Company Overview - Damai Entertainment is a leading full-industry chain live entertainment platform in China, engaged in content production, promotion, distribution, IP derivative licensing, commercial operations, cinema and entertainment event ticket management, and internet data services. The company has participated in the production and distribution of over 300 films and covers all categories of live entertainment ticketing. Alibaba Group is the controlling shareholder, and the management team has rich experience in the internet industry and holds shares in the company. Since 2023, organizational restructuring has activated organizational vitality, leading to significant growth and scale effects [1]. IP Industry Insights - The IP industry in China is a burgeoning market with a scale of hundreds of billions, showing rapid growth and substantial potential. The primary model for IP licensing in China is product licensing, which can leverage over 25 times the product GMV from a single licensing fee. Compared to Japan and the US, China's IP licensing market still has considerable growth potential, with per capita retail consumption of IP products being less than one-fourth of Japan's and one-fifth of the US's [2]. - Alibaba Yu is the largest IP licensing agency platform in China, having established main licensing agreements with companies like Sanrio. The strategy involves expanding the IP matrix upstream to acquire more top-tier IP licenses and enhancing downstream operations to strengthen IP management and develop B2C business. The competitive advantages include a vast customer base, big data matching, joint marketing, and automated tracking and settlement [2]. Performance in Live Events - The live event industry is experiencing a dual increase in volume and price, supported by policies that facilitate industry expansion. It is projected that the national offline box office for live events will reach 57.9 billion yuan in 2024, with large-scale events accounting for over half of this figure. The increase in per capita box office for large events drives price growth, while tourism and performance attendance boost volume growth [3]. - Damai is expanding its categories and exploring overseas markets, with a smooth logic of "volume and price" increase. The company has deeply integrated resources from the Alibaba ecosystem, establishing a comprehensive layout across content, venues, and ticketing in the live entertainment sector. Damai holds a significant market share in ticketing, with nearly 100% coverage of major concert projects. The company aims to extend large-scale events to overseas markets and diversify into other large-scale events in the domestic market, such as sports events and stand-up comedy [3]. Financial Projections - The company is expected to achieve total revenues of 7.891 billion, 9.534 billion, and 11.683 billion yuan for FY26-28, representing year-on-year growth of 18%, 21%, and 23% respectively. Adjusted EBITA is projected to be 1.012 billion, 1.498 billion, and 2.133 billion yuan for the same period, with year-on-year growth of 25%, 48%, and 42% respectively. As a leader in the live event and IP licensing sectors, the company currently presents a cost-effective valuation and is rated as a "buy" [3].

Group 1 - The company announced a contract sales amount of approximately RMB 7.55 billion for June 2025, with a contract sales area of about 129,000 square meters and an average contract sales price of approximately RMB 58,530 per square meter [1] - For the first half of 2025, the company achieved a cumulative contract sales amount of approximately RMB 23.55 billion, with a cumulative contract sales area of about 721,000 square meters and an average contract sales price of approximately RMB 32,660 per square meter [1]

Core Viewpoint - Alibaba (09988.HK) plans to utilize the proceeds from bond issuance for general corporate purposes, including investments in cloud infrastructure and international business [1] Group 1 - The company will allocate funds for cloud infrastructure investments [1] - The bond proceeds will also support the expansion of international business operations [1]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from Northbound trading, with a total of HKD 30.47 billion in net sales on July 3, 2023, indicating a bearish sentiment among investors [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net sell of HKD 30.47 billion, with HKD 18.66 billion from Shanghai Stock Connect and HKD 11.81 billion from Shenzhen Stock Connect [1]. - The most bought stocks included Meituan-W (03690), SMIC (00981), and Innovent Biologics (01801) [1]. - The most sold stocks were Alibaba-W (09988), Tencent (00700), and Guotai Junan International (01788) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net sell of HKD 32.26 billion, with a total trading volume of HKD 71.91 billion, indicating a strong sell-off [2]. - Meituan-W (03690) received a net buy of HKD 9.87 billion, supported by the announcement of a new initiative to invest in 1,200 "Raccoon Canteens" over three years [4]. - SMIC (00981) saw a net buy of HKD 4.78 billion following the U.S. government's lifting of export restrictions on certain chip design software [5]. Group 3: Sector Insights - The healthcare sector, particularly innovative pharmaceuticals, is expected to benefit from new supportive policies from the National Healthcare Security Administration and the National Health Commission [5]. - The social services sector is projected to experience valuation recovery due to favorable government policies aimed at expanding domestic demand [4]. Group 4: Other Notable Stocks - Xiaomi Group-W (01810) had a net buy of HKD 22.71 million, with the CEO addressing order fulfillment priorities [6]. - Multi-point Smart (02586) received a net buy of HKD 61.61 million as it prepares to apply for a stablecoin license in Hong Kong [5].

