Core Viewpoint - The company successfully acquired a 24.68% stake in Russian casino operator Kaison Holdings for HKD 718 million, demonstrating strong execution capabilities and potential for performance synergy growth [1][2]. Group 1: Acquisition and Stakeholding - The acquisition price of HKD 1.94 per share represents a 31% premium over Kaison's closing price of HKD 1.48 on April 23 [1]. - After the acquisition, the company holds approximately 27.97% of Kaison Holdings, becoming its largest single shareholder, although it will not consolidate Kaison's financials at this time [1][3]. Group 2: Growth Potential in Asia-Pacific - The company is optimistic about its investments in the Russian gaming sector and aims to leverage its VIP customer resources to enhance performance at the Vladivostok casino [1]. - Projects in South Korea are progressing steadily, with a memorandum of understanding signed with Paradise Company for potential collaboration at Paradise Casino Busan [1][2]. - The company expects its Vietnam and Cambodia projects to start contributing to revenue by the end of 2019 or early 2020, positioning itself as a potential gaming giant in the Asia-Pacific region [1][2]. Group 3: Financial Projections - Revenue is projected to reach HKD 2.29 billion in 2020, with an EBITDA of HKD 1.6 billion [3]. - The company employs a sum-of-the-parts (SOTP) valuation approach, estimating a 12x EV/EBITDA for Vietnam and a 10x EV/EBITDA for the Vladivostok casino [3]. Group 4: Long-term Strategy - The company is adopting a light-asset model for its gaming operations in the Asia-Pacific region, aiming to replicate the success of its previous ventures and move towards becoming a major player in the gaming industry [4]. - The target price has been raised from HKD 1.8 to HKD 3.3, maintaining a "buy" rating [4].

Group 1 - A total of 11 new stocks were listed in the US last week, raising over $2.4 billion [1][2] - BETA Technologies raised $1.015 billion by issuing 29.85 million shares at $34 per share [1] - Other notable IPOs include BillionToOne raising $273 million, Grupo aerommexico raising $223 million, and Exzeo raising $168 million [2] Group 2 - Eight companies have submitted registration statements to the SEC, including seven SPACs and one Chinese entity, 快运集团 (SPED) [3] - Four companies are planning to go public this week, including WeShop Holdings Limited, which aims for a NASDAQ listing on November 10, 2025 [3] - WeShop is a social e-commerce platform with over 800 retail partners in the US and UK, planning a direct listing [6] Group 3 - DT House Ltd, a consulting firm focusing on ESG services, plans to list on NASDAQ on November 11, 2025, aiming to raise approximately $10 million [10] - FireFly Automatix, a manufacturer of automatic lawn care equipment, plans to list on NASDAQ on November 13, 2025, with a target of raising about $29.55 million [14]