ChinaAMC CSI Cultural Entertainment Media ETF

Cultural Enterprises' Revenue Up 6.4% but Profits Down 5.6% in Q1

00136

516190

159855

516620

516010

159869

517770

China Ruyi shareholders approved the 2026 Game Cooperation Framework Agreement and the Drama Series and Movies Copyrights Licensing and Co-Production Framework Agreement during a special general meeting on May 19, 2026. The resolutions included proposed annual caps for the three years ending December 31, 2028, but did not confirm execution of any transactions under the frameworks.

PUBT

CHINA RUYI

Yinhua CSI Movies Theme ETF

Guotai CSI Movies Theme ETF

Guotai CSI Animation Game ETF

ChinaAMC CSI Animation Game ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

HKEX

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

China Ruyi shareholders approved 2026 game cooperation framework agreement annual caps

08403

512980

159805

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

GF Fund CSI Media ETF

Penghua CSI 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?

01060

DAMAI ENT's net profit nearly doubled last year, and it is expected that the net profit will reach 700 million yuan in 2026, an increase of 92%. The company is shifting its focus to live entertainment, ticketing, and IP commercialization, while reducing investments in film and television. The concert economy continues to thrive, with box office revenue expected to reach 29.558 billion yuan in 2025, driving consumption over 220 billion yuan. Revenue from IP derivative businesses surged by 105%, reflecting young consumers' enthusiasm for character IP

BambooWorks

DAMAI ENT

MAOYAN ENT

Goldman Sachs

MNSO

Miniso

POP MART

GS Hldg R

POP MART HK SDR 20to1

Last year's profit doubled, DAMAI aims at IP and AI ecosystem

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

IDGT

ESPO

XDAT

BIGC, a global entertainment-tech company, has acquired the K-pop fandom platform "blip" and the data service "K-POP RADAR" from Space Oddity. This strategic acquisition secures 1.3 billion global fandom data points, enabling the development of the "Enter OS" (Entertainment Operating System) aimed at maximizing artist IP monetization. The Enter OS will integrate data analysis, fan engagement, and monetization functions, enhancing BIGC's existing digital venue model. CEO Mihee Kim stated that this move will transform the entertainment industry by providing a sophisticated digital infrastructure for global fandom management and monetization.

Fidelity

Van Eck Associates Corp.

iShares US Digital Infrastructure and Real Estate ETF

VanEck Video Gaming and eSport ETF

Franklin Exponential Data ETF

ISHRS S&P Glb It

BigCommerce Holdings - Ser 1

BIGC Acquires Blip and K-POP RADAR, Launching Industry’s First Data-Driven “Enter OS” Powered by 1.3 Billion Fan Data Points

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

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?

01716

Today, MOST KWAI CHUNG recorded a transaction volume of approximately HKD 128 million. For this small-cap stock, this level of trading activity is considered unusually active. A bullish signal has appeared on the daily MACD level, where the technical pattern of the DIF line crossing above the DEA line is typically seen as a signal that short-term buying power is beginning to dominate. From the market rhythm perspective, the increase in trading volume accompanied by the formation of bullish signals indicates that there is capital actively participating at this position, and market attention has clearly intensified. 

On the news front, MOST KWAI CHUNG, as a small-cap media concept stock in the Hong Kong stock market, often sees its stock price movements driven significantly by market sentiment and short-term funds. Recently, the overall trading activity in the Hong Kong stock market has warmed up, with most sectors of the Hang Seng Index recording gains, and the trading activity of small and medium-cap stocks has increased. In addition, the Hong Kong Legislative Council has passed the "2026 Appropriation Bill," and the Hong Kong government's positive stance on the economic outlook provides some positive sentiment support for local consumption and the media sector. However, the lack of clear positive news at the company level means that today's volume spike needs to be viewed with caution. 

From a technical perspective, MOST KWAI CHUNG's transaction volume has suddenly surged from its usual low liquidity level to HKD 128 million. Such a volume change in small-cap stocks often reflects concentrated inflows and outflows of short-term funds. The bullish signals combined with increased volume indicate strong short-term momentum, but if the volume quickly shrinks afterward, the sustainability of the rebound will be significantly discounted. The effectiveness of technical signals in small-cap stocks is inherently lower than that of blue-chip stocks, and a more cautious interpretation is required

MOST KWAI CHUNG

Hang Seng Index

Pre-market trend | MOST KWAI CHUNG (1716.HK) on 4/29 shows unusual volume increase attracting attention, is the bullish signal a true breakout?

ChinaAMC CSI Cultural Entertainment Media ETF(516190.SH)

China Ruyi shareholders approved 2026 game cooperation framework agreement annual caps

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

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?

Last year's profit doubled, DAMAI aims at IP and AI ecosystem

Agentio Unveils YouTube Creator Performance Measurement Guide for Brands