Market Overview & Growth - US sports books anticipate an 85% increase in handle [1] - Americans are expected to wager $30 billion this NFL season [2] - The overall market is projected to reach a $25 billion GGR (Gross Gaming Revenue) market beyond 2027 [7] - The casino side could be a $15 billion+ market, representing 18-20% growth over the next 3 years [8] Key Players & Competition - FanDuel (owned by Flutter) and DraftKings dominate the US sports betting space and have seen double-digit gains in their stock price this year [2] - Bet MGM, jointly owned by MGM and Antain, has reversed course and is showing profits, holding third place in market share [3] - Caesars' digital business is also posting profits, but its shares are down almost 20% year-to-date [3][4] - Companies face competition from smaller competitors like Penn, Rush Street Interactive, predictions markets, sweeps casinos, and offshore books [4] Strategic Opportunities & Challenges - Predictions markets present a longer-term opportunity for companies like FanDuel, which has partnered with CME Group to launch non-sports exchanges [9][10] - The lack of legalized sports betting in populous states like California and Texas represents "money left on the table" and potential tax revenue [11][12]

As filed with the Securities and Exchange Commission on August 29, 2025 Registration No. 333-288730 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-3 ON FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SUPER LEAGUE ENTERPRISE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 7373 47-1990734 (I.R.S. Employ ...

As filed with the Securities and Exchange Commission on August 29, 2025 Registration No. 333-288730 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-3 ON FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SUPER LEAGUE ENTERPRISE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 7373 47-1990734 (I.R.S. Employ ...

Core Viewpoint - Century Huatong Group has maintained its position as the "Game Revenue King" in A-shares for the first half of 2025, achieving significant revenue and profit growth compared to the previous year [1][4]. Financial Performance - In the first half of 2025, the company reported revenue of 17.207 billion yuan, a year-on-year increase of 85.50% [1][4]. - The net profit attributable to shareholders reached 2.656 billion yuan, up 129.33% year-on-year, while the net profit after deducting non-recurring items was 2.586 billion yuan, reflecting a growth of 124.43% [1][4]. - Operating cash flow reached 3.918 billion yuan, maintaining a high growth rate of 107.4% [1][4]. Quarterly Performance - In Q2 2025, the company achieved revenue of 9.062 billion yuan, a year-on-year increase of 80.73% and a quarter-on-quarter increase of 11.27% [2]. - The net profit for Q2 was 1.306 billion yuan, showing a year-on-year increase of 157.79% but a quarter-on-quarter decrease of 3.22% [2]. Cost Analysis - The company's sales expenses increased by 121.72% year-on-year to 6.564 billion yuan, primarily due to higher marketing costs associated with increased game revenue [2][4]. - Operating costs rose by 56.50% to 5.249 billion yuan, driven by increased revenue and platform sharing fees [2][4]. - Financial expenses surged by 345.87% to 191.59 million yuan, mainly due to significant foreign exchange losses [4]. Game Revenue Breakdown - Domestic and international game revenues were 7.473 billion yuan and 8.957 billion yuan, respectively, with domestic revenue growing by 113.67% and international revenue by 78.62% [5]. - The company’s subsidiary, Century Games, has seen significant success with titles like "Whiteout Survival" and "Kingshot," which have dominated revenue charts [5]. AI Integration and Future Strategy - The company is actively integrating AI into its operations, enhancing efficiency in game development and content production [8]. - The establishment of the "Shulong AI" sub-brand and the successful "Shulong Cup" global AI game innovation competition have increased the company's visibility in the AI sector [8].

Core Viewpoint - GCL Global Holdings Ltd has completed the acquisition of Ban Leong Technologies Limited through its subsidiary Epicsoft Asia, and has filed a Form 6-K with the SEC detailing this transaction [1][7]. Company Overview - GCL Global Holdings Ltd is a prominent provider of games and entertainment, focusing on immersive experiences and engaging content for gaming communities, particularly in the rapidly growing Asian gaming market [3][4]. - Epicsoft Asia, a subsidiary of GCL, is a leading distributor of interactive entertainment software, with a strong network and successful track record in game launches across Taiwan, Hong Kong, and Southeast Asia [4]. - Ban Leong Technologies Limited, incorporated in Singapore in 1993 and listed on the Singapore Stock Exchange in 2005, specializes in the wholesale and distribution of computer peripherals and multimedia products, with key segments including IT accessories and gaming [5]. Financial Information - The Form 6-K includes audited financial statements for Ban Leong for the fiscal years ending March 31, 2024, and March 31, 2025 [7]. - It also presents unaudited pro forma condensed combined statements of income and comprehensive income, reflecting the business acquisition as if it had occurred on April 1, 2024, and a combined balance sheet as of March 31, 2025 [7].

