Tencent invests 1.16 billion to Ubisoft's popular IP; Nio drops over 7% after "follow-the-trend" placement | Today's important news review

0328 ｜ Dolphin Research Focus:

🐬 Individual Stocks

1、 $TENCENT(00700.HK)

Ubisoft announced that it has spun off the IPs and products of the "Assassin's Creed," "Far Cry," and "Tom Clancy's Rainbow Six" series, establishing an independent wholly-owned subsidiary valued at approximately €4 billion. Tencent subsequently announced that it would acquire a 25% stake in this subsidiary for €1.16 billion, becoming a minority shareholder. The transaction is expected to be completed by the end of 2025. Tencent's investment will be used to optimize Ubisoft's debt structure and the new company's operations, but it will not involve creative decision-making rights. Ubisoft retains ownership of the IP and 100% control, granting only a "global exclusive permanent IP license" to the subsidiary in exchange for royalties.

2、 $AppLovin(APP.US)

AppLovin surged 700% last year but plummeted 20% last night. Following short reports from Fuzzy Panda and Culper Research (Dolphin Research interpretation review: "A 60% Bloodbath, Is AppLovin Guilty?"), a third short report has emerged: Muddy Waters Research accused AppLovin of data abuse and violating platform service terms, also pointing out that its e-commerce advertising clients are losing business. Under the influence of short selling, AppLovin's stock price plummeted last night, with a slight recovery in pre-market trading today.

3、 $Intel(INTC.US)

Rumors that Intel may become a foundry for NVIDIA's gaming GPUs have attracted attention: According to UBS analyst Timothy Arcuri, AI chip giants Broadcom and NVIDIA are considering including Intel's 18A process in their foundry options. NVIDIA is closer to reaching a partnership compared to Broadcom and may use Intel as its second or third supplier. If Intel can secure orders from NVIDIA, it would be positive news; Intel's stock rose 0.85% in last night's trading

4、$NIO-SW(09866.HK)

Nio announced yesterday that it successfully raised approximately HKD 4.03 billion through a "lightning" placement, with the transaction completed for HKD 29.46 per share. Today, the stock price fell over 7%. Dolphin Research's commentary on this event can be reviewed in the article “How does Dolphin Research view Nio's sudden issuance?”.

5、 Core Focus on Financial Report Interpretation and Conference Call

China Duty-Free Group and Xindong Company announced their financial reports today, and Dolphin Research will track and provide interpretative analysis.

🐬 Leading Sectors

Shanghai and Shenzhen: Diversified capital markets, consumer finance, gold;

Hong Kong Stocks: Office services and supplies, commercial printing, silver;

U.S. Stocks: Silver, agricultural products, gold;

🐬 Attention Next Monday

1、 China's official manufacturing PMI.

The risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure