Penghua CSI Media ETF

Internet Information Departments Urge Platforms to Rectify 98,000 Non-compliant Self-media Accounts

Focus Media released FY2025 Q4 earnings on April 28 After-Market (BJT), actual revenue CNY 3.152 B (forecast CNY 3.21 B), actual EPS CNY -0.0896 (forecast CNY 0.094)

Focus Media released FY2026 Q1 earnings on April 28 During-Market (BJT), actual revenue CNY 2.915 B (forecast CNY 3 B), actual EPS CNY 0.1239

KINGNET released FY2026 Q1 earnings on April 28 Pre-Market (BJT), actual revenue CNY 2.221 B (forecast CNY 1.56 B), actual EPS CNY 0.37 (forecast CNY 0.3147)

KINGNET released FY2025 annual earnings on April 28 Pre-Market (BJT), actual revenue CNY 5.325 B (forecast CNY 5.807 B), actual EPS CNY 0.89 (forecast CNY 1.0323)

Leo released FY2025 Annual Earnings on April 28 After-Market (BJT), actual revenue CNY 20.05 B, actual EPS CNY 0.0052

Kunlun released FY2026 Q1 earnings on April 28 During-Market BJT, actual revenue CNY 2.57 B, actual EPS CNY -0.71

KINGNET released FY2025 Q4 earnings on April 28 Pre-Market (BJT), actual revenue CNY 1.25 B (forecast CNY 1.573 B), actual EPS CNY 0.1498 (forecast CNY 0.2148)

Leo released FY2026 Q1 earnings on April 28 During-Market (BJT), actual revenue CNY 5.101 B, actual EPS CNY 0.0048

Leo released FY2025 Q4 earnings on April 28 After-Market (BJT), actual revenue CNY 5.596 B, actual EPS CNY -0.0982

Focus Media released FY2025 earnings on April 28 After-Market (BJT), actual revenue CNY 12.76 B (forecast CNY 12.8 B), actual EPS CNY 0.204 (forecast CNY 0.3284)

SANQI HUYU released FY2026 Q1 earnings on April 27 Pre-Market (BJT), actual revenue CNY 3.72 B (forecast CNY 4.371 B), actual EPS CNY 0.4 (forecast CNY 0.362)

Giant Network released FY2026 Q1 earnings on April 27 During-Market (BJT), actual revenue CNY 2.329 B (forecast CNY 2.1 B), actual EPS CNY 0.57

Stonehill Technology released FY2025 Q4 earnings on April 27 Pre-Market (BJT), actual revenue CNY 186.76 M, actual EPS CNY -0.0161

Stonehill Technology released FY2026 Q1 earnings on April 27 Pre-Market (BJT), actual revenue CNY 163.91 M, actual EPS CNY 0.0037

Stonehill Technology released FY2025 annual earnings on April 27 Pre-Market (BJT), actual revenue CNY 653.19 M, actual EPS CNY 0.0163

Ultrapower released FY2026 Q1 earnings on April 27 After-Market (BJT), actual revenue CNY 1.401 B, actual EPS CNY 0.087

Kunlun released FY2025 Q4 earnings on April 23 Pre-Market (BJT), actual revenue CNY 2.393 B, actual EPS CNY -0.7239

Kunlun released FY2025 earnings on April 23 Pre-Market (BJT), actual revenue CNY 8.198 B (forecast CNY 7.747 B), actual EPS CNY -1.28 (forecast CNY -0.8174)

Leo to Release FY2025 Earnings on April 29 After-Market (BJT)

159805

512980

FCC Chair Brendan Carr faces accusations of ethical violations for allegedly pressuring broadcasters to align with Trump's media agenda. A watchdog group has requested investigations into his actions, citing potential breaches of ethical obligations. Carr has been involved in controversial incidents, including pressuring ABC over Jimmy Kimmel's remarks and overseeing a probe into the network's diversity programs. Critics argue these actions represent a coordinated campaign against media freedom.

Dow Jones

ISHRS S&P Glb Telco

VGtelecomm

GF Fund CSI Media ETF

Comm Servcies Select Sector SPDR

Nexstar Media

Sinclair

Disney

FCC chair is accused of illegally trying to rein in the media. Here are his biggest controversies.

