As filed with the U.S. Securities and Exchange Commission on December 4, 2025. Registration No. 333-291047 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________________________ Duke Holding Inc. (Exact name of registrant as specified in its charter) _________________________________ | Nevada | 4220 | 99-4197970 | | --- | --- | --- | | (State or other juris ...

花旗发表研报指，阿里巴巴公布9月底止2026财年第二季业绩，总营收年增5%至2478亿元，分别较该行 及市场预测高2.1%、1.1%。总体而言，花旗视此为一份稳健的业绩，云端业务营收胜预期，电子商务 业务及总EBITA也优于市场原先所忧虑情境。花旗予阿里美股目标价218美元，评级"买入"。 ...

Core Viewpoint - Alpha Enterprises (00948) is undergoing a significant shareholder transfer and is selling its stake in Shenyang Jinyi E-commerce Co., Ltd for a total consideration of HKD 27.5 million, which will result in the company no longer consolidating the financial performance of the target company into its financial statements [1] Group 1: Shareholder Transfer - On November 12, Alpha Enterprises' shareholders transferred shares from Everbright Securities Investment Services Hong Kong to Jietong Securities, with a transfer market value of HKD 7.28 million, accounting for 8.02% of the total shares [1] Group 2: Sale Agreement - Alpha Enterprises announced a sale agreement with Stlet International Group Limited, where the foreign-owned subsidiary will sell its economic interests in Shenyang Jinyi E-commerce Co., Ltd for HKD 27.5 million [1] - Upon completion of the sale, Shenyang Jinyi E-commerce Co., Ltd will no longer be a subsidiary of Alpha Enterprises, and the company will not hold any rights to the target company [1] Group 3: Target Company Overview - Shenyang Jinyi E-commerce Co., Ltd is a limited company established in China, primarily engaged in e-commerce activities and holds necessary licenses, including the Value-Added Telecommunications Business Operating License (ICP License) and the Network Culture Business Operating License (ICB License) [1]

Core Viewpoint - Alpha Enterprises (00948.HK) announced the sale of a 70% economic interest in Shenyang Jinyi E-commerce Co., Ltd. for a total consideration of HKD 27.5 million, which will result in the target company no longer being a subsidiary of the company and its financial performance not being consolidated into the company's financial statements [1][2]. Group 1 - The sale agreement was signed with Stlet International Group Limited, and the transaction includes the rights to shareholder loans owed by the target company to the foreign-owned enterprise [1]. - The target company operates in China and is primarily engaged in e-commerce, holding necessary licenses such as the ICP license and ICB license [1]. - The decision to sell was influenced by the target group's poor operational performance due to a downturn in the Chinese economy, leading to lower-than-expected consumer demand and operational losses [2]. Group 2 - The board of directors considered the sale price to be 28.8% higher than the net asset value of the 70% stake as of March 31, 2025, which includes goodwill and intangible assets recognized during a previous acquisition [2]. - The uncertain business outlook for the target group and the ongoing costs associated with holding the economic interest were significant factors in the decision to proceed with the sale [2]. - The completion of the sale is expected to provide additional liquidity to the group immediately [2].

Core Viewpoint - Alpha Enterprises (00948) has announced the sale of its economic interests and shareholder loan rights in Shenyang Jinyi E-commerce Co., Ltd. to Stlet International Group Limited for a total consideration of HKD 27.5 million, effective September 30, 2025, resulting in the target company no longer being a subsidiary of the company and its financial performance not being consolidated into the company's financial statements [1] Group 1 - The target company is a limited liability company established in China, primarily engaged in e-commerce and holds necessary licenses for its operations, including the ICP license and ICB license [1] - For the fiscal year ending March 31, 2025, the target group's operational performance was poor due to a downturn in the Chinese economy leading to weaker-than-expected consumer demand, resulting in operational losses [1] - The board of directors has begun exploring the disposal of economic interests and shareholder loan rights due to the target group's performance since acquisition [1] Group 2 - The consideration for the sale represents a premium of 28.8% over the net asset value of 70% equity in the target group as of March 31, 2025, including goodwill and intangible assets recognized during the acquisition [2] - The board considers the business outlook of the target group to be uncertain, and continuing to hold economic interests would incur ongoing costs and expenses [2] - Completing the sale will provide immediate additional liquidity to the group, making the decision to proceed with the sale appropriate [2]

