To date, the Chinese lottery’s ability to grow has been dependent on ‘footfall’, i.e. the chance that the 1.1bn TAM has access to the sub-scale physical, dedicated lottery-only store network. Now, in a landmark agreement Hui10 brings instant-win UGO Scratch to taxis and ride-hailing cars – lottery play is mobile. Signing an agreement (6 March) with ride-hailing business Shouyue Technology (Beijing) Co, operating as Capital Taxis, positions Hui10 at the forefront of China's digital lottery transformation. We concur with Sir Nigel Rudd, chairman of IIG, who says the deal marks ‘another crucial step in the expansion of Hui10's ecosystem and represents a major growth opportunity for IIG shareholders.’ We amend estimates to reflect IIG’s £1.56m fundraise and remind that a successful roll-out sees Hui10 generate c.£1bn EBIT by 2030E. Our view is unchanged: IIG shareholders have a substantial opportunity from the asset-light, cash-generative Hui10 business. We see a significant valuation opportunity, with an intrinsic value for Hui10 of 969p (upgraded from 900p) based on DCF (909p), FCF yield (822p) and a peer review (1,177p).