Core Insights - The acquisition by Wanjing Capital, a newly established company, marks a significant shift in the power dynamics and wealth transfer within the New City family, particularly with the emergence of the young leader Wang Kaily [1][5][12] Group 1: Acquisition Details - On August 11, 2025, China New Retail Supply Chain Group Co., Ltd. announced its resumption of trading, sparking speculation about its underlying motives [1] - Wanjing Capital, registered on July 11, 2025, is solely owned by 26-year-old Wang Kaily, who is closely linked to the "Hua Sheng Trust" established by family member Wang Zhenhua [1][4] - The acquisition funding comes from internal resources through trust equity realization, without external loans, indicating a strategic financial maneuver [1][6] Group 2: Wang Kaily's Background - Wang Kaily has an impressive academic background, graduating from Peking University in 2021 and obtaining a master's degree from the University of Sydney in 2023, followed by another degree from University College London in 2025 [3] - Her career began in investment holding at Astrum Apex Investments Limited, focusing on project evaluation and investment opportunities, which aligns her with the family's traditional industries [3][4] Group 3: Business Performance - The core business of China New Retail Supply Chain Group remains traditional construction, primarily operating in Singapore, with annual revenues of 6.66 million, 5.56 million, and 5.55 million Singapore dollars from 2022 to 2024, alongside net losses of 1.5 million, 1 million, and 800 thousand Singapore dollars [4] Group 4: Implications of the Acquisition - The acquisition signifies a generational shift in control over real estate and new consumer projects, reflecting a redistribution of power and influence within the New City family [5][12] - The family trust serves as both a financial reservoir and a risk buffer, highlighting the family's sophisticated approach to wealth management across generations [6][12] Group 5: Future Prospects - The new generation's focus on trendy sectors like digital media and strategy public relations contrasts sharply with the traditional real estate and construction industries, indicating a cultural shift [8] - The success of Wang Kaily's ventures will depend on her ability to convert family trust funds into tangible business value, as the operational challenges ahead are significant [10][12]

1st HALF OF 2025 AGEN A FINAL REMARKS 01 BUSINESS ENVIRONMENT 03 LIQUIDITY MANAGEMENT 04 DIVIDENDS 02 1H25 EARNINGS 05 06 Q&A SESSION 01 BUSINESS ENVIRONMENT MACROECONOMIC SCENARIO 01 2024 2025e² Brazilian GDP¹ 3.4% (▲ 0.2 p.p. vs. 2023) Selic¹ 12.25% p.y. (▲0.5 p.p. vs. 2023) 2.2% 15.00% p.y. 5.2% (▲0.4 p.p. vs. 2024) (▲2.75 p.p. vs. 2024) (▼1.2 p.p. vs. 2024) 2026e² 1.5% 12.75% p.y. 4.4% (▼0.8 p.p. vs. 2025e) (▼2.25 p.p. vs. 2025e) (▼0.6 p.p. vs. 2025e) (1) IBGE. (2) Itaú BBA's projections (Jul/2025). IPC ...

Core Viewpoint - Hong Kong Ferry (Group) Limited's stock reached a new high of 4.930 HKD, reflecting a 1.65% increase from the previous trading day, indicating positive market sentiment and potential growth in the company's valuation [1] Company Overview - Hong Kong Ferry (Group) Limited was established in 1923 and has a long-standing history in Hong Kong. The company underwent a restructuring in 1989, changing its holding company name to "Hong Kong Ferry (Group) Limited" [1] - The primary business activities of the group include property development and investment, ferry services, shipbuilding, and related businesses. The company currently employs approximately 210 staff members [1] - In response to the future potential of healthcare, Hong Kong Ferry Group launched specialized medical and beauty services in 2022 as part of its diversification strategy [1] Financial Performance - As of August 8, the stock price reached 4.930 HKD, with a peak intraday price also at this level, marking a new high for nearly a year [1] - The net capital inflow for the day was 712,500 HKD, indicating positive investor interest despite unspecified outflows [1]

