Core Viewpoint - Tianji Holdings (01520) has entered into a subscription agreement with investors to issue up to 8 million subscription shares at a price of HKD 0.92 per share or 90% of the closing price on January 19, 2026, whichever is lower, along with warrants for up to 31 million shares at an exercise price of HKD 1.97 per share [1][2] Group 1: Subscription Shares - The total consideration for the subscription shares is capped at HKD 7.36 million, to be fully paid by the investor upon completion of the first subscription [1] - The 8 million subscription shares represent approximately 0.84% of the existing issued share capital as of the announcement date [1] - The subscription price of HKD 0.85 per share reflects an approximate discount of 8.60% compared to the closing price of HKD 0.93 on the date of the agreement [1] Group 2: Use of Proceeds from Subscription Shares - The net proceeds of HKD 6.8 million from the subscription shares will be allocated as follows: - Approximately HKD 4 million for the Saudi industrial IP business, which includes establishing a headquarters and team in Saudi Arabia [2] - Approximately HKD 2.8 million for general working capital [2] Group 3: Warrants - The warrants will be issued at zero cost to the investors, with an estimated fair value of approximately HKD 0.143 per warrant, totaling HKD 4.43 million for 31 million warrants [2] - The exercise price of HKD 1.97 per share represents a premium of approximately 111.83% over the closing price of HKD 0.93 on the date of the agreement [2] - The maximum 31 million warrant shares account for approximately 3.26% of the total existing issued shares as of the announcement date [2] Group 4: Placement Agreement - On January 20, 2026, the company entered into a placement agreement to issue up to 60 million new shares at a placement price of HKD 0.85 per share, which is an approximate discount of 8.60% to the closing price of HKD 0.93 [4] - The maximum gross proceeds from the placement are estimated at HKD 51 million, with a net amount of approximately HKD 49.3 million after deducting related expenses [4] Group 5: Use of Proceeds from Placement - The net proceeds from the placement will be allocated as follows: - Approximately HKD 5 million for initial development and AI capability building for a platform [5] - Approximately HKD 15 million for investment in Manchester United sports IP business [5] - Approximately HKD 4 million for the Saudi industrial IP business [5] - Approximately HKD 3 million for marketing and user ecosystem development [5] - The remaining HKD 22.3 million for general working capital [5]

（来源：天津日报） 刘先生介绍，公园夜间仅开启部分灯源，运动场可见度远低于普通道路。冬季一般7点才天亮，晨练者 只能"深一脚浅一脚"地在起鼓的塑胶跑道上活动。他表示，此类问题市民反复投诉，却难以从根本上解 决。 记者了解到，西青体育公园建筑面积为7359.34平方米，地上面积531.49平方米，地下面积6827.85平方 米，天津李宁运动中心也在园内。公园建有标准足球场、400米跑道、篮球场、网球场、综合训练场、 门球场、儿童活动区、健身器械区、健身步道、地下车库等，是集智能化检测及智慧健身互动活动设 施、综合性儿童活动场地于一体的多元化运动公园。 针对市民诉求，杨柳青镇政府方面表示，已与运营方天津李宁运动中心协调沟通，并提出改进措施。更 换操场内22个庭院灯照明设备，将现有灯具更换为球形节能灯；增加冬季早晨照明时段，在6点到7点提 供照明；对起鼓的塑胶跑道进行维修。目前，照明问题已解决，维修申请在提交等待审批阶段。 转自：天津日报 近日，市民刘先生反映，位于西青区杨柳青镇的西青体育公园晨间照明缺失、跑道破损，给锻炼市民带 来不便。 ...

Core Viewpoint - The opening of Suzhou "Wanti Hui" marks the first cross-regional sports complex operated by Jiushi Sports, integrating sports and lifestyle in Suzhou High-speed Rail New City [3][5] Group 1: Project Overview - Suzhou "Wanti Hui" is located in the southern core area of Suzhou High-speed Rail New City, seamlessly connected to Metro Line 2 [3] - The complex features various sports facilities, including the first indoor standard red clay tennis court in Suzhou, a large gym, a standard swimming pool with 21×50 meters and eight lanes, as well as badminton, table tennis, basketball, outdoor soccer, climbing, and pickleball areas [3] Group 2: Services and Operations - The venue aims to provide a one-stop sports and integrated consumption experience, with additional services such as a convenience service center, a branch of Suzhou Library, and a fresh market [3] - Jiushi Sports plans to leverage its event operation experience to host more spectator and participatory events, enhancing the city's sports vitality [5] Group 3: Strategic Alignment - The establishment of Suzhou "Wanti Hui" aligns with the national strategy to promote high-quality development in the sports industry, responding quickly to the government's call for regional sports industry development [5] - The integration of Shanghai's operational experience with Suzhou's industrial foundation and market potential is expected to optimize local sports service supply and promote resource sharing in the Yangtze River Delta [5][7] Group 4: Future Prospects - The venue is positioned to facilitate business collaboration, hosting corporate team-building, industry events, and brand promotions, thereby enhancing regional sports consumption [5] - The 30-minute high-speed rail commuting advantage between Shanghai and Suzhou will support business synergy and service interconnectivity, creating a sustainable sports service ecosystem [7]

