Core Viewpoint - Impression Dahongpao officially listed on the Hong Kong Stock Exchange on December 22, with a significant drop in stock price on the first day, closing at HKD 2.33, a decline of 35.28% [1][9] Group 1: Company Overview - Impression Dahongpao was established in January 2009, primarily generating revenue from the performance and operation of the large-scale live water show "Impression Dahongpao" [3][11] - The company ranked eighth in China's cultural tourism performance market in 2024, based on sales revenue from cultural performances [3][11] - The company has faced unstable performance in recent years, with losses from 2020 to 2022, but began to recover in 2023 with revenue of CNY 143 million and a net profit of CNY 47.98 million [3][11] Group 2: Financial Performance - In 2024, revenue and net profit are projected to decline by 1.26% and 5.74%, respectively, following an 11.25% revenue growth in the first half of 2023, while net profit decreased by 18.86% [3][11] - The revenue from the "Impression Dahongpao" performance has consistently accounted for over 91% of total revenue in recent years [3][11] Group 3: Challenges and Risks - The company's reliance on a single performance creates two main issues: low growth potential and sustainability concerns, as the number of performances is expected to decrease from 567 in 2023 to 214 by mid-2025 [4][12] - The introduction of a new show, "Yueying Wuyi," scheduled to premiere on April 17, 2025, requires significant upfront capital investment and marketing expenses, which may impact profitability [4][13] - The company’s debt levels have increased significantly, with leasing liabilities rising from CNY 15.58 million to CNY 79.77 million, indicating financial pressure [4][13] Group 4: Industry Context - The cultural tourism performance sector is under pressure, with several companies reporting declines in revenue and profit margins [6][14] - Impression Dahongpao's performance metrics, including ticket sales and audience attendance, have also shown a downward trend in 2024 compared to 2023 [6][15] - The lifecycle of cultural performances typically sees a growth phase of about five years, a maturity phase of around ten years, and a need for adjustment after approximately fifteen years, which aligns with the 15-year mark since the premiere of "Impression Dahongpao" [6][15]

Core Viewpoint - Impression Dahongpao Co., Ltd. (02695.HK) listed on the Hong Kong Stock Exchange today, opening at HKD 3.26, below the issue price, and closing at HKD 2.33, a decline of 35.28% [1] Group 1: Listing Details - The final offer price for the shares was HKD 3.60, with a total of 36,100,000 shares issued, including 3,610,000 shares for public offering and 32,490,000 shares for international offering [2][3] - At the time of listing, the total number of shares issued was 144,170,000 [1] Group 2: Financial Proceeds - The total proceeds from the offering amounted to HKD 129.96 million, with estimated listing expenses of HKD 26.32 million, resulting in a net amount of HKD 103.64 million [3] - The net proceeds are intended for upgrading the signature performance "Impression Dahongpao," acquiring another cultural tourism project, enhancing brand image, ticketing management systems, and general corporate purposes [3] Group 3: Financial Performance - For the years ending December 31, 2022, 2023, and 2024, the total revenues were approximately RMB 63.0 million, RMB 143.9 million, and RMB 137.2 million, respectively, with net profits/losses of RMB (2.6) million, RMB 47.5 million, and RMB 42.8 million [5][6] - The cash flows from operating activities for the same periods were RMB 16.4 million, RMB 69.3 million, and RMB 60.8 million [7]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.43% at 25,801.77 points and a total trading volume of HKD 169.77 billion [1] - The market is currently in a left-side layout phase, with strong expectations for a spring rally, although there are supply and demand pressures towards the end of the year [1] Blue Chip Performance - Semiconductor company SMIC (00981) led blue-chip gains, rising 5.92% to HKD 68.9, contributing 27.67 points to the Hang Seng Index [2] - Other notable blue-chip performers included Zijin Mining (02899) up 5.3% and Pop Mart (09992) up 4.61%, while WuXi AppTec (02359) and Hang Lung Properties (00101) saw declines [2] Sector Highlights - Large technology stocks generally rose, with Alibaba up 0.76% and Tencent up 0.08% [3] - The metals sector saw significant gains, with gold prices surpassing USD 4,400 per ounce and LME copper prices nearing USD 12,000 per ton [4] - The new consumption sector was active, with companies like Mixue Group (02097) rising 10.13% following the opening of a new store in Los Angeles [6] Investment Opportunities - The storage and advanced process sectors are expected to see accelerated growth, benefiting domestic equipment manufacturers [5] - The AI and robotics sectors are gaining traction, with companies like Ubiquiti (09880) and others seeing increased orders and market interest [6][7] New Stock Listings - Four new stocks listed on the Hong Kong market faced significant declines on their debut, with Mindray Hospital (02581) dropping 49.46% [8] - China Duty Free Group (01880) saw a strong performance, rising 15.77% amid positive sales data from Hainan's duty-free shopping [9] Company-Specific Developments - Yujian (02432) faced downward pressure due to an upcoming lock-up expiration and a recent share placement [10]