Core Insights - Warren Buffett announced his retirement as CEO of Berkshire Hathaway, with Greg Abel set to take over, leading to a revaluation of the company in the market [2][5] - Since the announcement, Berkshire's stock price has dropped approximately 16%, contrasting with an 11% rise in the S&P 500 index during the same period [2][6] Company Performance - Berkshire Hathaway's stock closed at $703,115, reflecting a 16% decline since Buffett's retirement announcement [2] - The company's Q2 revenue was $92.515 billion, exceeding market expectations, but net profit plummeted 59% year-over-year to $12.37 billion, largely due to changes in investment portfolio valuations [6][7] - The investment income for Q2 was $4.97 billion, down from $18.75 billion in the same period last year [6] Leadership Transition - Greg Abel, the incoming CEO, is expected to maintain Buffett's value investment philosophy, with no significant changes to the company's investment strategy [5][9] - The transition has raised concerns among investors about the future performance of Berkshire Hathaway, given Buffett's unique investment style and decision-making [9] Market Reactions - The market has reacted negatively to the leadership change, with notable investors like Duan Yongping expressing interest in buying Berkshire's stock at current prices [8] - Analysts suggest that the ongoing geopolitical tensions and macroeconomic factors are contributing to the company's cautious investment stance [7][9]

LFG投资控股(03938)再涨超28%，值得注意的是，该股近期接连攀升，月内股价已飙升4.5倍。截至发 稿，涨28.33%，报0.77港元，成交额1686.91万港元。 消息面上，近日，LFG投资控股公布，配售最多8119万股新股，占公司经扩大股本16.67%；配售价0.4 港元。集资总额3250万港元，所得净额3230万港元，拟用于增加资本基础以拓扩证券融资业务及用作集 团的一般营运资金。值得注意的是，香港联交所最新资料显示，7月25日，LFG投资控股股东将股票存 入力高证券，存仓市值759.94万港元，占比5.13%。 ...

Core Viewpoint - The acquisition involves the Fujian Longyan Municipal Government's State-owned Assets Supervision and Administration Commission transferring its stakes in three companies to the Longyan Investment Development Group, enabling the group to indirectly control 49.55% of Longyan Kaolin Co., Ltd. [1][21] Group 1: Acquisition Details - The acquirer will obtain 51.04% of the Longyan Investment Development Group, 39% of the Longyan Cultural Tourism Huijin Development Group, and 20% of the Longyan Transportation Development Group [1][24] - The acquisition will not involve cash transactions or securities payments, focusing instead on equity transfers [12][24] - The acquisition will not change the direct controlling shareholder or the actual controller of Longyan Kaolin Co., Ltd., which will remain the Longyan Investment Development Group and the Longyan Municipal Government's State-owned Assets Supervision and Administration Commission, respectively [21][24] Group 2: Financial Advisor's Role - The financial advisor, Industrial Securities Co., Ltd., has conducted due diligence and confirmed that the acquisition complies with relevant laws and regulations [5][6] - The financial advisor has verified that the acquirer has provided all necessary documentation and that the information is accurate and complete [2][7] - The financial advisor will continue to oversee the acquirer's compliance with legal obligations and corporate governance standards post-acquisition [13][25] Group 3: Future Plans and Stability - The acquirer has no immediate plans to change the main business operations of Longyan Kaolin Co., Ltd. after the acquisition [26] - There are no plans for significant asset disposals, mergers, or restructuring within the next 12 months [26] - The acquirer will not propose changes to the board of directors or senior management of Longyan Kaolin Co., Ltd. unless necessary, and will adhere to legal procedures for any future changes [27]

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，並表明不會就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 綠科科技國際有限公司 GREENTECH TECHNOLOGY INTERNATIONAL LIMITED （於開曼群島註冊成立之有限公司） （股份代號：00195） 復牌進展之季度最新資料 本公告乃由綠科科技國際有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.09(2)(a)條及第13.49(6)條以及香港法例第571章證券及期貨條例第XIVA部 項下之內幕消息條文（定義見上市規則）作出。 1 茲提述本公司日期為二零二四年八月三十日、二零二四年九月三十日、二零 二四年十月十日、二零二四年十一月二十一日、二零二四年十二月二日、二零 二五年二月二十八日、二零二五年三月三十一日及二零二五年四月二十四日 的公告（統稱為「該等公告」），內容有關（其中包括）延遲刊發本集團截至二零 二四年六月三十日止六個月的中期業績（「中期業績」）、暫 ...

Core Viewpoint - The article discusses the phenomenon of companies using compelling narratives to mask underlying weaknesses in their business models, particularly in the context of capital markets. It highlights the risks of investing based on attractive stories rather than solid data, emphasizing the need for critical evaluation of such narratives [1][4]. Group 1: Identifying Narrative Traps - Companies with significant market value anxiety and sluggish core growth are more likely to use storytelling to compensate for their realities, which can be seen as either a strategic offensive or a desperate self-rescue [4]. - A common tactic is to repackage outdated projects as new strategic initiatives, misleading investors into believing in a genuine transformation when it is merely a rebranding of old assets [5]. - The article warns against projects that prioritize narrative over actual funding and resource allocation, as these often lead to unmet expectations and project delays [6]. Group 2: Evaluating Strategic Intent - The lack of genuine resource synergy in asset acquisitions can indicate a "拼盘式重组" (拼盘式整合), where companies combine unrelated assets without a coherent strategy, leading to high failure rates in integration [7]. - Some projects that appear to be strategic expansions may actually be efforts by controlling shareholders to revitalize resources and reduce financial risks, rather than building core competencies [8]. - The article suggests that effective narratives should be grounded in realistic execution capabilities and industry trends, rather than superficial market buzzwords [8][9]. Group 3: Critical Questions for Investors - Investors are encouraged to ask three critical questions when evaluating new announcements from companies: Is the core business logic clear? Are resources adequately aligned? Is the funding arrangement comprehensive? [9]

Group 1 - The core idea of the article emphasizes that mergers and acquisitions (M&A) are not impulsive transactions but rather strategic moves that can reshape a company's fate and valuation logic [1][4] - Companies across various sectors, including renewable energy, internet, and traditional manufacturing, are increasingly focusing on M&A as a means to gain competitive advantage and reshape industry dynamics [1][4] - The article highlights that successful M&A requires a clear strategic vision, as unclear strategies can hinder the ability to engage with target companies [5][6] Group 2 - The negotiation phase of M&A is characterized by psychological dynamics and power plays, where the focus is not solely on price but on control and influence [6][7] - Due diligence is a critical phase that assesses the true value of a transaction, identifying financial, tax, and compliance risks that could impact the deal [8][9] - The signing of an M&A agreement is just the beginning, as various conditions must be met for the deal to be valid, including board approvals and regulatory compliance [10][11] Group 3 - The integration phase post-acquisition is often where many deals fail, as cultural clashes and operational challenges can arise quickly [11][12] - A case study illustrates that even successful negotiations can lead to complications during integration, emphasizing the importance of aligning corporate cultures and operational processes [13][14] - The article concludes that M&A is a complex process that requires careful management of each phase to ensure long-term success and value creation [14][17]

Core Insights - The article emphasizes the importance of storytelling in capital markets, suggesting that a compelling narrative can be more valuable than a good product when traditional metrics like PE ratios fail [1][12] - The concept of "Market Dream Rate" (市梦率) emerges as a new dimension for evaluating investments, driven by capital expectations and the ability to tell a convincing story [1][12] Group 1: Market Dream Rate - "Market Dream Rate" reflects the pricing logic driven by future expectations, where the ability to narrate a story effectively can lead to market favor [1][4] - The phenomenon is illustrated through a case of a solar inverter company that, despite stagnant performance, saw its stock price surge after announcing ambitious plans in satellite internet and energy IoT, showcasing the power of "dream premium" [4][12] Group 2: Key Variables of Market Dream Rate - Three core variables underpinning "Market Dream Rate" are identified: completeness of the story, verifiability of the path, and capital participation [4][5] - Completeness involves presenting a comprehensive narrative that answers why the company can succeed and how it stands out from competitors [5] - Verifiability emphasizes the need for credible stories, as unsupported claims can lead to failed investments and regulatory scrutiny [5][10] - Capital participation highlights the necessity of having a clear path for capital entry and exit, ensuring that the story is not just theoretical [5] Group 3: Storytelling Techniques - Common techniques for crafting compelling narratives include borrowing concepts from trending topics, creating unique labels through certifications, and establishing credible team backgrounds [6][7] - Clear pathways for future financing and growth milestones are essential to assure investors of potential returns [8] - Leaving hints or open-ended information can stimulate investor imagination and interest [9] Group 4: Regulatory Considerations - The article notes that regulatory bodies are increasingly vigilant about the storytelling phenomenon in capital markets, emphasizing that narratives must align with fundamental realities and avoid deceptive packaging [10] - Compliance in storytelling is portrayed as both an art and a technical skill, essential for maintaining credibility [10] Group 5: Future Outlook - The article raises questions about the sustainability of "Market Dream Rate" in a future characterized by stricter regulations and more discerning investors, suggesting that the ability to tell a credible story will become a competitive advantage [13]