Core Viewpoint - After more than four years, Haichang Ocean Park is set to receive significant funding through a subscription agreement with Xiangyuan Holdings, which will acquire 51 billion new shares at a price of HKD 0.45 per share, totaling HKD 22.95 billion, making Xiangyuan the new controlling shareholder with a 38.6% stake [1][9]. Group 1: Investment and Financial Structure - Xiangyuan Holdings has established a comprehensive investment model in the cultural tourism sector, utilizing self-investment, mergers and acquisitions, and strategic investments, supported by platforms such as listed companies and REITs [2]. - The funding from Xiangyuan is expected to alleviate Haichang's financial pressures, with the capital structure designed to be more stable and controllable, enhancing potential returns [3][9]. - The investment will primarily support daily operations, core business development, and debt repayment, aiming to improve Haichang's financial structure and operational efficiency [9]. Group 2: Market Position and Strategic Goals - Xiangyuan aims to integrate its existing tourism projects with Haichang's marine-themed offerings, creating a comprehensive tourism experience that spans land, sea, and air [5]. - The collaboration is seen as a strategic move to address the growing demand for high-quality, diversified leisure products in China's tourism market, particularly in marine-themed attractions [5][10]. - Haichang, as the first marine culture-based theme park operator listed on the Hong Kong Stock Exchange, has faced operational losses since 2020 due to the pandemic and market challenges, necessitating this strategic investment [6][7]. Group 3: Risks and Challenges - The partnership will face several key risks, including the need for effective debt management, operational efficiency improvements, and product upgrades to maintain market competitiveness [10][11]. - Haichang's ongoing financial struggles and liquidity issues pose significant challenges, and the effectiveness of Xiangyuan's investment in revitalizing Haichang's cash flow remains to be seen [10][11]. - The anticipated changes in Haichang's management and operational strategies post-investment could lead to significant internal transformations, which may impact the company's future direction [11].

Group 1 - The 20th China Western International Expo (CWIE) opened on May 25, showcasing over 3,000 enterprises from 62 countries and regions, with more than 20 national pavilions, marking a new high in international participation [1][2] - The expo serves as a platform for deepening understanding, friendship, and cooperation among countries, injecting new momentum into global economic prosperity [1][2] - The event highlights China's commitment to opening up the western region, with a focus on high-quality development and international collaboration [5][13] Group 2 - This year's expo introduced a "dual guest country" mechanism, featuring Hungary and Laos, reflecting China's new posture towards international openness [5][6] - Hungarian enterprises showcased innovative products, while Laos presented its unique products, emphasizing green development and regional cooperation [4][5] - The expo facilitated the signing of 416 investment cooperation projects worth 354.3 billion yuan, indicating strong interest from domestic and international investors [5][6] Group 3 - The expo is seen as a significant opportunity for foreign enterprises, with Thai companies expressing interest in exploring the western market due to its rapid development and potential [5][16] - The event has led to the establishment of various projects in the western region, including a cutting tool research and manufacturing base in Chengdu, which will support high-end manufacturing and strategic emerging industries [6][10] - The western region is transitioning from a resource-exporting model to deep industrial chain cooperation, showcasing advanced technologies and innovations at the expo [9][10] Group 4 - The expo features seven thematic exhibition areas focusing on new industrial dynamics, including artificial intelligence and low-altitude economy, presenting cutting-edge technological achievements [9][11] - Companies like Sichuan Development and Kuang-Chi Technology are showcasing groundbreaking products, such as all-vanadium flow batteries and advanced drones, highlighting the region's technological advancements [10][11] - The event underscores the potential of the western region in renewable energy, advanced manufacturing, and logistics, attracting global enterprises and investors [13][15]