今日港股四只新股上市首日集体破发。截至收盘，明基医院(02581.HK)、印象大红袍(02695.HK)、华芢 生物(02396.HK)、南华期货(02691.HK)分别下跌49.46%、35.28%、29.32%和24.17%。据Wind数据显 示，明基医院今日跌幅已超海螺材料科技(02560.HK)1月9日47.67%的跌幅，创下年内港股新股首日最差 表现。 ...

Group 1 - The Hang Seng Index rose by 0.20%, gaining 51 points to close at 25,742 points, while the Hang Seng Tech Index increased by 0.89% [1] - China Duty Free Group (01880) surged by 12% as duty-free shopping on Hainan's first day of closure increased by 61% year-on-year [1] - Lithium stocks continued to rise, with Tianqi Lithium (09696) up over 5% due to expectations of resumption of production, and Ganfeng Lithium (01772) increasing by 4.84% [1] - Jiaxin International Resources (03858) rose over 10% to reach a new high, benefiting from a more than 220% increase in tungsten powder prices this year [1] - Spot gold reached a new historical high, with Goldman Sachs reaffirming a bullish outlook on gold, leading to significant gains in gold stocks such as Lingbao Gold (03330) up 6.8% and China Gold International (02099) up 6.2% [1] - The optical communication sector showed strong performance, with Huiju Technology (01729) rising over 13% due to breakthroughs in optical computing chips, and Changfei Optical Fiber (06869) increasing by 11.01% [1] - Chip stocks strengthened in early trading, with the National Integrated Circuit Investment Fund's third phase focusing on IC substrate fields, leading to a rise of over 7% for SMIC (00981) and 5% for Hua Hong Semiconductor (01347) [1] - Pony.ai-W (02026) increased by over 9%, achieving single-vehicle profitability in Guangzhou, with two models of its seventh-generation vehicle now in production [1] Group 2 - Guoxia Technology (02655) surged over 16% as the company enters a new phase of global development, focusing on deepening "AI+" core technology research in energy storage [2] - WanGuo Gold Group (03939) rose nearly 7%, with its subsidiary Jinling Mining expected to become a world-class gold mine [3] - Goldwind Technology (02208) increased by nearly 5% as domestic wind turbine bidding prices recovered, with institutions optimistic about the profitability recovery of wind turbine manufacturers [4] - Four new stocks listed all fell below their issue prices, with Impression Dahongpao (02695) dropping 25%, Mingji Hospital (02581) down 42%, and Huazhi Biotechnology-B (02396) declining over 8% [4]

