机构：中银国际 Key Risks for Rating Downside risks: 1) regulations on games, fintech, online ad, streaming, personal data, taxation, etc.; 2) intensified competition for key segments; 3) weaker-than-expected macro; 4) destructive investments; 5) accelerated share divestment from main shareholders. Valuation Reiterate BUY and lift our SOTP TP to HK$634.0 on our updated estimations with unchanged corresponding 2025E multiples assigned to each segment (18.0x PER for online game, 20.0x PER for online ad, 15.0x PER for ...