Core Viewpoint - The stock price of Lianzhong International Holdings Limited has experienced significant volatility, dropping 13.24% on October 14, following a series of declines after its recent resumption of trading after a lengthy suspension due to delayed financial disclosures [2][5]. Group 1: Stock Performance - Lianzhong's stock price fell to 0.295 HKD per share on October 14, marking a 13.24% decline [5]. - Since its trading resumption on October 10, the stock had already dropped 6.85% on October 13 after an initial surge of 92.11% on the first trading day [4][5]. Group 2: Suspension and Financial Disclosure - The company was suspended from trading for 561 days starting March 28, 2024, due to its failure to timely disclose its 2023 annual report [3][8]. - The delay in releasing the annual report was attributed to the board's assessment that publishing unaudited management accounts would not accurately reflect the company's financial status [8]. Group 3: Financial Performance - For the year 2023, Lianzhong reported a revenue of 88.996 million RMB, a decrease of 12.4% year-on-year, and has incurred losses for two consecutive years [8]. - The company announced a revenue of 92.188 million RMB for 2024, reflecting a year-on-year growth of 3.60%, but reported a loss attributable to equity holders of 89.191 million RMB, an increase of 42.10% [12]. - The mid-year results for 2025 showed a revenue of 43.236 million RMB, down 13.80% year-on-year, with a loss of 38.161 million RMB, which is a 93% increase in losses compared to the previous year [12][13]. Group 4: Company Background and Challenges - Founded in 1998, Lianzhong was one of the earliest internet companies in China, initially dominating the online gaming market with over 200 million registered users and a market share of 85% in 2003 [10][11]. - The company faced increasing competition, particularly from Tencent's QQ platform, which led to a decline in its market position [11]. - After experiencing losses in 2009, Lianzhong underwent a management buyout (MBO) and returned to profitability, eventually listing on the Hong Kong Stock Exchange in 2014 [12].

OURGAME INTERNATIONAL HOLDINGS LIMITED 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，概不對因本公告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。 聯 眾 國 際 控 股 有 限 公 司* （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 戰略性投資加密貨幣 推動區塊鏈技術與本集團業務融合 本公告乃由聯眾國際控股有限公司（「本公司」，連同其附屬公司稱為「本集團」）自願作出。 徐金 – 1 – . 拓展基於區塊鏈的支付方式，覆蓋AGAE的全球IP組合，包括電競賽事、遊戲平台和沉 浸式娛樂場館； . 開發自主RWA代幣化模型，例如現場娛樂權益、物業管理收益以及影視╱動畫IP的貨 幣化；及 . 為穩定 幣和功 能型代 幣的整合 奠定基 礎，以 提升用 戶參與 度、促進 跨境交 易，並 增強 整個生態體系的流動性。 AGAE首席執行官James Li表示：「我們不僅將加密貨幣視為價值儲存手段，更將其視為推 動 AGAE 未來 業 務 發展 的 戰 略基 ...

Core Viewpoint - The stock price of Lianzhong International Holdings Limited has experienced significant volatility, dropping 13.24% to HKD 0.295 per share after a brief recovery following its resumption of trading after a prolonged suspension due to delayed financial disclosures [1][2]. Group 1: Stock Performance - Lianzhong's stock price fell by 13.24% on October 14, closing at HKD 0.295 per share, marking a continued decline after a brief surge post-resumption [2]. - The stock had previously surged over 150% on its resumption day, closing up 92.11% at HKD 0.365 per share, but could not maintain this momentum [1][6]. Group 2: Financial Disclosure Issues - Lianzhong was suspended from trading for 561 days starting March 28, 2024, due to its failure to timely disclose its 2023 annual report [4]. - The company cited that releasing unaudited management accounts at that time would not accurately reflect its financial performance [4]. - In its latest disclosures, Lianzhong reported a revenue of RMB 88.996 million for 2023, a 12.4% decrease year-on-year, and has faced consecutive years of losses [4][5]. Group 3: Management and Operational Challenges - The company has faced significant operational challenges, including a delay in the release of its annual report due to unresolved major issues, including improper payments made by the former CEO [5]. - An internal investigation revealed that approximately RMB 8.38 million was improperly paid, including RMB 5.58 million in legal fees and RMB 2.8 million in severance payments, which were not correctly recorded in previous financial statements [5]. - Lianzhong's financial performance has been declining, with a reported loss of RMB 89.191 million for the year, a 42.1% increase in losses year-on-year, and a basic loss per share of 8.32 cents [8]. Group 4: Historical Context and Market Position - Founded in 1998, Lianzhong was one of the earliest internet companies in China, initially dominating the online gaming market with over 200 million registered users and a market share of 85% by 2003 [7]. - The company has struggled to maintain its market position due to increased competition, particularly from Tencent's QQ platform, which surpassed Lianzhong in user engagement [7][8]. - Despite a management buyout (MBO) that led to a brief recovery, Lianzhong has faced ongoing financial difficulties, with recent reports indicating a revenue of RMB 92.188 million for 2024, a 3.6% increase, but still resulting in significant losses [8].

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Core Insights - The company, 联众 (06899.HK), is enhancing its strategic focus on the female entertainment sector, aiming to improve the value experience for core female users and drive growth through quality and innovative content [1][2] Group 1: Business Strategy - The company has established a solid user base primarily consisting of high-value female users aged 18 to 40 in new first-tier cities, which provides a strong foundation for future development and data insights [1] - The company emphasizes the importance of understanding and serving its core users to uncover deeper value, which is seen as key to future competition [1] Group 2: Business Matrix Development - The company plans to upgrade the entertainment live streaming experience by refining content categories, encouraging innovative interaction formats, and strengthening emotional connections among users, making the platform a key space for leisure and social interaction [1] - There will be increased investment in the entertainment live streaming and live e-commerce sectors [1] Group 3: Customized Product Development - The company is developing light competitive gaming products that focus on enjoyable gameplay and strong community interaction, reducing the hardcore attributes of traditional competition [2] - The focus will also be on creating female-oriented casual games that are easy to play, visually appealing, and provide emotional comfort, aligning with modern women's pursuit of low-pressure entertainment experiences [2] - This strategic focus is expected to enhance user engagement, expand new business growth opportunities, and create long-term sustainable value for shareholders [2]

Core Insights - The company is enhancing its strategic focus on the female entertainment sector, aiming to improve the value experience for core female users through high-quality and innovative content [1][2] - Since launching its short video platform live streaming business in 2021, the company has established a robust operational system and gathered a large, distinctive user base primarily consisting of high-value female users aged 18 to 40 in new first-tier cities [1] - The company believes that understanding and serving its core users is crucial for future competition, leading to a deep customization of business and content tailored to the specific needs and preferences of female users [1][2] Business Matrix Development - The company plans to upgrade the entertainment live streaming experience by refining content categories, encouraging innovative interactive formats, and strengthening emotional connections among users, making the platform a key space for leisure and social interaction [1] - There will be increased investment in the entertainment live streaming and live e-commerce sectors to enhance user engagement and community belonging [1] - Customized product development will include light competitive gaming products that emphasize fun gameplay and strong community interaction, as well as female-oriented casual games designed to provide emotional comfort and a low-pressure entertainment experience [2] - The strategic focus is expected to allow the company to respond more accurately to user needs, enriching the entertainment experience and expanding new business growth opportunities while creating long-term sustainable value for shareholders [2]

Core Insights - The company, Lianzhong (06899), aims to strengthen its strategic focus on the female entertainment sector by enhancing the value experience for core female users and driving growth through high-quality, innovative content [1][2] Group 1: Business Strategy - The company has established a solid user base primarily consisting of high-value female users aged 18 to 40 in new first-tier cities, which provides a strong foundation for future development and data insights [1] - The company plans to customize its business and content development to meet the specific needs, usage habits, and emotional preferences of its core female user group [1][2] Group 2: Product Development - The company will develop light competitive gaming products that emphasize enjoyable gameplay and strong community interaction, reducing the hardcore nature of traditional competitive games [2] - The focus will also be on creating female-oriented casual games that are visually appealing, easy to play, and provide emotional comfort, aligning with modern women's pursuit of low-pressure entertainment experiences [2] Group 3: User Engagement - The company intends to upgrade the entertainment live-streaming experience by refining content categories and encouraging innovative interactive formats to strengthen emotional connections and community belonging among users [1] - Increased investment and development efforts will be directed towards the entertainment live-streaming and live e-commerce sectors to enhance user engagement [1]

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，概不對因本公告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。 （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 聚焦女性用戶價值，以內容驅動新娛樂 本公告乃由聯眾國際控股有限公司（「本公司」）自願作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，在現有業務及用戶生態持續良性發展的基礎 上，決定進一步加強女性娛樂領域的戰略佈局—聚焦持續提升核心女性用戶的價值體驗， 並以優質、創新的內容驅動新娛樂業務的增長。 自 二 零 二 一 年 開 展 短 視 頻 平 台 直 播 業 務 以 來 ， 本 公 司 已 在 抖 音 、 快 手 等 核 心 陣 地 深 耕 四 年。期間，我們不僅建立了成熟的運營體系，更重要的是，成功匯聚了規模龐大、特徵鮮 明的核心用戶群體 — 主要為新一線城市中18至40歲的高價值女性用戶。該用戶群體的形 成，為本公司未來的發展奠定了堅實的用戶基礎與數據洞察優勢。 – 1 – OURGAME INTERNATIONAL ...

联众(06899)今日正式复牌，盘中一度涨超150%。截至发稿，涨121.05%，报0.42港元，成交额370.39万 港元。 消息面上，联众因未按时披露2023年年报，于2024年3月28日起停牌。公司昨日公告已达成复牌指引并 于今日复牌。公司9月底曾发布公告称，尽管股份暂停买卖，集团的业务营运在所有重大方面仍如常进 行。集团持续经营及发展不同业务分部。集团的游戏业务仍为集团主要收入来源，包括传统联众大厅的 PC端游戏业务；及移动端游戏业务近年来，集团亦拓展直播业务，涉及透过各类网络渠道直播棋牌游 戏。 ...

消息面上，联众因未按时披露2023年年报，于2024年3月28日起停牌。公司昨日公告已达成复牌指引并 于今日复牌。公司9月底曾发布公告称，尽管股份暂停买卖，集团的业务营运在所有重大方面仍如常进 行。集团持续经营及发展不同业务分部。集团的游戏业务仍为集团主要收入来源，包括传统联众大厅的 PC端游戏业务；及移动端游戏业务近年来，集团亦拓展直播业务，涉及透过各类网络渠道直播棋牌游 戏。 智通财经APP获悉，联众(06899)今日正式复牌，盘中一度涨超150%。截至发稿，涨121.05%，报0.42港 元，成交额370.39万港元。 ...