 400 million [13] Institutional Insights - Dongwu Securities suggests that while there may be short-term opportunities in the Hong Kong market, it is advisable to maintain a cautious stance. The current position is seen as attractive for medium to long-term allocation, with potential for a "Christmas rally" in US tech stocks that could resonate with Hong Kong tech stocks, although there are concerns about stock unlocks affecting the market [14] - Founder Securities highlights strong demand for energy storage, benefiting both power batteries and energy storage batteries, with expected growth rates of over 15% and 40% respectively by 2026. The lithium market is also expected to see a gradual recovery in supply-demand dynamics, with prices likely to rise [14] - CICC forecasts that global tungsten production will increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand will rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap. The demand for tungsten-based new materials is expected to grow due to advancements in manufacturing and new applications [15]

润歌互动与配售代理订立有条件配售协议。根据协议，配售代理将按尽力基准促使不少于六名独立承配 人以每股0.435港元(较当日收市价折让约19.44%)的价格，认购最多1.6亿股公司新股份。这些配售股份 分别相当于公司现有已发行股本的约10.67%及扩大后股本的约9.64%。假设所有股份悉数配售，配售事 项所得款项总额将约为6960万港元，净额将约为6860万港元。 ...

Core Viewpoint - Runge Interactive (stock code: 2422) announced a financing through the placement of new shares, raising approximately HKD 69.6 million, with net proceeds expected to be around HKD 68.6 million after expenses [1] Group 1: Financing Details - The company issued 160,000,000 new shares, representing about 10.67% of the existing issued share capital, and will account for approximately 9.64% of the enlarged share capital after completion [1] - The placement price of HKD 0.435 per share reflects a discount of about 19.4% compared to the previous trading day's closing price of HKD 0.54, and a discount of approximately 12.7% compared to the average closing price of HKD 0.498 over the last five trading days [1] Group 2: Use of Proceeds - Approximately HKD 13.72 million of the proceeds will be allocated for the development and expansion of the company's private domain traffic marketing services [1] - About HKD 54.88 million will be used to supplement general working capital [1] Group 3: Company Overview - Runge Interactive primarily engages in digital services for enterprises and industry, including private domain traffic marketing services, marketing service operation platform services, and lottery-related software systems and equipment solutions [1]

Company News - Pacific Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [2] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.5243 million, primarily engaged in coal sales [2] - Valiant Bio-B (09887.HK) announced the successful administration of LBL-024, a PD-L1/4-1BB bispecific antibody, to the first patient in the Phase Ib/II clinical trial for platinum-resistant ovarian cancer [2] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [2] - Ziyuan Yuan (08223.HK) signed a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation and asset value enhancement in the traditional Chinese medicine industry [2] - Jiaxing Gas (09908) terminated its agreement with concerted action persons [2] Financing and Buyback Activities - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [2] - Rungao Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, aiming to raise about HKD 68.6 million [2] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million, with prices ranging from HKD 602.5 to 613.5 [3] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million, with prices between HKD 63.7 and 64.65 [3] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million, with prices from HKD 39.1 to 39.28 [4] - COSCO Shipping Holdings (01919) announced a repurchase of 4.7215 million shares for approximately HKD 65.4829 million [4] - Huaxin Cement (06655.HK) major shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to 400 million [4]

假设所有配售股份获悉数配售，配售事项所得款项总额将约为6960万港元，而扣除配售佣金及相关开支 后的所得款项净额将约为6860万港元(每股配售股份净价0.429港元)。 假设于本公布日期至配售事项完成期间公司已发行股本并无变动，则配售事项项下最多1.6亿股配售股 份分别相当于本公布日期公司现有已发行股本约10.67%;及经配发及发行配售股份扩大后公司已发行股 本约9.64%。 润歌互动(02422)发布公告，于2025年12月23日，公司与盈宝证券国际(香港)有限公司(配售代理)订立有 条件配售协议，根据配售协议，配售代理同意作为公司的代理，在配售协议所载条款及条件规限下，按 尽力基准促使不少于六名承配人(其本身及其最终实益拥有人均为独立第三方)按每股配售股份0.435港元 的配售价认购最多1.6亿股公司新股份(配售股份)。每股配售股份0.435港元的配售价较于配售协议日期 联交所所报每股股份收市价0.54港元折让约19.44%。 ...

智通财经APP讯，润歌互动(02422)发布公告，于2025年12月23日，公司与盈宝证券国际(香港)有限公司 (配售代理)订立有条件配售协议，根据配售协议，配售代理同意作为公司的代理，在配售协议所载条款 及条件规限下，按尽力基准促使不少于六名承配人(其本身及其最终实益拥有人均为独立第三方)按每股 配售股份0.435港元的配售价认购最多1.6亿股公司新股份(配售股份)。每股配售股份0.435港元的配售价 较于配售协议日期联交所所报每股股份收市价0.54港元折让约19.44%。 假设于本公布日期至配售事项完成期间公司已发行股本并无变动，则配售事项项下最多1.6亿股配售股 份分别相当于本公布日期公司现有已发行股本约10.67%;及经配发及发行配售股份扩大后公司已发行股 本约9.64%。 假设所有配售股份获悉数配售，配售事项所得款项总额将约为6960万港元，而扣除配售佣金及相关开支 后的所得款项净额将约为6860万港元(每股配售股份净价0.429港元)。 ...

配售事项项下最多1.6亿股配售股份分别相当于本公布日期公司现有已发行股本约10.67%；每股配售股 份0.435港元的配售价较于配售协议日期联交所所报每股股份收市价0.54港元折让约19.44%；及预期配 售事项的所得款项最高总额及所得款项净额(扣除配售佣金及相关开支后)将分别为约6960万港元及6860 万港元。配售事项的所得款项净额将用于以下用途：(1)约20%将用于企业私域流量行销服务业务发展及 扩展；(2)约80%将用于补充公司的一般营运资金。 格隆汇12月23日丨润歌互动(02422.HK)公告，于2025年12月23日，公司与盈宝证券国际(香港)有限公司 ("配售代理")订立有条件配售协议，根据配售协议，配售代理同意作为公司代理，在配售协议所载条款 及条件规限下，按尽力基准促使不少于六名承配人(其本身及其最终实益拥有人均为独立第三方)按每股 配售股份0.435港元配售价认购最多1.6亿股公司新股份。 ...

Rego Interactive Co., Ltd （潤歌互動有限公司） （於開曼群島註冊成立的有限公司） 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佈之內容概不 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 佈 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 本 公 佈 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 之 邀 請 或 要 約。 （股份代號：2422） 根據一般授權配售新股份 本公司配售代理 於 二 零 二 五 年 十 二 月 二 十 三 日（聯 交 所 交 易 時 段 後），本 公 司 與 盈 寶 證 券 國 際（香 港）有 限 公 司（「配售代理」）訂 立 有 條 件 配 售 協 議（「配售協議」），根 據 配 售 協 議，配 售 代 理 同 意 作 為 本 公 司 之 代 理，在 配 售 協 議 所 載 條 款 及 條 件 規 限 下，按 盡 力 基 準 促 使 不 少 於 六 名 承 配 人（其 本 身 及 其 最 終 實 益 擁 有 人 均 ...

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]