As filed with the Securities and Exchange Commission on December 18, 2025 Registration No. 333-292129 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SNAIL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7372 88-4146991 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) Snail ...

Krafton hikes India bet with new $670M fund https://t.co/0GNBRM7sV6 ...

Krafton, the South Korean gaming company behind hit titles such as PUBG and Battlegrounds Mobile India (BGMI), is launching a growth investment fund focused on India, stepping up its push into the world’s largest internet user base. Called the Unicorn Growth Fund, the investment vehicle is a collaboration between Krafton and South Korean internet conglomerate Naver, and investor Mirae Asset. It aims to deploy up to ₹60 billion (around $669.3 million) over four years, Krafton confirmed to TechCrunch. Th ...

Core Insights - CreateAI's upcoming open-world RPG, Heroes of Jin Yong, has won the Platinum award at the 2025 Pinnacle Awards, highlighting its status as a category benchmark in the gaming industry [1][2] - The game is recognized for its strong intellectual property foundation, advanced production pipeline, and innovative take on Wuxia culture, marking a significant achievement in the AAA gaming sector [2] Company Overview - CreateAI is a global applied artificial intelligence company with a focus on digital entertainment, operating in the US, China, and Japan [5] - The company aims to redefine digital storytelling through the integration of generative AI technology and creative talent, enhancing the immersive experience for global audiences [5] Product Details - Heroes of Jin Yong is built using Unreal Engine 5 and features a large-scale open world of 960 square kilometers, recreating characters and locations from 15 classic Wuxia novels [3] - The game emphasizes player freedom, diverse gameplay systems, and rich storytelling, aiming to deliver a cinematic and immersive experience [3] Strategic Importance - Heroes of Jin Yong is a high-investment strategic project for CreateAI, alongside the global IP The Three-Body Problem, forming the core of the company's content portfolio [4] - The company is committed to promoting Chinese culture globally and leveraging technological advancements to enhance its storytelling capabilities [4]

Core Insights - GameStop is experiencing a significant decline, with its stock down 73% as of December 17, 2025, and analysts recommending underperformance with a price target 41% below current levels [2] - The shift towards digital gaming is rendering GameStop increasingly obsolete, as consumers prefer downloading games rather than purchasing physical copies [3] - Amazon is positioned as a clear winner in the gaming industry due to its cloud-based gaming service, digital game sales, and strong infrastructure support through AWS [5][8] GameStop's Decline - GameStop's stock peaked during the meme stock frenzy in early 2021 but has since plummeted, with a 73% loss noted by late 2025 [2] - The company faces a bleak future as the gaming retail model becomes less relevant in the digital age [3] Amazon's Competitive Advantage - Amazon benefits from the digital gaming trend through its cloud gaming service, Amazon Luna, which allows users to stream games without physical media [5] - The company offers digital game sales for major gaming platforms, providing a convenient alternative to traditional retail [5] - Amazon's AWS supports online gaming infrastructure, enhancing its profitability across various gaming platforms [5] Financial Performance of Amazon - Amazon has shown strong financial growth, with an annualized revenue growth of 11.5% over the last three years and a 13% year-over-year increase in the last two reports [7] - The company generated $10.6 billion in free cash flow from $691 billion in revenues, indicating robust financial health [7] - Amazon's strong financials and growth prospects make it an attractive investment opportunity, particularly in the context of the gaming industry [6][8]

近年来，从自建总部大楼到购置核心区写字楼，国内多家游戏公司悄然掀起了一股"置业"潮。 临近年底，知名移动棋牌游戏开发商及运营商——家乡互动发布公告，宣布其间接全资附属公司已与深 圳润信零零壹管理咨询有限公司签订商品房买卖合同，以总代价约1.07亿元，购置位于深圳南山前海华 润金融中心T2栋的部分物业。 在商办市场整体承压的背景下，游戏公司频频出手购置固定资产，引发了市场广泛关注。 增利不增收，上半年扭亏为盈 据了解，前海华润金融中心是南山区前海片区的一栋甲级写字楼，采取租售并举策略。此次动用上亿资 金购置固定资产，家乡互动在公告中解释，"集团拟购置该等物业作为集团在深圳的自用办公场地，以 配合集团在该地区长期发展的战略及人员编制的需要。" 家乡互动是棋牌游戏领域的重要厂商。2019年，在游戏公司普遍于资本市场遇冷的情况下，家乡互动成 功登陆港股，彼时发行价1.35港元，开盘价2.2港元，盘初涨近100%。成本低利润高，是很多人对棋牌 类游戏的评价。 其收益高度依赖于麻将及扑克类玩法变种，财报曾提示，若这两类游戏表现不佳，将对业务产生重大不 利影响。2024年，集团营收13.86亿元，同比下滑22.13%；净利 ...