Group 1 - Southbound funds recorded a net sell of 30.47 billion HKD today [1] - Alibaba-W, Tencent Holdings, and Kangfang Biotech experienced net sells of 32.26 billion HKD, 8.85 billion HKD, and 7.4 billion HKD respectively [1] - Meituan-W saw a contrary trend with a net buy of 9.87 billion HKD [1]

Group 1 - The stock price of *ST Xingguang (002076) closed at 2.02 yuan on July 3, 2025, with an increase of 5.21% and a trading volume of 547,300 shares, amounting to 108 million yuan in transaction value [1] - The latest financial report for *ST Xingguang shows total operating revenue of 46.66 million yuan for Q1 2025, representing a year-on-year growth of 53.40%, while net profit attributable to shareholders was 1.21 million yuan, a decrease of 313.61% [1] - The company has a current ratio of 1.253, a quick ratio of 0.789, and a debt-to-asset ratio of 66.31% [1] Group 2 - Guangdong Xingguang Development Co., Ltd. was established in 1992 and is located in Foshan, primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has made investments in 26 enterprises and participated in 126 bidding projects, holding 161 trademark registrations and 264 patents, along with 41 administrative licenses [2]

世茂集团公告，公司间接全资附属公司卖方与买方、项目公司及担保人于2025年7月3日订立该协议，卖 方同意向买方出售销售股份及销售债权，总代价约为人民币1.56亿元。销售股份相当于项目公司的50% 股权，项目公司为一家物业开发公司并持有该项目，该项目为位于北京的综合商业及商用综合体。于出 售事项完成后，世茂集团将不再于项目公司拥有任何权益。代价将按股权转让款人民币1.5亿元及债权 转让款人民币618.42万元支付。 ...

Core Viewpoint - Zhejiang Hangzhou Bay Bridge (00576.HK) reported a closing price of 7.370 HKD as of July 3, down 0.67% from the previous trading day, with an intraday high of 7.480 HKD, marking a nearly one-year high [1] Group 1: Company Overview - Zhejiang Hangzhou Bay Bridge Company is a core member of Zhejiang Provincial Transportation Group and an important listed platform, established in March 1997 and listed on the Hong Kong Stock Exchange in May of the same year [1] - The company was set up to create financing channels connecting Zhejiang's transportation with international capital markets and to accelerate the construction of the provincial highway network, being the first state-owned enterprise from Zhejiang to list overseas [1] - The company aims to become a world-class enterprise, focusing on high-quality development driven by high-quality party building, and operates under three platforms: highway operation management, market-oriented infrastructure investment and financing, and asset securitization [1] Group 2: Corporate Values and Achievements - The company adheres to core values of "integrity, harmony, openness, and progress" and promotes a corporate spirit of "dedication, responsibility, and innovation" [2] - It has received numerous honors, including recognition as a benchmark enterprise by the State-owned Assets Supervision and Administration Commission and various provincial and national awards for its management and operational excellence [2] - The company has been recognized in international financial magazines for its governance and investor relations, achieving a high level of recognition in both the domestic highway industry and international capital markets [2]

智通财经7月3日电，香港交易所信息显示，摩根士丹利在哔哩哔哩-W的持股比例于6月26日从5.10%降 至4.41%。 ...

Group 1 - The company, Xijiang International Holdings Limited, announced a restructuring plan for its $271 million zero-coupon convertible bonds due in 2026, aiming to improve its balance sheet by reducing debt principal by 39% through a 6.1 discount scheme [1][2] - The company has already repurchased approximately $78.9 million of the convertible bonds, leaving an outstanding balance of $271 million [1] - The restructuring aims to address challenges posed by the current macroeconomic environment and fluctuations in the education industry, incorporating flexible terms such as early redemption options to alleviate short-term liquidity pressure [1] Group 2 - Qualified bondholders agreeing to the special resolution will receive a 1.0% consent fee, and the plan includes waiving potential default clauses, creating a win-win situation for both parties [2] - The signing of the formal restructuring agreement marks further progress in the company's efforts to manage its convertible bond situation, reflecting a proactive approach to overcoming challenges [2] - Successful implementation of the $271 million convertible bond restructuring is expected to provide the company with greater financial flexibility for business transformation and to capitalize on recovery opportunities in the education sector [2]