Group 1 - The core point of the news is that Xinghui Entertainment's stock has risen for eight consecutive days, with a cumulative increase of 23.89% during this period, reaching a price of 7.01 CNY per share and a market capitalization of 8.722 billion CNY [1] - The main business segments of Xinghui Entertainment include gaming (35.76%), player transfers (19.13%), toy business (17.72%), TV broadcasting rights (15.18%), ticketing and memberships (5.02%), sponsorship and advertising (3.87%), rental income (1.22%), football derivatives (1.05%), and other revenues (1.04%) [1] Group 2 - Among the top shareholders of Xinghui Entertainment, Huaxia Fund's Huaxia Zhongzheng Animation Game ETF (159869) has increased its holdings by 4.2892 million shares, now owning 25.0519 million shares, which is 2.01% of the circulating shares [2] - The Huaxia Zhongzheng Animation Game ETF has achieved a year-to-date return of 17.32% and a one-year return of 81.67%, ranking 78 out of 5520 and 280 out of 4203 in its category, respectively [2]

Core Insights - Tether has made a $1.1 billion all-cash bid to acquire a 65.4% controlling stake in Juventus Football Club, which was quickly rejected by Exor, the holding company of the Agnelli family [2][3][7] - Despite the rejection, Tether is positioning itself as a long-term investor, expressing willingness to invest €1 billion to strengthen the club if a deal is reached [3][4][7] Financial Position - Tether is in a strong financial position, with the potential to generate approximately $15 billion in revenue this year, positioning itself as a contender to become the world's most profitable company [4][6] Strategic Moves - Tether has gradually increased its influence in Juventus, having acquired over 10% of the club's shares and nominated members to its board [5] - The company has been diversifying its investments into various sectors, including artificial intelligence, robotics, and health-tech, alongside its interest in sports [4][5]

Core Viewpoint - The company anticipates an increase in losses, projecting a loss of approximately HKD 320 million for the fiscal year ending June 30, 2025, compared to a loss of about HKD 182.8 million for the fiscal year ending June 30, 2024 [1] Financial Performance - The projected increase in losses is attributed to several factors, including the relegation of Birmingham City Football Club to the English Football League Championship, which has resulted in decreased broadcasting revenue [1] - Increased financing costs due to higher loan amounts are also contributing to the anticipated losses [1] - Operating expenses for the football club have risen, primarily due to increased matchday expenses and higher depreciation costs following upgrades to infrastructure and equipment [1] Asset and Expense Changes - The amortization of intangible assets has increased due to the acquisition of new players [1] - The company's share of losses from joint ventures has risen due to increased operating expenses in those ventures [1] - The automotive business has seen an increase in sales and marketing expenses, research and development costs, and administrative expenses, although some of these costs have been offset by gains from changes in the fair value of financial assets and increased matchday and commercial revenues from the football club [1]