Core Viewpoint - Bit Metaverse (08645) reported a mid-term loss attributable to shareholders of HKD 7.915 million, an increase of 6.36% year-on-year, despite a revenue increase of 27.63% to HKD 81.54 million [1] Group 1: Financial Performance - The company achieved a revenue of HKD 81.54 million for the six months ending December 31, 2025, representing a year-on-year increase of 27.63% [1] - The loss attributable to equity holders for the period was HKD 7.915 million, which is a 6.36% increase compared to the previous year [1] - The loss per share was reported at HKD 0.0105 [1] Group 2: Revenue Drivers - The increase in revenue was primarily driven by the e-commerce business, which saw an increase of approximately HKD 11.347 million or 126.6%, reaching about HKD 20.307 million (previous year: approximately HKD 8.96 million) [1] - The online gaming IP licensing management services also contributed to revenue growth, with an increase of approximately HKD 4.513 million or 24.6%, totaling about HKD 22.888 million (previous year: approximately HKD 18.375 million) [1]

Core Viewpoint - Bit Metaverse (08645) reported a revenue of HKD 81.54 million for the six months ending December 31, 2025, representing a year-on-year increase of 27.63%. However, the company recorded a loss attributable to equity holders of HKD 7.915 million, which is a 6.36% increase compared to the previous year, with a loss per share of 1.05 HK cents [1] Revenue Growth - The increase in revenue was primarily driven by two factors: - E-commerce business revenue rose by approximately HKD 11.347 million or 126.6% to about HKD 20.307 million, compared to approximately HKD 8.96 million in the same period last year [1] - Revenue from online game IP licensing management services experienced stable growth, increasing by approximately HKD 4.513 million or 24.6% to about HKD 22.888 million, up from approximately HKD 18.375 million in the previous year [1]

Core Viewpoint - The company, Yinzhijie, is expected to report a net loss of 110 million to 140 million yuan for the year 2025, marking its fifth consecutive year of losses due to significant declines in its financial information technology and mobile information service revenues, alongside impairment charges and strategic investment losses [1] Financial Performance - The financial information technology business revenue is projected to decline by approximately 35.94% - The mobile information service business revenue is expected to decrease by around 30.94% - The only positive aspect is the e-commerce business, which is anticipated to grow by about 15.49%, but this growth is insufficient to offset the overall decline [1] Corporate Structure and Governance - Starting from May 2025, Yinzhijie will operate without a controlling shareholder or actual controller, as the joint control agreement among the previous controlling shareholders has expired and will not be renewed - The major shareholder, He Ye, reduced his holdings by approximately 775 million yuan in 2025, raising concerns about the stability of strategic decision-making [2] Stock Performance - On February 5, 2026, Yinzhijie's stock price increased by 2.15%, with a trading volume of 1.398 billion yuan and a turnover rate of 5.39%, indicating high short-term investor interest - However, the stock price subsequently declined, closing at 38.66 yuan on February 11, down 3.18% from February 5, with a nearly 20-day decline of 17.95%, underperforming compared to the broader market and industry indices - The current technical analysis shows the stock price fluctuating near the lower Bollinger Band at 36.71 yuan, with a resistance level at 43.85 yuan [3] Institutional Perspectives - Institutional interest in Yinzhijie is relatively low, with the latest sentiment being neutral and no recent research records available - Profit forecasts from some institutions estimate a net profit of 71 million yuan for 2025, which significantly contrasts with the company's loss forecast - The fund holding ratio is only 0.04%, reflecting cautious market sentiment [4]

Core Viewpoint - The company, Yinzhijie, is forecasting a significant net loss for the year 2025, with expected losses ranging from 110 million to 140 million yuan, primarily due to a decline in revenue across its main business segments [1] Group 1: Financial Performance - The total revenue for 2025 is expected to decrease by approximately 11.76% compared to the previous year [1] - The financial information technology business is projected to decline by about 35.94% [1] - The mobile information services business is anticipated to drop by around 30.94% [1] - The e-commerce business is expected to grow by approximately 15.49% [1] Group 2: Profitability Analysis - The net profit attributable to shareholders is forecasted to be a loss of 110 million to 140 million yuan, with the main reasons being losses in the three core business segments totaling between 59.08 million and 89.08 million yuan [1] - The financial information technology and mobile information services segments are experiencing losses due to declining revenues and impairment of intangible assets [1] - The e-commerce segment continues to be profitable with slight growth [1] Group 3: Additional Financial Impacts - The company will incur a total impact of approximately -27.4 million yuan from share-based payment expenses related to the 2024 and 2025 stock incentive plans [1] - The strategic investment in Dongya Qianhai Securities is expected to negatively impact investment income by about -15.6 million yuan due to operational losses in 2025 [1] - Non-recurring gains and losses are projected to affect net profit by approximately 17.54 million yuan, compared to 1.8785 million yuan in the same period last year [1]

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 ...

Core Viewpoint - Citigroup published a report indicating that Alibaba's revenue for the second quarter of the fiscal year ending September 2026 increased by 5% year-on-year to 247.8 billion yuan, exceeding both Citigroup's and market forecasts by 2.1% and 1.1% respectively [1] Group 1 - Overall, Citigroup views this as a robust performance, with cloud business revenue surpassing expectations [1] - E-commerce business and total EBITA also outperformed market concerns [1] - Citigroup set a target price of $218 for Alibaba's U.S. stock, with a "Buy" rating [1]

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]