Core Points - The fourth China-Africa Economic and Trade Expo will be held from June 12 to 15 in Changsha, Hunan, focusing on deepening economic cooperation between China and Africa [1] Trade and Investment - In 2024, the trade volume between China and Africa is projected to reach $295.6 billion, marking a year-on-year increase of 4.8%, achieving a historical high for the fourth consecutive year [2] - China has maintained its position as Africa's largest trading partner for 16 years, with imports from Africa amounting to $116.8 billion (up 6.9%) and exports to Africa reaching $178.8 billion (up 3.5%) [2] - Over the past five years, Chinese direct investment in Africa has averaged over $3 billion annually, with private enterprises accounting for over 70% of the investment projects [3] - In March 2023, imports from the least developed African countries reached $21.42 billion, a 15.2% increase year-on-year, with coffee and cocoa imports rising by 70.4% and 56.8% respectively [3] Expo Features - The expo will feature 128 proposed projects for signing and matching, with a total value exceeding $7 billion [5] - The main exhibition area will cover 100,000 square meters, showcasing various themed exhibitions such as the China-Africa Cooperation Brand Exhibition and the Africa Good Goods Exhibition [4] - More than 12,000 participants, including representatives from 44 African countries and over 2,800 enterprises, have registered for the event [4] Cooperation Initiatives - The establishment of a China-Africa Economic and Trade Deep Cooperation Pilot Zone has received approval, with significant progress reported in various areas [6] - A service fund for China-Africa economic and trade cooperation has been set up, along with a pre-assessment system for African food exports to China [7] - The "Africa Brand Warehouse" project has been initiated, with over 120 African brand products entering the Chinese market [7]

深圳市委金融委员会办公室常务副主任时卫干：面对世界的不确定性，粤港澳大湾区的深度合作充满确 定性 金十数据5月18日讯，5月18日，2025清华五道口全球金融论坛在深圳继续举行。深圳市委金融委员会办 公室常务副主任、市委金融工作委员会常务副书记、市地方金融管理局局长时卫干表示，尽管世界不确 定性越来越大，但粤港澳大湾区未来的驱动发展、参与化发展、联合发展趋势是越来越强的，大湾区未 来的深度合作充满确定性。 （上证报） ...

Core Viewpoint - Galaxy Entertainment Group reported a solid performance for Q1 2025, driven by diverse entertainment offerings and property enhancements, despite geopolitical instability and economic slowdown [2][3][37]. Financial Performance - For Q1 2025, the group recorded a net revenue of HKD 11.2 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1% [15][19]. - Adjusted EBITDA for the same period was HKD 3.3 billion, up 16% year-on-year and 2% quarter-on-quarter [11][15]. - The overall gaming revenue in Macau for Q1 2025 was HKD 56 billion, slightly up year-on-year and quarter-on-quarter, recovering to 76% of 2019 levels [2][14]. Business Segments - The group's flagship property, "Galaxy Macau™," contributed significantly with a net revenue of HKD 9.1 billion, a 10% increase year-on-year [21][23]. - The adjusted EBITDA for "Galaxy Macau™" was HKD 3 billion, reflecting a 15% year-on-year increase [21][23]. - The non-gaming segment continues to play a crucial role, with various entertainment events attracting visitors, leading to a 64% year-on-year increase in visitor numbers to "Galaxy Macau™" [4][38]. Development and Expansion - The new luxury hotel, Galaxy Hotel Capella, commenced trial operations in May 2025, expected to enhance the group's market share and luxury offerings [7][39]. - Ongoing construction of the fourth phase of development focuses on non-gaming facilities, including entertainment and family-friendly amenities, set to be completed by 2027 [33][39]. - The group is exploring overseas opportunities, including potential developments in Thailand [39][40]. Market Overview - Visitor numbers to Macau reached 9.9 million in Q1 2025, an 11% increase year-on-year, with mainland Chinese visitors growing by 15% [14][37]. - The Macau government continues to promote economic diversification and support non-gaming investments, aligning with the group's strategy [3][37].

