Following the successful completion of its pilot phase, Hui10 begins the promised nationwide roll-out of its lottery and retail technology platforms across China. With this milestone achieved, the investment case pivots to the significant shareholder value now ‘in play’. FOMO also kicks in as sceptical investors must think about the consequences of being left behind – Hui10 is now leading the digital transformation of the Chinese lottery. 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.