Core Viewpoint - The company reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2024, primarily due to reduced advertising revenue and the cessation of earnings from non-advertising segments, particularly e-commerce [1] Financial Performance - The company achieved revenue of HKD 13.829 million, representing a year-on-year decrease of 31.6% [1] - The loss attributable to equity shareholders was HKD 7.471 million, which is a year-on-year decrease of 22.6% [1] - The loss per share was HKD 0.0164 [1] Business Segments - The decline in revenue was mainly attributed to a decrease in advertising business revenue [1] - The company’s non-advertising business segments, especially e-commerce, no longer generated revenue [1]

Core Insights - Sea's Q1 2025 revenue increased by 29.6% year-over-year to $4.84 billion, slightly below analyst expectations of $4.89 billion [1] - The company reported a net profit of $411 million, a significant turnaround from a net loss of $23 million in the same period last year [1] - Adjusted EBITDA reached $946.5 million, marking a 136% year-over-year increase, indicating substantial improvement in profitability [1] E-commerce Segment - E-commerce revenue was $3.524 billion, up 28.3% year-over-year, with Gross Merchandise Value (GMV) at $28.6 billion, reflecting a 21.5% increase [1] - E-commerce accounted for 72.8% of total revenue, with core market revenue (including transaction and advertising fees) growing by 39.2% to $2.4 billion [1][2] - Value-added services revenue, including logistics, grew by 4.1% to $752 million [1] Digital Financial Services - Digital financial services contributed 16.3% to total revenue, driven primarily by growth in consumer and SME credit businesses, with revenue increasing by 57.6% to $787 million [1][2] - The segment's adjusted EBITDA contribution was $241 million, a 62.4% increase year-over-year [2] Digital Entertainment - Digital entertainment revenue was $496 million, up 8.2% year-over-year, with bookings reaching $775 million, a 51.4% increase [1] - This segment accounted for 10.2% of total revenue, with adjusted EBITDA contribution of $458 million, reflecting a 56.8% year-over-year growth [2] User Metrics - The company reported 661.8 million quarterly active users, an 11.3% increase year-over-year, and 64.6 million paying users, up 32.2% [2] Cost Structure - Total costs for the quarter were $2.605 billion, a 19.5% increase year-over-year, with specific costs for e-commerce, digital financial services, and digital entertainment reported as $1.934 billion, $106 million, and $181 million respectively [2] - Sales and marketing expenses totaled $930 million, up 20.8% year-over-year, with notable increases in digital financial services and digital entertainment marketing costs [2] Market Reaction - Following the earnings report, Sea's stock surged over 13% in pre-market trading, with a current market capitalization of $90.6 billion [3]

Core Points - Li Yujie, former senior manager of the finance department of China Post Group, is under investigation for serious violations of discipline and law [1][2] - This investigation is part of a broader trend, as multiple individuals within China Post Group have been investigated this year [5][6] Group 1: Company Overview - China Post Group is a state-owned enterprise established under the Company Law of the People's Republic of China, operating without a shareholders' meeting [5] - The company is responsible for various postal services, including domestic and international mail delivery, logistics, and financial services [5] - In 2024, China Post Group achieved revenue of 702.58 billion yuan, a year-on-year increase of 1.53%, and a profit of 86.52 billion yuan, ranking 83rd in the Fortune Global 500 and 1st in the global postal industry [5] Group 2: Recent Investigations - Li Yujie's investigation follows the earlier investigation of Pei Yingjie, a former senior manager of the Zhejiang branch, for similar violations [5] - Additionally, Bi Xiaozai, a former senior manager of the Shanghai branch, is also under investigation for serious violations of discipline and law [6]