Core Viewpoint - Company plans to raise funds through a placement of 37.5245 million shares at HKD 9.13 per share, aiming to utilize the proceeds for IP business expansion and investment in entertainment and sports facilities [1][2] Fund Allocation - Approximately 38.2% (around HKD 124 million) will be allocated to expanding retail channels, including vending machines and smart devices [1] - About 12.4% (around HKD 40.2 million) is designated for developing physical IP stores, including the "Zhou Tongxue" store and collaborations with other leading IP partners [1] - Approximately 18.5% (around HKD 60 million) will be used for IP marketing expenses [1] - Around 6.8% (approximately HKD 22 million) is earmarked for investment in future entertainment and sports facilities [1] - About 14.1% (around HKD 45.6 million) will be allocated for IP exhibitions [1] - Approximately 10.0% (around HKD 32.4 million) is set aside for general operating funds and other corporate purposes [1] Business Segments - Company operates in two main segments: IP creation and operation, and new consumption [2] - In IP creation and operation, the company customizes unique character and content IPs for various artists, maximizing their influence [2] - The existing star IP portfolio has accumulated a fan base of 250 million [2] Market Performance - Following Zhou Jielun's announcement of joining Douyin, the company's stock price surged, with a maximum increase of 249.31% over four days [2] - On July 9, the stock experienced a one-day surge of 165.6%, with a trading volume of HKD 11.485 billion, surpassing Tencent's trading volume [2] Strategic Initiatives - Nearly 40% of the raised funds will be used to expand retail channels, focusing on vending machines as a strategic pivot [3] - During Zhou Jielun's concert in Hong Kong, vending machines generated an average daily sales of approximately HKD 20,000 each [3] - The company plans to open its first physical store in Guangzhou within the year, selling Zhou Tongxue IP products and introducing new IPs [3] Industry Outlook - The cultural consumption industry, represented by IP and trendy toys, is rapidly developing, with significant market recognition for the company's IP value and growth potential [4] - Predictions indicate that the influencer industry in China could reach RMB 8.2 trillion by 2025, with a CAGR of 14.2% from 2022 to 2025 [4] - The placement is expected to provide ample funds for the company to expand its online and offline consumption scenarios, accelerating the growth of its star IP ecosystem [4]