Core Viewpoint - The company has mutually terminated the subscription agreement for the Naga 3 project in Cambodia due to changes in the external macroeconomic environment since the agreement was signed in April 2019 [1][2]. Group 1: Termination of Subscription Agreement - The mutual termination agreement was signed on December 15, 2025, which officially ends the subscription agreement and releases both parties from all rights and obligations under it [2]. - Both parties have waived any potential claims, lawsuits, or liabilities related to the subscription agreement, ensuring a clean break [2]. Group 2: Financial Implications - The company has forfeited the total cash deposit of $316 million paid by the subscriber, which will be accounted for in the company's reserves, and there is no obligation to issue any settlement shares for this amount [3]. - The board believes that the termination of the subscription agreement will not have any significant adverse impact on the company's existing business or financial condition [3]. Group 3: Future Plans for Naga 3 - Despite the termination of the subscription agreement, the company plans to continue the development of the Naga 3 project and will assess the remaining development plans while exploring other funding channels if necessary [3].

Core Viewpoint - The company has mutually terminated the subscription agreement for the Naga 3 project in Cambodia, concluding that this decision aligns with the best commercial interests of both parties due to changes in the external macroeconomic environment since the agreement was signed in April 2019 [1][2]. Group 1 - The mutual termination agreement was signed on December 15, 2025, which officially ends the subscription agreement and releases both parties from all rights and obligations under it [2]. - The company has forfeited the total cash deposit of $316 million paid by the subscriber as part of the subscription payment, which will be accounted for in the company's reserves [3]. - The board believes that the termination of the subscription agreement will not have any significant adverse impact on the company's existing business or financial condition [3]. Group 2 - Despite the termination of the subscription agreement, the company plans to continue the development of the Naga 3 project and will assess the remaining development plans while exploring other funding channels if necessary [3].

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。 NAGACORP LTD. 金界控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3918） 關連交易 根據相互終止契約的條款，認購方作為認購付款的一部分所支付總額316,000,000美元的現金 墊款已被本公司沒收並計入儲備金，且本公司並無責任就該等現金墊款發行任何結算股份。因 此，董事會認為，終止認購協議不會對本集團現有業務或財務狀況產生任何重大不利影響。為 維護良好的企業治理，曾羽鋒先生（作為認購方和本公司之董事）已迴避參與本公司和認購方 各自董事會層面有關認購協議進行的任何商議和決策。 為免生疑義，儘管已簽訂相互終止契約，本公司仍計劃繼續開展Naga 3項目。本公司將評估 Naga 3的餘下發展計劃，並探索其他資金渠道（如有需要）。本公司將適時透過進一步公告， 向股東和潛在投資者通知Naga 3的任何重大進展。 承董事會命 金界控股有限公司 主席 Philip Lee Wai Tuck ...

（文章来源：每日经济新闻） 每经AI快讯，金界控股(03918.HK)一度跌超5%，截至发稿，跌3.53%，报4.92港元，成交额1513.09万港 元。 ...

（原标题：港股异动 | 金界控股(03918)再跌超5% 驻柬使馆提醒柬泰边境的中国公民加强安全防范） 智通财经APP获悉，金界控股(03918)再跌超5%，截至发稿，跌3.53%，报4.92港元，成交额1513.09万港 元。 消息面上，柬泰边境冲突已持续多日。据新华社报道，中国驻柬埔寨大使馆10日晚发布领事消息，提醒 靠近柬泰边境地区的中国公民尽快转移至安全地带。消息说，有网络媒体10日报道称，柬埔寨奥多棉吉 省部分区域遭到炮击，有中国公民受伤。中国驻柬使馆正积极核实有关情况。 高盛近日发布研报称，将金界控股评级由"中性"升至"买入"，因对公司的博彩总收入及EBITDA持续上 升充满信心。该行指，全新的德崇国际机场已启用，客运力大幅提升。该行数据显示，第四季至今，前 往金边的航班数量持续强劲增长，整体同比增幅达10%至15%，其中中国航线更升40%至50%。另外， 柬埔寨政府最近亦对中国旅行试行免签政策。 ...

每经AI快讯，金界控股(03918.HK)午后跌超4%，截至发稿跌3.39%，报5.13港元，成交额2282.57万港 元。 ...

