Core Points - The number of "immediate refund" stores for outbound tax refunds in Chongqing has increased to 50, with a total of 240 tax refund stores [1] - The "immediate refund" service allows foreign travelers to receive tax refunds on-site after making purchases, enhancing the shopping experience [1] - From January to August this year, the sales of tax refund goods and the amount of tax refunds processed in Chongqing have both increased nearly fivefold year-on-year [1] Group 1 - The Chongqing tax bureau has introduced a centralized refund model, allowing travelers to process refunds at designated points after shopping at any tax refund store [2] - A new centralized refund point has been established in the Guanyinqiao business district, bringing the total to four such points in the city [2] - Since the launch of the centralized refund points in August, approximately 110 "immediate refund" transactions have been processed [2] Group 2 - The Chongqing tax bureau aims to encourage more local cultural product stores to register as tax refund stores and expand the "immediate refund" service to other provinces in the western region [3] - The initiative is expected to stimulate inbound tourism consumption in Chongqing [3]

Core Viewpoint - The recent stock transfer of Hendry Holdings (03389) from Guotai Junan (Hong Kong) to Minyin Securities indicates a significant market movement, with a total value of HKD 91.653 million, representing 16.01% of the company's shares [1] Financial Performance - Hendry Holdings reported a revenue of HKD 314 million for the mid-year of 2025, reflecting a year-on-year decrease of 45.8% [1] - The company achieved a profit attributable to shareholders of HKD 26.308 million, a significant improvement from a loss of HKD 2.504 million in the same period last year [1] - Earnings per share were reported at HKD 0.006 [1] Operational Factors - The increase in profit is primarily attributed to foreign exchange gains resulting from currency fluctuations affecting the operational units [1]

Group 1 - The company reported a revenue of 314 million RMB for the six months ending June 30, 2025, representing a decrease of 45.8% year-on-year [1] - Shareholders' profit attributable to the company was 26.31 million RMB, compared to a loss of 2.504 million RMB in the same period last year [1]

Core Viewpoint - The financial troubles of Emperor International, controlled by Yang Shoucheng, have led to significant stock declines and raised concerns about the company's future viability [1][4][6]. Financial Performance - For the fiscal year 2024/2025, Emperor International reported total revenue of HKD 1.376 billion, a year-on-year increase of 41.47% [4]. - The company recorded a shareholder loss of HKD 4.743 billion, which represents a year-on-year increase of 131.75% [4]. - Deloitte issued a non-standard report on Emperor International's financial statements, indicating a loss of HKD 4.84 billion and highlighting overdue bank loans totaling HKD 16.6 billion [4]. Stock Market Reaction - On June 30, Emperor International's stock fell by over 15%, closing with a decline of 11.76% at HKD 0.21 per share, resulting in a total market capitalization of HKD 1.158 billion [1]. - Other Emperor Group stocks also experienced significant declines, including Emperor Watch & Jewellery down 8.33%, Emperor Entertainment Hotel down 5.26%, and Emperor Capital down 18.18% [3]. Company Background - Emperor International is a publicly listed company under the Emperor Group, focusing on property investment and real estate development, controlled by the Yang family [5]. - The company has diversified operations, including real estate, finance, jewelry, entertainment, and hotel management, with seven subsidiaries listed on the Hong Kong Stock Exchange [9]. Yang Shoucheng's Influence - Yang Shoucheng is a prominent figure in Hong Kong's entertainment industry, having supported various successful films and nurtured many popular artists [6][11]. - His business ventures began with a jewelry store and expanded into a diversified conglomerate, establishing a significant presence in multiple sectors [6][9].