516620

516190

159855

MoonRay, DreamWorks Animation's open source path-tracing renderer, has joined the Academy Software Foundation as a hosted project. Used in every DreamWorks feature film since 2019, MoonRay supports diverse artistic styles and is built for efficiency and scalability. DreamWorks CTO Bill Ballew will keynote the ASWF Open Source Days in July 2026, discussing MoonRay's evolution from a proprietary tool to an open source asset. The project aims to foster collaboration and innovation in rendering technology.

prnewswire

Guotai CSI Movies Theme ETF

Invesco Leisure & ENT ETF

ChinaAMC CSI Cultural Entertainment Media ETF

Yinhua CSI Movies Theme ETF

15:41 ETMoonRay, DreamWorks Animation's Open Source Production Renderer, Joins the Academy Software Foundation

08403

517770

At yesterday's close, DEFENG SOLIFE's MACD daily indicator formed a bullish crossover in the low region, with short-term momentum shifting from a prolonged slump to an upward turn. This technical change typically indicates that selling pressure has largely been released, and a small amount of buying can drive the price up. The trading volume was approximately HKD 1.8 million, which is very low in absolute terms, but represents a certain level of activity for small-cap media stocks on the Growth Enterprise Market. The stock price shows signs of stabilization in a long-term bottoming area, with bearish forces clearly weakening. DEFENG SOLIFE belongs to the media industry, and the current wave of AI technology is profoundly changing the business models of the media and content industries. Recently, Baidu's announcement of the DAA multi-line paving Agent has sparked market interest in AI content production, and the media sector is expected to benefit from the efficiency improvements and new business model explorations brought about by technological empowerment. However, it should be noted that the fundamental improvement of small-cap media stocks often requires a long time for verification, with short-term movements driven more by sentiment and capital. In the context of rising risk aversion in the global market, funds typically withdraw from high-risk small-cap stocks, which may pose a headwind for this stock. From a technical perspective, as a Growth Enterprise Market stock, DEFENG SOLIFE's trading depth and liquidity are extremely limited, making the signals generated by technical indicators prone to distortion. Although the moving average system shows signs of flattening, it requires a longer period of volume-price coordination to confirm the direction. If the trading volume continues to be below HKD 1 million for several consecutive days, the current signal is unlikely to persist. The short-term direction is neutral, with bullish signals emerging but their reliability is questionable

Technical Forecast

DEFENG SOLIFE

AXA SPDB CSI Hugangshen Game and Culture Media ETF

BIDU-SW

Baidu

DEFENG SOLIFE HOLDINGS LTD SPON ADS EACH REP 2 ORD

DOWWAY HLDGS LTD SPON ADS EACH REP 100 ORD (POST SPLIT)

BIDU-SWR

Pre-market trend | DEFENG SOLIFE (8403.HK) 5/15 Bullish momentum begins, can small-cap media stocks emerge from the trough?

09626

513040

513770

Yesterday, BILIBILI-W's stock price plummeted by 8.08%, closing at HKD 153.5. After gapping down from yesterday's close of HKD 167.0, it continued to weaken, hitting a low of HKD 151.5 during the session. The MACD daily line has established a bearish signal, with the momentum bars rapidly expanding downward, which typically indicates that the phase of decline is accelerating and bullish forces are fully retreating. The trading volume reached approximately HKD 1.716 billion, characteristic of a typical volume-driven sell-off, with panic selling clearly emerging. On the news front, Chinese concept stocks collectively faced a heavy setback. U.S. pre-market trading saw a broad decline in Chinese concept stocks, with BILIBILI's U.S. shares dropping about 3% and Alibaba plummeting by 4%. The global financial market experienced a "Black Friday," as inflation fears crushed the tech stock rally, with the U.S. 30-year Treasury yield breaking 5%, leading to a sharp decline in risk appetite. Alibaba's earnings report showed a 99% drop in net profit, raising concerns about the profitability quality of Chinese concept stocks across the entire sector

- On May 17, Bilibili-W's stock price fell sharply by 8.08%, closing at 153.5 HKD after opening lower at 167.0 HKD and hitting a low of 151.5 HKD during the day.  
- The MACD daily signals indicated a strengthening bearish trend, with trading volume reaching approximately 1.716 billion HKD, reflecting widespread panic selling amid a broader downturn in Chinese stocks.  
- Concerns about the earnings quality of Chinese companies were heightened after Alibaba reported a 99% drop in net profit, contributing to a significant decline in the tech sector and a sharp drop in risk appetite globally.

BILIBILI-W

E Fund CSI HK Connect Internet ETF

Hwabao CSI HK Equities Internet ETF

Bilibili

BABA-W

Alibaba

BABA-WR

Alibaba HK SDR 5to1

Pre-market trend | BILIBILI-W (9626.HK) experienced a significant drop on May 15, breaking through key levels, is the short interest accelerating under the cold wave for Chinese concept stocks?

BNGE

03033

GAMR

The latest broker ratings for TENCENTshow a range of investment views: BNP Paribas rates it Outperform at HKD800, citing solid core business momentum; BofAS and UBS both rate it Buy at HKD780, with strong advertising performance and AI investment focus; CMBI rates it Buy at HKD750, noting resilient earnings growth; CLSA rates it Outperform at HKD740, highlighting double-digit growth in game receipts; G Sachs rates it Buy at HKD700, emphasizing AI momentum; BOCI rates it Buy at HKD700, mentioning deferred game revenue; JPM rates it Overweight at HKD690, indicating healthier organic business growth. Short selling stands at $1.65B with a ratio of 14.977%.