Core Viewpoint - A new civil lawsuit has been filed between Shanghai miHoYo and Shenzhen Tencent, which has attracted significant attention and speculation among players [2][6]. Group 1: Legal Actions and Implications - The lawsuit, identified as case number (2025)粤 0305 民初 47660, is set to be heard on September 5 at the Shenzhen Nanshan District People's Court [2]. - Speculations suggest that miHoYo's legal action may be a strategy to obtain personal information related to internal leaks, as the company has been actively pursuing legal measures against "leakers" and "insiders" [6][7]. - miHoYo's legal department has reportedly handled over 230 cases in 2024 alone, indicating a robust approach to combatting information leaks [7]. Group 2: Company Performance and Market Context - miHoYo has become one of the most profitable game developers in China since the success of "Genshin Impact," ranking third after Tencent and NetEase [5]. - In 2024, miHoYo was ranked 12th on the "2024 Global Unicorn List" with a valuation of 160 billion RMB, while its founder, Cai Haoyu, was listed as the 26th richest individual on the New Fortune 500 list with a net worth of 73.8 billion RMB [6]. - Despite its success, the mobile game market for 2D games has seen a decline, with actual sales revenue dropping by 8% year-on-year in the first half of 2025 [8]. - "Genshin Impact" has experienced a significant revenue decline, with global mobile revenue falling from $1.56 billion in 2022 to $514 million in 2024 [8].

Core Insights - The article discusses the upcoming game "Mechanical Awakening," which is set to be a significant player in the SOC (Survival Open World Construction) and "search, fight, and retreat" genres in 2025 [1][2]. Game Overview - "Mechanical Awakening" is developed using the UE5 engine and features a non-linear survival gameplay that combines free construction and competitive combat [1][5]. - The game is set in a post-apocalyptic world where AI has gone rogue, leading to a war between humans and mechanical beasts, resulting in a drastic reduction in population and resources [3]. Gameplay Mechanics - The game integrates "search, fight, and retreat" mechanics with a dual-world structure, allowing players to experience high-risk combat in specific zones while maintaining a secure personal base [7]. - Players can build temporary shelters, gather survival resources, and either cooperate or compete with other players to achieve safe extraction [3][11]. Unique Features - The game introduces a mechanical beast system, where these creatures serve various functions such as transportation, combat assistance, resource gathering, and base defense, enhancing the strategic depth of gameplay [12][16]. - A diverse weapon system with unique auxiliary skills adds complexity to combat, allowing for various tactical approaches [16]. Market Context - The SOC genre has not yet seen a blockbuster title in the domestic market, but games like "Ark: Survival Evolved" and "Palworld" have proven the genre's popularity on platforms like Steam [18]. - Major companies like Tencent and NetEase are actively investing in this genre, with Tencent launching titles like "Rust" mobile and NetEase establishing an early advantage with games like "LifeAfter" [18][20]. - Hero Game's "Mechanical Awakening" aims to differentiate itself in a competitive landscape by blending SOC and "search, fight, and retreat" gameplay to attract hardcore players [22].

