According to documents disclosed by the Hong Kong Stock Exchange, the globally renowned investment institution Fidelity International (FIL Limited) has increased its stake in ACTIVATION GP (09919), with its latest shareholding ratio rising to 10%. This marks multiple share accumulations in ACTIVATION GP by the institution since June of last year, demonstrating with real capital its confidence in the long-term value of this leading provider of mid-to-high-end brand experience marketing services in Greater China. As a core partner for multiple top luxury brands, ACTIVATION GP has successively delivered benchmark projects, evidencing its solid operational strength. By the end of June 2025, it created the Louis Vuitton "Voyager Extraordinaire" exhibition, themed "Louis Vuitton: The Trunk," at Shanghai Taikoo Hui. This important new brand exhibition by Louis Vuitton also became an industry focal point with its globally pioneering giant trunk concept space, deeply conveying the brand's cultural heritage and establishing itself as an annual Shanghai fashion spectacle and a topic of global discussion. The Louis Vuitton "Voyager Extraordinaire" brand exhibition featured seven halls—"Origins," "Travel," "Fragrance," "Books," "Sport," "Fashion Universe," and "Artisan Workshop"—comprehensively showcasing the brand's pioneering vision, from the founding of its workshop in Asnières in 1859 through the successive contributions of artistic and creative directors like Marc Jacobs, Nicolas Ghesquière, Virgil Abloh, and Pharrell Williams. Data released by the Shanghai Jing'an District Commerce Commission showed that in the 150 days since the "Louis Vuitton: The Trunk" exhibition was launched, the average daily footfall in the West Nanjing Road commercial area exceeded 500,000人次, with total consumer spending surpassing RMB 13 billion, a year-on-year increase of 13.3%; spending specifically in the area of the "Louis Vuitton: The Trunk" exhibition exceeded RMB 2 billion, a year-on-year increase of 59.3%. Taikoo Hui's average daily footfall reached 80,000 to 100,000人次. This performance also contributed to the earnings growth of Swire Properties; according to its quarterly report, Shanghai Taikoo Hui's Q3 2025 performance increased by 41.9% year-on-year. Beyond this, ACTIVATION GP recently assisted its client Dior with the opening gala for the "Dior Maison Beijing" and Louis Vuitton with the opening of the "Louis Vuitton Maison" flagship store in Beijing's Sanlitun. The successful launch of these top-tier luxury projects coincides with a window of recovery in the luxury goods industry. According to the latest forecast from consultancy Bain & Company, the global personal luxury goods market is expected to achieve growth of 3% to 5% in 2026 (at constant exchange rates). Signs of recovery in the Chinese market are evident. Simultaneously, luxury brands are accelerating their deployment of high-end offline experiences, and ACTIVATION GP, leveraging its years of accumulated top-tier brand resources, exceptional creative planning, and execution capabilities, is precisely positioned to meet this industry demand. Fidelity International's continued share accumulation sends a strong signal of optimism; combined with ACTIVATION GP's leading position in the high-end brand experience marketing field and the incremental business brought by the recovery in luxury consumption, ACTIVATION GP is poised to maintain its leadership in the broader fashion marketing track and fully capitalize on the dividends of the industry's recovery.