AASTOCKS News

First Trust S-Network Streaming and Gaming ETF

CSOP HS TECH

Wedbush ETFMG Video Game Tech ETF

TENCENT

Tencent

BNP Paribas

Bank of America

UBS Group AG

Goldman Sachs

JPMorgan Chase

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

GS Hldg R

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

Summary of Latest Broker Ratings, TPs, Views on TENCENT

Agentio has launched a new guide for brands on measuring YouTube Creator performance, highlighting that 40% of top-performing creators may be incorrectly cut due to reliance on standard attribution tools. The guide emphasizes the need for distinct measurement approaches for budget allocation and creator renewal decisions, advocating for the use of Media Mix Models to assess investment and a combination of pixel data and Post-Purchase Survey responses for creator ranking. This framework aims to improve the accuracy of performance measurement in Creator-led advertising.

MorningStar

Agentio Unveils YouTube Creator Performance Measurement Guide for Brands

00707

Asia Television Holdings Limited has restructured its board following a court ruling that removed several directors, leaving only two in place. To address governance issues and comply with Hong Kong listing rules, the company appointed three new independent non-executive directors, including auditor Mr. Tsao Hoi Ho. This move aims to stabilize management and enhance investor confidence amid ongoing regulatory scrutiny and trading suspension. The company operates in the media and entertainment sector and is listed on the Hong Kong Stock Exchange.

Tip Ranks

ATV HOLDINGS

Asia Television Holdings Reshapes Board to Restore Governance Compliance

600977

001330

01896

002739

During this year's May Day holiday, China's box office only grew by 1.4%, reaching 758 million yuan, with the number of moviegoers reaching 20.9 million, an increase of 10% compared to 2025. However, the average ticket price dropped from 39.5 yuan to 36.3 yuan, offsetting the gains from the number of moviegoers. The decrease in the number of new films is one of the reasons for the lack of growth, with only 12 films released in total, among which "The Vanished" and "Cold War 1994" both surpassed 100 million yuan at the box office

BambooWorks

BONA

MAOYAN ENT

Ruyi Film

Industry Brief: Average Ticket Price Declines, May Day Box Office Revenue Only Increases by 1.4%

06683

巨星传奇（6683.HK）现价 5.500，当日 -2.83%，股价创近半年新低，市值 52.4 亿。作为 IP 授权及文娱产业公司，2025 年巨星传奇亏损达 5105 万元，营收同比下降 19%。周杰伦相关 IP 销售走弱影响其业绩，市场关注单一 IP 风险及公司后续转型策略。

Movers Alert

STARPLUS LEGEND

Star Legend (6683.HK) Hits 6-Month Low Amid Weak Earnings

02540

Yesterday, Leshi Group rose slightly by 2.08% to HKD 0.98 at the close, with a trading volume of approximately HKD 5 million, showing relative resilience against the overall weak market. However, the MACD daily line formed a death cross below the zero axis, creating a "divergence" with the slight increase in stock price on the day. This phenomenon usually indicates that the strength of the short-term rebound is limited, and the medium-term trend still points to a bearish direction. The increase on that day may be more of a technical repair by short-term funds rather than a signal of trend reversal. The trading volume of approximately HKD 5 million is at a normal level, with no signs of significant capital inflow. On the news front, the Hong Kong stock media sector has seen light trading recently, lacking significant catalysts at the industry level. Although the global AI wave has provided some conceptual boost to technology media companies, Leshi Group, as a small to medium-sized media target, has a limited market capitalization and is difficult to directly benefit from the commercialization process of large AI platforms. In terms of the macro environment, rising U.S. Treasury yields and climbing oil prices have created systemic pressure on small and mid-cap stocks in Hong Kong, and the preference for large-cap stocks is unlikely to change in the short term. Currently, there are no positive news or analyst rating changes at the company level. From a technical perspective, HKD 0.98 is just below the key level of HKD 1.00. If it can consistently stay above HKD 1.00 and confirm with increased volume, the death cross signal may be resolved. However, from the MACD indicator itself, a death cross below the zero axis represents weak medium-term momentum, and a single-day rebound is insufficient to change the overall pattern. Attention should be paid to whether the next two trading days can continue to close positively with increased volume; otherwise, the rebound is likely just a technical repair within the downtrend

LESI GROUP

Pre-market trend | LESI GROUP (2540.HK) slightly rises against the trend on 5/5, but a death cross has appeared; how far can the rebound go?

Penghua CSI Media ETF(159805.SZ)