Macau jails pro-democracy campaigner in city's first national security case

1. 核心事实剥离

• 事件本质：所给澳门案件中，Au Kam San 被判处12年6个月监禁，罪名表述为“subversion against the political power of the state”；真正可交易的变量不是量刑本身，而是市场是否将其解读为国家安全执法持续化，并据此重估中国/澳门资产的风险溢价。〔SRC:"Au Kam San was sentenced to 12 years and six months' jail for \"subversion against the political power of the state\"."〕
• 交易价值判