AXA SPDB CSI Hugangshen Game and Culture Media ETF

Three Major Operators Launch Token Services, Media Companies Layout Boosts Game and Media Sector Surge

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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

ChinaAMC CSI Cultural Entertainment Media ETF

Yinhua CSI Movies Theme ETF

Guotai CSI Movies Theme ETF

Guotai CSI Animation Game ETF

ChinaAMC CSI Animation Game 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?

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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?

MCHI

HERO

GAMR

ESPO

Tencent reported a 9% increase in Q1 2026 revenue to 196.5 billion yuan, slightly below Wall Street's 199 billion yuan estimate. Gaming revenue grew 6% year-over-year to 45.4 billion yuan, a slowdown from 24% in Q1 2025, attributed to timing issues. CEO Ma Huateng noted significant progress in AI, with a focus on enhancing operations and launching new products. The fintech division generated 60 billion yuan, driven by cloud services and AI solutions. Despite the revenue miss, Tencent's cash flow supports its AI investments, balancing gaming performance with growth in AI-driven services.

Stock Invest

iShares MSCI China

iShares China Large Cap

iShares Expanded Tech Software Sector ETF

First Trust S-Network Streaming and Gaming ETF

Global X Video Games & Esports ETF

Wedbush ETFMG Video Game Tech ETF

Global X Cloud Computing ETF

Krne Csi China Internet

VanEck Video Gaming and eSport ETF

SPDR S&P Software

Emerging Markets Internet ETF

TENCENT

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

Tencent's Q1 Revenue Slightly Misses Estimates Despite Gains in Gaming and AI

Polymarket has reported a significant shift in the odds for the 'LoL: Team WE vs. Anyone's Legend' match, with the probability of both teams killing a dragon rising from 50% to 90% in just one hour. This 40% fluctuation suggests a notable change in expectations, prompting stakeholders to assess the implications of this sudden development.

CoinLive

Van Eck Associates Corp.

Polymarket Predicts Significant Shift in Team WE vs. Anyone's Legend Match

Microsoft is reportedly expanding its Xbox Game Pass subscription to China, as indicated by references to "Project Saluki" in a recent Xbox PC app update. This project aims to enhance Game Pass, Rewards, and subscription tiers in the Chinese market. Although Microsoft has been selling Xbox consoles in China since 2014, Xbox Game Pass has not yet been available in the country.

The Verge

Microsoft

Microsoft’s Xbox PC app hints at China expansion for Game Pass

HTCD

According to Sensor Tower, TENCENT's Honor of Kings topped the global mobile game revenue chart in April 2026, driven by strong operational events and the S43 season update. This update introduced a new hero and gameplay improvements, while a crossover event with Honor of Kings World offered players rewards. The Nezha 2 collaboration further enhanced the game's appeal. Other top games included Last War: Survival Game, Whiteout Survival, Royal Match, and Gossip Harbor, with TENCENT's Game for Peace ranking tenth globally.

AASTOCKS News

Sensor Tower: Honor of Kings Tops Global Mobile Game Revenue Chart in April

Supercell has fully acquired Metacore and its popular game Merge Mansion, a move that underscores Tencent's strategy in the casual gaming market. This acquisition is seen as a strategic extension of Supercell's portfolio, targeting a broader audience beyond competitive gamers. Merge Mansion has achieved over 60 million downloads and $600 million in revenue, appealing to casual players, particularly women and older demographics. The deal highlights a shift in the mobile gaming industry towards casual genres and emphasizes the importance of long-term user retention and live operations in gaming.

TechNode

Supercell acquires Metacore, Tencent expands its presence in the global casual gaming market

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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

Printr's founder has announced his resignation as CEO, with COO and GTM head Lennon immediately stepping into the CEO role. According to Odaily, co-founder Lea will continue as CTO, while the former CEO will transition to an advisory position. In addition, Printr has declared a full refund of community-raised funds, with the refund process expected to be announced within seven days. The team stated that this move aims to rebuild community trust, while the platform's products, team, and development roadmap will remain unchanged.

VanEck Gaming ETF

Printr Announces Leadership Change and Community Fund Refund

AXA SPDB CSI Hugangshen Game and Culture Media ETF(517770.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?

Tencent's Q1 Revenue Slightly Misses Estimates Despite Gains in Gaming and AI

Polymarket Predicts Significant Shift in Team WE vs. Anyone's Legend Match