Group 1 - A new company named Zhongti (Zhuji) Venue Operation Co., Ltd. has been established, with a legal representative named Pang Xiaofeng [1] - The company's business scope includes sports event planning, sports competition organization, ticketing agency services, sports support organization, sports health services, and sports agent services [1] - Zhongti (Zhuji) Venue Operation Co., Ltd. is wholly owned by Zhongti Industry (600158) through indirect shareholding [1]

Core Viewpoint - Fosun International (00656.HK) held its 2025 mid-year performance briefing on August 29, 2025, revealing several subsidiaries with potential for IPOs, indicating a strong growth trajectory and diversification strategy [2]. Group 1: Insurance Sector - Fidelidade, a leading global insurance company in Portugal, reported a premium income of €3.27 billion (approximately ¥27.24 billion) and a net profit of €133 million (approximately ¥1.11 billion) for the first half of 2025 [4]. - Fosun United Health Insurance generated a premium income of ¥3.64 billion and a net profit of ¥33 million in the same period [6]. - Peak Reinsurance reported a premium income of $1.06 billion (approximately ¥7.58 billion) and a net profit of $89 million (approximately ¥636 million) [6]. Group 2: Healthcare Sector - Fosun Health, a subsidiary of Fosun Pharma, operates 19 medical institutions with a total of 6,600 beds, aiming to create a leading healthcare technology group in Asia [7]. - Fosun Health's revenue for the first half of 2025 was ¥3.589 billion, up from ¥2.96 billion in the previous year [8]. - Luz Saúde, a leading private healthcare provider in Portugal, reported a revenue of €399 million (approximately ¥3.32 billion) and a net profit of €24 million (approximately ¥199.92 million) [15][16]. Group 3: Leisure and Tourism Sector - Atlantis Sanya, a comprehensive marine-themed resort, generated a revenue of ¥760 million in the first half of 2025, down from ¥866 million in the same period last year [10][11]. - ClubMed, a global leader in all-inclusive high-end vacations, reported a revenue of ¥9.253 billion, an increase of 3.8% year-on-year, with an operating profit of ¥1.274 billion, up 11% [17]. Group 4: Jewelry and Fashion Sector - Yuyuan Jewelry & Fashion, focusing on wholesale and retail of gold and jewelry, reported a revenue of ¥12.8 billion, down from ¥20.47 billion in the previous year [12]. Group 5: Sports Sector - Fosun Sports, involved in the operation and development of sports-related industries, reported a revenue of ¥1.02 billion, up from ¥980 million, with a net profit of approximately ¥50 million [13]. Group 6: Elderly Care Sector - Fosun Elderly Care focuses on providing health services and products for middle-class families post-retirement, with investments in nearly ten cities and over 11,000 beds secured [19]. - The revenue for Fosun Elderly Care in the first half of 2025 was ¥401 million, an increase from ¥290 million in the previous year [20].

Group 1 - Chengdu's tourism resources account for approximately one-tenth of the province's total, contributing about one-quarter of the province's tourism revenue [1] - The city aims to enhance its role as a cultural and tourism hub by promoting the deep integration of culture, commerce, tourism, and sports [1][2] - The integration is seen as a market necessity, with significant economic benefits observed from events like the "Su Super" which is expected to generate over 300 million yuan in economic benefits [2] Group 2 - The integration of culture, commerce, tourism, and sports is expected to drive growth in various sectors such as dining, accommodation, transportation, retail, and entertainment, with a potential multiplier effect of 3 to 5 times [3] - Chengdu has hosted over 89 international and domestic events this year, enhancing its reputation as a "World Event City" [4] - The city is recognized as one of the seven trillion-yuan consumption cities in China, with a rich cultural tourism resource base [3] Group 3 - The integration approach involves not just combining resources but also enhancing visitor experience through better signage and guidance in tourist areas [5] - Chengdu plans to host various sports events in urban spaces to leverage its natural resources and promote sports tourism [5] - The city aims to develop its cultural creative industry by nurturing key sectors such as animation and design, with initiatives like the "Tianfu Long Island" digital cultural brand [5][6] Group 4 - Chengdu's cultural enterprises have surpassed 1,000, but there is still a gap compared to leading regions, prompting efforts to attract more high-profile cultural companies [6] - The city plans to support the development of cultural enterprises through financial products, with an expected credit scale of 10 billion yuan directed towards cultural and tourism businesses [8] - The integration of performance and ticketing economies is being explored, with plans to introduce high-level concerts and international events to enhance consumer engagement [7][8]