Analysis of the Impact of AMTD Group's Legal Litigation on the Valuation of 8613.HK

Based on the collected information, I will provide a comprehensive analysis of the impact of AMTD Group’s legal litigation on the valuation and investor confidence of Hong Kong-listed company AMTD Inc (8613.HK).

---

Item	Details
Plaintiff(s)	AMTD Group Inc., AMTD IDEA Group, AMTD Digital Inc. and The Generation Essentials Group (TGE)
Defendant(s)	Inna Bazhenova (former owner of The Art Newspaper), Gleb Ibragimov
Litigation Filing Date	Counterclaim formally filed on January 15, 2026
Reasons for Litigation	Intimidation, malicious false statements, breach of confidentiality agreement, resulting losses and damages
Legal Representation	Gibson Dunn

Date	Event
2023	AMTD Group acquired The Art Newspaper from Bazhenova; the transaction was fully paid and completed
December 27, 2024	Bazhenova and Ibragimov filed a lawsuit at the Hong Kong High Court to claim related rights
June 20, 2025	The Hong Kong High Court fully dismissed the opposing party’s asset preservation application and ordered the opposing party to pay HK$773,000 in litigation costs
November 21, 2025	The opposing party’s entire lawsuit was dismissed, and they are required to bear all litigation costs
January 15, 2026	AMTD Group jointly filed a counterclaim seeking legal remedies

---

Indicator	Value	Interpretation
Closing Price	$0.05 (2026-01-12)	At a historical low
Market Capitalization	$96.39 million	Small scale
P/E Ratio	-1.77x	Sustained loss status
P/B Ratio	-4.02x	Insolvent
P/S Ratio	2.40x	Limited revenue support
Beta Coefficient	0.32	Low correlation with the broader market

Period	Performance
Past 1 Month	-7.41%
Past 3 Months	-26.47%
Past 6 Months	-41.86%
Past 1 Year	-65.03%
Past 3 Years	-70.06%

1. Short-term impact is limited
   : From a technical analysis perspective, 8613.HK has a Beta value of only 0.32, with low correlation to the broader market, so the direct stock price impact of the litigation event may be limited [0].

2. Long-term potential impact
   :
   • If the litigation involves a large amount, it may put pressure on the company’s finances
   • Uncertainty during the litigation process may affect institutional investors’ confidence in holding shares
   • Reputational risk may affect future business development and strategic cooperation

3. Positive factors
   :
   • The Hong Kong High Court has dismissed the opposing party’s claims twice, indicating a favorable legal position for AMTD [1]
   • AMTD has retained the renowned law firm Gibson Dunn, showing the company is actively protecting its rights [1]
   • The litigation amount and specific details have not yet been disclosed, so the market may have fully priced in some expectations

---

Dimension	Impact Analysis
Legal Aspect	The current legal situation is favorable to AMTD; the court has dismissed the opposing party’s claims twice, enhancing investors’ confidence in the company’s legal team
Business Continuity	Businesses under TGE (including The Art Newspaper, L’Officiel, etc.) are operating normally, and several strategic collaborations have been completed recently
Management Stability	The company’s announcement in August 2025 showed management’s long-term commitment to the company, with no major personnel changes
Market Reaction	There was no sharp volatility in the stock price after key legal milestones (June and November 2025), indicating a relatively rational market response

1. Litigation amount
   : The litigation amount has not yet been disclosed, which is a key variable affecting valuation [1]

2. Business synergy
   : TGE successfully completed a SPAC listing in December 2025, showing momentum in business development [2]

3. Industry position
   : AMTD’s diversified layout in media and entertainment, education and training, high-end assets and other fields may diversify the risk of a single litigation

---

• Uncertainty in the litigation outcome may bring potential compensation risks
• The long-term downward trend in the stock price indicates the market is cautious about the company’s overall prospects
• The company’s sustained loss status (negative P/E ratio) shows fundamental pressure
• Low trading volume (approximately 190,000 shares per day), high liquidity risk

• Currently in an advantageous position legally, with court rulings supporting AMTD’s stance
• The group has diversified businesses, and AMTD Inc is only one of its Hong Kong-listed platforms
• TGE’s subsidiaries continue to expand in the media and entertainment sector, with progress in SPAC strategy
• Management and core personnel maintain long-term commitment to the company

---

AMTD Group’s legal litigation case has

on the valuation and investor confidence of Hong Kong-listed AMTD Inc (8613.HK), mainly due to the following reasons:

1. Favorable legal position
   : Hong Kong courts have dismissed the opposing party’s claims twice, and AMTD is currently in a dominant legal position [1]

2. Market has priced in expectations
   : The stock price has fallen 65% in the past year, and uncertainties related to the litigation may have been partially reflected in the current stock price [0]

3. Business independence
   : AMTD Inc is primarily positioned as a technology payment company, with a certain degree of business separation from the group’s media and entertainment business (the core asset involved in the litigation)

• Closely monitor litigation progress, especially the disclosure of the litigation amount
• Pay attention to the disclosure of legal fees in the company’s subsequent announcements and performance reports
• Evaluate liquidity risks and make cautious decisions on position size

---

[0] Jinling API - AMTD Inc (8613.HK) Stock Data and Technical Analysis

[1] PR Newswire - “AMTD Owner of The Art Newspaper Launches Litigation against Inna Bazhenova and Gleb Ibragimov” (https://www.prnewswire.com/in/news-releases/amtd-owner-of-the-art-newspaper-launches-litigation-against-inna-bazhenova-and-gleb-ibragimov-for-intimidation-malicious-falsehood-breach-of-confidence-and-consequential-loss-and-damage-302662388.html)

[2] Yahoo Finance - “TGE, Subsidiary of AMTD Digital, Announces Successful Pricing of First SPAC Listing” (https://finance.yahoo.com/news/tge-subsidiary-amtd-digital-announces-142800929.html)