Core Viewpoint - Nintendo's stock (NTDOY) has dropped over 17% in the past month due to rising memory chip costs, primarily driven by AI demand, which may compress margins on its Switch 2 consoles. Despite this, some analysts consider it one of the best buys for 2026, with expectations of strong performance from the Switch 2 [1][3]. Group 1: Stock Performance and Market Sentiment - NTDOY stock gained over 70% from the start of 2025 to its peak in August 2025, and despite the recent selloff, it remains up 21% year-to-date [6]. - Investors are taking profits amid concerns over rising component costs, particularly for electronic components used in gaming consoles that are also in demand for AI applications [5][6]. Group 2: Sales Forecast and Product Performance - Nintendo has raised its Switch 2 sales forecast from 15 million to 19 million units for fiscal 2026, with 10.36 million units sold as of September 30 [3]. - The performance of the Switch 2 has exceeded market expectations, as noted by Toyo Securities analyst Hideki Yasuda [3]. Group 3: Software Sales and Market Dynamics - Nintendo is experiencing strong software sales, with Pokémon Legends: Z-A selling 5.8 million units in its first week, priced between $60 to $70 [4]. - Analysts argue that higher sales volumes from the Switch 2 will help offset margin compression caused by rising production costs [4].

Core Insights - Wuthering Waves Version 3.0, titled "Dawnbreaker," is set to launch on December 25, 2025, featuring significant updates and new content [1][2][5] - The game has received multiple awards, including the Players' Voice Award at TGA 2025 and the Google Play Best Ongoing Award, highlighting its success and recognition in the gaming industry [4][9] Game Features - The update introduces a new episodic campaign, Chapter III, which combines science fiction and space romance elements, allowing players to explore new areas and embody new resonators, Lynae and Mornye [2][5] - New main quests include Chapter III Act 1: What Burns Beneath Frostlands and Chapter III Act 2: Ode to the Second Sunrise, set in the new region of Lahai-Roi [5][8] - Players will experience new gameplay mechanics, including a new exploration method, new monsters, and a unique narrative [4][5] New Content and Events - Version 3.0 will feature new weapons such as the Spectrum Blaster and Starfield Calibrator, as well as new Echoes and Phantom Echoes [8] - Special events include collaborations with SEGA, area exploration events, and various leisure events, enhancing player engagement [8] - A new utility, the Expedition Motorbike, will be introduced to improve exploration [5][8] Community Engagement - As a gesture of gratitude, Kuro Games has gifted players x1600 Astrite via in-game mail [6] - The company encourages community involvement through a Fan Creation Program and various merchandise offerings [8] Company Background - Kuro Games, founded in 2014, is known for developing high-quality original games, including the successful Punishing: Gray Raven, which achieved over 30 million downloads [11]

Core Insights - Chinese technology stocks, including Tencent, Bilibili, NetEase, and PDD Holdings, have gained momentum following the U.S.-China trade agreement, with China meeting commitments such as terminating semiconductor investigations and resuming agricultural purchases [2] - SMIC achieved volume production of 5nm chips, marking a significant advancement in China's semiconductor manufacturing capabilities [3] - BYD's exports surged 326% year over year, with NEV penetration in China reaching 62% [4] - The humanoid robotics sector saw a 250% increase in investment deals, reflecting growing integration in manufacturing [6] - China's defense budget increased by 7.2% to $249 billion, with significant advancements in military technology [7] - The medical device market in China reached $172.9 billion, showing substantial growth and innovation [8] - China Railway Rolling Stock Corporation maintained a 56% global market share in rail, while Chinese shipyards secured 38% of new global LNG vessel orders [9] - The Politburo's announcement of a "moderately loose" monetary policy and Goldman Sachs raising GDP forecasts to 4.8% indicates a stabilizing economic environment [10] Company Summaries - Tencent Holdings reported record gaming sales of $10 billion internationally, with a 15% revenue growth and 43% surge in international gaming [12] - Bilibili turned profitable with a net profit of RMB469 million in Q3 2025, showing a 233% year-over-year increase in adjusted net profit [13] - NetEase's gaming revenues increased by 11.8% year over year to RMB23.3 billion, supported by a strong partnership with Blizzard [14] - PDD Holdings demonstrated a 9% revenue growth and 17% net income expansion, maintaining a strong financial position with RMB387 billion in cash reserves [15]

Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The strategy underperformed its benchmark, the Russell Midcap® Growth Index, in the third quarter of 2025, which increased approximately 3%.  In addition, please check the fund’s top five holdings to know its best picks in 2025. In its third-quarter 2025 investor letter, Brown Advisory Mid-Cap Growth Strategy highlighted st ...