Core Viewpoint - IGG's H1 2025 financial report shows stable performance with slight declines in revenue and net profit, indicating a need for new hit games to sustain growth [1][2][14]. Financial Performance - Revenue for H1 2025 was HKD 2.72 billion (approximately RMB 2.5 billion), a year-on-year decrease of 0.51% [1][2]. - Net profit was HKD 325 million (approximately RMB 298 million), down 1.9% year-on-year but up 29% quarter-on-quarter [1][2]. - The cost of sales decreased significantly from HKD 580 million to HKD 464 million [2]. Business Segments - The company operates in three main segments: mobile games, mobile applications, and other businesses [3]. - The mobile application segment generated HKD 530 million (approximately RMB 486 million) in H1 2025, a 30% increase year-on-year, contributing about 20% to total revenue [3]. - Other business revenue was HKD 160 million (approximately RMB 147 million), accounting for 6% of total revenue, down 15.8% year-on-year [3]. Key Games Performance - "King of Kingdoms," IGG's flagship game, generated HKD 1.15 billion (approximately RMB 1.06 billion) but saw a 14.2% year-on-year decline in revenue, dropping its contribution from 49% to 42% of total revenue [7][9]. - Newer titles "Doomsday: Last Survivors" and "Viking Rise" contributed HKD 520 million (approximately RMB 477 million) and HKD 360 million (approximately RMB 330 million) respectively, showing growth but not enough to offset declines from "King of Kingdoms" [9][13]. New Game Launch - The newly launched game "Fate War" has shown promising initial performance with around 1.57 million downloads in its first 18 days and a revenue of approximately HKD 9.2 million (around RMB 8.5 million) [27][33]. - Despite its initial success, the game faces challenges in sustaining high revenue levels due to a lack of ongoing large-scale marketing efforts [39][50]. Strategic Direction - IGG is actively testing numerous new games each year to identify potential hits, with a focus on SLG and other genres [52][61]. - The company aims to balance its established game portfolio with innovative new titles to capture a broader audience and adapt to market trends [68].

Core Insights - Snail Games has showcased significant milestones across its various publishing brands, highlighting its ability to operate flexibly across multiple platforms and game types, reinforcing its growth strategy in the market [1][4]. Group 1: Game Releases and Updates - Snail Games, in collaboration with Studio Sirens, released an updated version of the ARK DevKit on the Epic Games Store, aimed at supporting user-generated content following the DLC release of ARK: Aquatica [1]. - The game ARK: Survival Evolved sold approximately 1.2 million copies in Q2 2025, achieving a peak of over 258,000 daily active users, which aims to extend the game's ecosystem and lifecycle [1]. - The action-adventure RPG Robots at Midnight is launching on PlayStation, Steam, and Xbox with a 30% promotional discount to attract a broader player base [2]. - Snail Games and Frozen Way showcased the upcoming survival sandbox game Honeycomb: The World Beyond at Gamescom 2025, with a release date set for November 6, 2025 [2][3]. Group 2: Collaborations and New Projects - Snail's independent brand Wandering Wizard is collaborating with Latin American developer Seven Leaf Clover to present the new game Rebel Engine at PAX West, emphasizing the growing influence of the Latin American gaming industry [3]. - The Interactive Films brand of Snail Games will release The Fame Game: Welcome to Hollywood on Steam on September 4, 2025, catering to the increasing demand for narrative-driven interactive entertainment [3]. Group 3: Strategic Growth and Market Expansion - The milestones achieved by Snail Games demonstrate the strength of its multi-brand publishing strategy and its capability to deliver across various game types, platforms, and regional markets [4]. - The company continues to expand its market presence through participation in global exhibitions, partnerships with well-known collaborators, and the establishment of a diverse publishing network [4].

Financial Performance - The company's revenue decreased by 27.9% year-over-year, totaling RMB 2,381 million in 1H25, compared to RMB 3,301 million in 1H24 [14] - Profit attributable to owners of the company decreased significantly by 92.5% year-over-year, from RMB 400 million in 1H24 to RMB 30 million in 1H25 [14] - Interim dividend per share increased by 25%, from HK$0.4 to HK$0.5 [14] Segmental Analysis - Gaming and Application Services revenue decreased by 18.1% year-over-year, amounting to RMB 1,738 million in 1H25, compared to RMB 2,121 million in 1H24 [14] - Mynd.ai revenue experienced a substantial decrease of 45.7% year-over-year, with revenue of RMB 641 million in 1H25 compared to RMB 1,180 million in 1H24 [14] - Research and Development expenses in Gaming and Application Services segment decreased by 26.7% year-over-year [11, 23] Strategic Initiatives - The company is comprehensively deploying an AI content factory, enhancing overall efficiency by 15% initially and aiming for 25% with full build-out [11, 23] - The company is focusing on high-quality content and cultural experiences to ensure the flagship IP Eudemons achieves evergreen growth [92] - The company plans to distribute no less than HKD 600 million to shareholders over the next 12 months through dividends and share repurchases [89]