IIG’s interims, as expected, focus on the continued development of its most significant and 100%-owned investment, Hui10. Chair Sir Nigel Rudd comments that Hui10 has ‘a proven model and technology, national-scale partnerships and milestones that support the rollout’ in H2 and beyond. The update recaps that the well-regarded Giles Willits is now CEO (from March 2025) and overseeing the next phase of IIG’s development. Former deputy chairman of the London Stock Exchange, Richard Kilsby, has also joined as NED. The Hui10 opportunity is substantial: a TAM of 1.1bn Chinese adults gives Hui10 a dramatic scale-up opportunity to grow revenue, earnings and cash very quickly through digitising the Chinese lottery user experience. With this, 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.