Group 1 - The stock price of Golden Entertainment (03918) fell over 4% in the afternoon, currently down 3.39% at HKD 5.13, with a trading volume of HKD 22.83 million [1] - Ongoing border conflicts between Cambodia and Thailand have raised safety concerns, prompting the Chinese Embassy in Cambodia to advise citizens near the border to enhance security measures [1] - Reports indicate that the Osma casino area in Cambodia's Oddar Meanchey province was shelled, resulting in injuries to Chinese citizens, with the embassy actively verifying the situation [1] Group 2 - Goldman Sachs upgraded Golden Entertainment's rating from "Neutral" to "Buy," expressing confidence in the company's increasing gaming revenue and EBITDA [1] - The newly opened Dara Sakor International Airport has significantly boosted passenger capacity, with flight numbers to Phnom Penh showing a strong year-on-year increase of 10% to 15%, and flights from China increasing by 40% to 50% [1] - The Cambodian government has recently implemented a visa exemption policy for Chinese travelers, further enhancing tourism prospects [1]

高盛近日发布研报称，将金界控股评级由"中性"升至"买入"，因对公司的博彩总收入及EBITDA持续上 升充满信心。该行指，全新的德崇国际机场已启用，客运力大幅提升。该行数据显示，第四季至今，前 往金边的航班数量持续强劲增长，整体同比增幅达10%至15%，其中中国航线更升40%至50%。另外， 柬埔寨政府最近亦对中国旅行试行免签政策。 智通财经APP获悉，金界控股(03918)午后跌超4%，截至发稿，跌3.39%，报5.13港元，成交额2282.57万 港元。 消息面上， 柬泰边境冲突已持续多日，中国驻柬埔寨使馆提醒靠近柬泰边境的中国公民加强安全防 范。据中国驻柬埔寨大使馆微信公众号消息，12月10日，有网络媒体报道称，柬埔寨奥多棉吉省奥斯玛 赌场区域遭到炮击，有中国公民受伤。中国驻柬使馆正积极核实有关情况。 ...

Core Viewpoint - Goldman Sachs upgraded the rating of Kwan Cheung Holdings (03918) from "Neutral" to "Buy" due to confidence in the company's increasing gaming revenue and EBITDA [1] Group 1: Company Performance - Kwan Cheung Holdings' stock rose by 3.07%, reaching HKD 5.37, with a trading volume of HKD 21.02 million [1] - The company is expected to see a 13% year-on-year growth in gaming revenue and a 15% increase in EBITDA for the fiscal year 2026 [1] - The estimated free cash flow yield is approximately 11%, and the dividend yield is around 8% [1] Group 2: Market Conditions - The newly opened Dechong International Airport has significantly increased passenger capacity [1] - Flight numbers to Phnom Penh have shown strong growth, with an overall year-on-year increase of 10% to 15%, and a 40% to 50% increase in flights from China [1] - The Cambodian government has recently implemented a visa-free policy for Chinese travelers [1] Group 3: Valuation and Forecast - The current valuation of the company is not considered excessive, with an enterprise value to after-tax EBITDA ratio of 5 times for the fiscal year 2026 [1] - Historical industry upcycle valuations have reached 6 to 7 times [1] - Goldman Sachs adjusted its EBITDA forecasts for 2025 to 2027, increasing estimates by 34% to 40%, and raised the target price from HKD 3.88 to HKD 7.5 [1]

Core Viewpoint - Goldman Sachs upgraded the rating of Kwan Cheung Holdings (03918) from "Neutral" to "Buy" due to confidence in the company's increasing gaming revenue and EBITDA [1] Group 1: Company Performance - Kwan Cheung Holdings' stock rose by 3.07%, reaching HKD 5.37, with a trading volume of HKD 21.02 million [1] - The company is expected to see a 13% year-on-year growth in gaming revenue and a 15% increase in EBITDA for the fiscal year 2026 [1] - The estimated free cash flow yield is approximately 11%, and the dividend yield is around 8% [1] Group 2: Market Conditions - The newly opened Dechong International Airport has significantly increased passenger capacity [1] - Flight numbers to Phnom Penh have shown strong growth, with an overall year-on-year increase of 10% to 15%, and a 40% to 50% increase in flights from China [1] - The Cambodian government has recently implemented a visa-free policy for Chinese travelers [1] Group 3: Valuation and Forecast - The current valuation of the company is not considered excessive, with an enterprise value to post-tax EBITDA ratio of 5 times for the fiscal year 2026 [1] - Historical industry upcycle valuations have reached 6 to 7 times [1] - Goldman Sachs adjusted its EBITDA forecasts for 2025 to 2027, increasing estimates by 34% to 40%, and raised the target price from HKD 3.88 to HKD 7.50 [1]