Core Viewpoint - The acquisition of approximately 1.17% equity in the National Stadium by Giant Star Legend marks the entry of private capital into a national cultural landmark, highlighting a significant strategic move for the company [1][2]. Group 1: Acquisition Details - Giant Star Legend's wholly-owned subsidiary, Xing Chuang Yi (Kunshan) Cultural Entertainment Co., Ltd., will acquire about 1.17% of the equity in the National Stadium Co., which corresponds to a registered capital of approximately 24.3 million RMB [1]. - The seller of the equity is Beijing Jinzou Sunshine Consulting Co., Ltd., which is currently undergoing bankruptcy liquidation [1]. - The acquisition is subject to several preconditions, including the lifting of equity freezes and the waiver of preemptive rights by existing shareholders [1][2]. Group 2: Strategic Implications - This acquisition positions Giant Star Legend as the only private shareholder in the National Stadium's operations, which carries significant symbolic and strategic value [1][2]. - The company will act as an "IP strategic partner," providing comprehensive services related to IP creativity, design, development, and commercialization for major events held at the stadium [1]. Group 3: Market Reaction and Challenges - Following the announcement, Giant Star Legend's stock experienced volatility, initially dropping by about 4% before rising by 2%, closing at HKD 11.42, a decrease of 4.83% [2]. - The limited equity stake implies restricted decision-making power, necessitating reliance on cooperation agreements for strategic alignment [2][3]. - The state-owned nature of the National Stadium introduces challenges in balancing social and economic benefits, potentially limiting commercial development opportunities [2][3].

Group 1: Cultural Products Going Global - Chinese private enterprises are actively promoting cultural products overseas, utilizing high-quality content, innovative IP, and diverse formats to enhance the international appeal of "Chinese style" [1] - Beijing Jiwei Cultural Media Co., Ltd. has successfully promoted the dance drama "Yongchun" in Europe, achieving a record of 12 performances in London and 4 in Paris, with over 10,000 viewers, 70% of whom were foreign audiences [2][3] - The company emphasizes the importance of quality and brand recognition in local markets, ensuring that their productions are well-received and often regarded as "inspection-free products" upon arrival in European theaters [2] Group 2: Innovative IP Development - Miniso Group focuses on consumer feedback as a key driver for developing creative IP, exemplified by the popularity of the penguin plush toy PENPEN, which has generated 1 billion RMB in overseas sales since its launch in 2019 [4][5] - The company has successfully created multiple original IPs, emphasizing emotional value and storytelling to connect with consumers, and has expanded to over 7,700 stores in 112 countries [5][6] - Miniso plans to lead 100 Chinese IPs to global markets over the next decade, leveraging China's robust supply chain to enhance production efficiency [6] Group 3: Localization Strategies - BabyBus, a company specializing in children's educational products, has reached 700 million families globally, with its original IPs "Qiqi" and "Miaomiao" being popular in over 160 countries [7][8] - The company adopts a localization strategy by collaborating with local partners to adapt content to fit cultural preferences, resulting in a 20% increase in viewership for localized music content [8] - BabyBus emphasizes the importance of original content and quality, aiming to create products that resonate with local audiences while maintaining universal themes of kindness and peace [8]