Hui10 takes centre stage as IIG doubles down on China’s lottery digitalisation
Intuitive Investments Group’s 2025 results are all about one thing: Hui10. The Chinese lottery technology platform now accounts for over 99% of IIG’s portfolio as at 30 September 2025, and it delivered eye-catching growth across almost every operating metric. The strategy is clear – concentrate capital and execution around a single, high-potential asset and build value at pace.
There is plenty to like in the operational delivery. There are also some big, grown-up risks that come with such concentration and with operating in a regulated market in China. Let’s unpack both sides.
Key financials: NAV gently lower, net assets higher, cash tight
| Metric | 2025 | 2024 | Change/Notes |
|---|---|---|---|
| Net Assets | £328.04 million | £311.37 million | Up year-on-year |
| Investments (incl. loans) | £301.88 million | £306.32 million | Slightly lower |
| Cash | £1.22 million | £1.06 million | Modest headroom |
| NAV per share | 150.3p | 153.9p | (2.33%) vs prior period end |
IIG raised around £21 million of equity during the year and invested it into Hui10 to accelerate rollout. Post year end, the Company signed an agreement on 12 December 2025 with Helikon Investments for up to £30 million of new equity to finance Hui10’s paperless lottery rollout. That matters given the cash balance is £1.22 million – funding is essential to keep the growth flywheel turning.
IIG is also exploring a potential move from the London Stock Exchange’s Specialist Fund Segment to an Official Listing on the Main Market. If it happens, that could improve visibility and, potentially, liquidity – but timing and outcome are not disclosed.
Hui10 growth in numbers: rapid scale across shops, users and transactions
Hui10’s momentum since the last trading update has been strong. The company is rolling out “Lucky World” in lottery shops (connecting shops with a UnionPay point-of-sale terminal) and “UGO” for scratchcard sales, with metrics up sharply year-on-year.
| Hui10 KPI | 2025 | 2024 |
|---|---|---|
| Connected Lucky World Lottery Shops | 7,016 | 2,222 |
| UGO UnionPay POS Terminals | 697 | 323 |
| Total Registered Users | 861,091 | 243,163 |
| 11 months to November | 2025 | 2024 | GBP approx. (¥9.3689 = £1) |
|---|---|---|---|
| Lottery transaction value through Lucky World | ¥212,630,153 | ¥719,663 | c. £22.7m vs c. £0.08m |
| UGO Scratchcard Sales | ¥8,918,969 | ¥5,204,900 | c. £0.95m vs c. £0.56m |
| Lucky World Merchandise Revenue | ¥661,384 | ¥112,893 | c. £0.07m vs c. £0.01m |
Management reports c. ¥60 million of lottery transactions each month through Lucky World – roughly £6.4 million – supported by a new real-time settlement facility via Yinsheng Payment. That’s a useful operational de-risker as throughput scales.
Rollout and reach: taxis, TEAM CHINA stores, and new provinces
Hui10 launched the first stage of UGO Lotto’s national rollout in ride-hailing taxis in Shanxi, with over 690 POS terminals operating in November 2025 across ride-hailing cars and other retail. It also signed a landmark agreement with the General Administration of Sports China to operate 31 TEAM CHINA Sports Lottery+ stores. Fit-out has occurred in Hebei, Henan and Shanxi, with flagship sites in Beijing and Shanghai.
Geographically, operations now span four provinces, including Liaoning and Inner Mongolia, unlocking an estimated potential market of 175 million consumers. For a lottery commerce platform, physical network
