Core Viewpoint - The stock of NagaCorp (03918) has declined over 4%, currently trading at HKD 4.59 with a transaction volume of HKD 34.06 million, amid escalating conflicts in the Cambodia-Thailand border region [1] Group 1: Company Overview - NagaCorp is the largest operator in the gaming and hotel industry in Cambodia [1] - The company has recently terminated a financing agreement for the Naga 3 project with its major shareholder, resulting in a forfeiture of USD 316 million to be added to its reserves [1] - Despite the termination of the agreement, NagaCorp plans to continue the development of the Naga 3 project and will assess the remaining development plans, exploring alternative funding sources if necessary [1] Group 2: Industry Context - The Cambodia-Thailand border has seen renewed violent conflicts since December 7, prompting the Chinese embassy in Cambodia to advise citizens in the area to enhance safety precautions [1] - The Chinese Ministry of Foreign Affairs' special envoy for Asian affairs is scheduled to visit Cambodia and Thailand to mediate the border conflict [1]

Core Viewpoint - NagaCorp Limited (03918.HK) has mutually terminated the subscription agreement for the Naga3 project in Cambodia due to changes in the external macroeconomic environment, with both parties agreeing that this decision is in their best commercial interests [1] Group 1: Termination of Subscription Agreement - The mutual termination agreement was signed on December 15, 2025, and the total cash advance of $316 million paid by the subscriber has been forfeited and included in the company's reserves [1] - The company has no obligation to issue any settlement shares related to the cash advance [1] - The board believes that the termination of the subscription agreement will not have any significant adverse impact on the group's existing business or financial condition [1] Group 2: Future Plans for Naga3 Project - Despite the termination of the subscription agreement, the company plans to continue the development of the Naga3 project [1] - The company will assess the remaining development plans for Naga3 and explore alternative funding channels [1]