Core Viewpoint - The Chief Executive of the Macao SAR, Ho Iat Seng, emphasizes that the primary challenge facing the current government is the relatively singular economic structure, and the government is implementing various measures to promote moderate economic diversification [1][3]. Group 1: Economic Diversification Measures - The Macao SAR government plans to enhance government efficiency, optimize the business environment, advance the construction of the Hengqin Guangdong-Macao Deep Cooperation Zone, and undertake major engineering projects to address the issue of a singular economic structure [3]. - Hengqin is highlighted as a key area for breaking through the challenges of moderate economic diversification, aiming to provide more job opportunities and living spaces for Macao citizens while opening up economic and commercial development spaces for the business community [3]. Group 2: Youth Engagement and Opportunities - The Chief Executive encourages Macao youth to step out of their comfort zones, engage with Hengqin, and embrace the Greater Bay Area, emphasizing the importance of broadening their horizons and utilizing their skills in the evolving economic landscape [5]. Group 3: Trade and External Influences - Macao's annual export trade is approximately 13 billion Macao Patacas, with exports to the United States around 300 million Macao Patacas, primarily consisting of clothing and souvenirs, indicating a low dependency on the U.S. market [7]. - Although the trade war has not directly impacted Macao, the global consumer power shift poses a risk, prompting the government to explore new overseas markets in Southeast Asia and the Middle East while accelerating the development of a world tourism and leisure center [9].

Group 1 - The Macao SAR government is planning over 40 key measures for rule alignment and mechanism connection in 2025, covering various aspects such as livelihood, economy, law, and management [1] - The government emphasizes the importance of the Hengqin Guangdong-Macao Deep Cooperation Zone as a major platform for the Greater Bay Area development, aiming for institutional innovation and successful experience exploration [1] - A leadership group headed by the Chief Executive has been established to coordinate key tasks related to the development of the cooperation zone, including rule alignment and mechanism connection [1] Group 2 - Utilizing the resource endowments and policy advantages of both Macao and Hengqin is crucial for promoting industrial collaborative development, which is a key measure for implementing the "Macao + Hengqin" new positioning [2] - The cooperation zone has initially formed development models such as "Macao R&D + Hengqin transformation" and "Macao registration + Hengqin production," contributing to cross-border industrial chain collaboration [2] - Future initiatives will include collaborations between Macao universities and Hengqin enterprises for technology development, as well as talent attraction and entrepreneurship models to facilitate overseas talent residing in Macao while working in Hengqin [2]

2025年4月10日，中国证监会主席吴清会见了到访的澳门特区政府行政法务司司 长张永春一行。双方就近期内地与澳门经济和金融形势、资本市场支持横琴粤澳深度 合作区建设等议题进行了沟通交流。 ...

以下文章来源于解码LP ，作者吴琼 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 国资力量。 作者 I 吴琼 报道 I 投资界-解码LP 投资界—解码LP获悉，近日，横琴格创天使基金签约仪式举行，横琴格创天使基金正式 设立，由广东横琴金投创业投资基金管理有限公司（简称横琴创投）担任基金管理人。 据悉，该天使基金将聚焦横琴粤澳深度合作区重点发展的"四新"产业，以耐心资本赋能 琴澳科创产业发展。这无疑是推动粤港澳大湾区建设的一缕缩影。 珠海国企联合中金资本 成立一支天使基金 具体来看，横琴格创天使基金总规模3亿元，由格力集团联合中金资本旗下的横琴粤澳深 度合作区产业投资基金共同出资设立。 出资各方创投圈都不陌生。其中，格力集团成立于1 98 5年，是珠海市首家国有资本投资 运营平台，拥有"股权投资+建设投资+服务运营+产业金融"四大业务矩阵，人们所熟知 的家电龙头格力电器便是从中诞生。据官网介绍，截至2024年9月末，格力集团资产总额 12 73亿元。 肩负珠海产业发展重任，据悉，格力集团通过直接投资和受托管理运营的产业基金，已 成功推动鸿钧异质结、科恒新能源、华芯半导体、天成先进12英寸TSV ...