19 January 2026 | 1:17AM HKT Equity Research CHINA GAMES & ENTERTAINMENT 2026 Outlook: Framing key themes/debates around competition, overseas expansion and AI applications The China Games & Entertainment sector has seen a broad-based rally over the course of 2025 with large/mid caps rallying 50-80% (vs. HSCEI's 26%), as well with a strong start into 2026 with some stocks up as much as 30% (vs. c.3-5% for corresponding indexes). We believe the rallies have been roughly 50%/50% driven by from multiple expans ...