Group 1: Stock Market Performance - The Hang Seng Index rose by 0.20%, gaining 51 points to close at 25,742 points, while the Hang Seng Tech Index increased by 0.89% [1] - The Hong Kong stock market saw a trading volume of HKD 95.5 billion in the morning session [1] Group 2: Company Highlights - China Duty Free Group (01880) surged by 12% as duty-free shopping on the first day of Hainan's closure increased by 61% year-on-year [1] - Tianqi Lithium (09696) rose over 5% due to expectations of resumption of production following environmental assessment information disclosure [1] - Ganfeng Lithium (01772) increased by 4.84% [1] - Jiaxin International Resources (03858) climbed over 10%, reaching a new high, benefiting from a more than 220% increase in tungsten powder prices this year [1] - Gold stocks performed well, with Lingbao Gold (03330) rising by 6.8% and China Gold International (02099) increasing by 6.2% as spot gold reached a historical high [1] - Huizhu Technology (01729) surged over 13% due to breakthroughs in optical computing chip technology [1] - Zhongke Semiconductor (00981) rose over 7% as the National Integrated Circuit Investment Fund's third phase focuses on IC substrate [1] - Pony.ai-W (02026) increased by over 9%, achieving single-vehicle profitability in Guangzhou with two models of its seventh-generation vehicle in production [1] - Guoxia Technology (02655) surged over 16% as the company enters a new phase of global development, focusing on "AI+" energy storage core technology [2] - WanGuo Gold Group (03939) rose nearly 7% as its subsidiary Jinling Mining is expected to become a world-class gold mine [3] - Goldwind Technology (02208) increased nearly 5% as domestic wind turbine bidding prices recover, with institutions optimistic about the profitability of wind turbine manufacturers [4] Group 3: IPO Performance - Four new stocks listed all experienced declines, with Impression Dahongpao (02695) dropping by 25%, Mingji Hospital (02581) falling by 42%, and Huazhi Biotechnology-B (02396) decreasing by over 8% [4]

12月22日，印象大红袍在香港联合交易所主板挂牌上市，成为 "中国实景演艺第一股"。上市首日，该 股一度跳水跌逾25%，现报2.69港元/股，总市值跌破4亿港元。据悉，该股本次全球发售3610万股H 股，发行价为3.26港元。 来源：智通财经 ...

Group 1: New Stock Listings Performance - Four new stocks, including Impression Da Hong Pao, Huazhang Biotech, Mingji Hospital, and Nanhua Futures, debuted but all experienced a decline on their first trading day [1] Group 2: Huazhang Biotech - Huazhang Biotech opened at HKD 33.8, which is 11.5% lower than the IPO price of HKD 38.2, resulting in a loss of HKD 880 per lot of 200 shares [2] - The company focuses on wound healing therapies and is an unprofitable biotech firm specializing in developing protein drugs, particularly platelet-derived growth factor (PDGF) drugs [2] - The company did not attract cornerstone investors, with Huatai International and CITIC Securities serving as joint sponsors [3] Group 3: Mingji Hospital - Mingji Hospital opened at HKD 6.5, down 30.4% from the IPO price of HKD 9.34, leading to a loss of HKD 1,420 per lot of 500 shares [4] - The company operates as a large private profit-oriented hospital group in East China, primarily managing two tertiary hospitals in Nanjing and Suzhou, with a focus on orthopedics, cardiovascular, oncology, and reproductive medicine [4] - Cornerstone investors include He Rong Technology, He Fu (China), and Suzhou Zhanxing, collectively subscribing to 49.63% of the total offering [5] Group 4: Impression Da Hong Pao - Impression Da Hong Pao opened at HKD 3.26, which is 9.4% lower than the IPO price of HKD 3.6, resulting in a loss of HKD 340 per lot of 1,000 shares [6] - The company operates based on Wuyi Mountain tea culture, providing tourism performances and related services, with its core revenue source being the live performance "Impression Da Hong Pao," accounting for over 85% of its income [6] - The company was oversubscribed by over 3,400 times, with joint sponsors being Xingsheng International and Kaisen [6] Group 5: Nanhua Futures - Nanhua Futures opened at HKD 9.13, down 23.9% from the IPO price of HKD 12, leading to a loss of HKD 1,435 per lot of 500 shares [7] - The company is a futures brokerage listed on the A-share main board, primarily engaged in futures brokerage, investment consulting, asset management, and securities investment fund distribution, focusing on derivative business [7] - CITIC Securities is the sole sponsor for the company [7]

Group 1 - The core viewpoint of the article is that Impression Dahongpao (02695) has made its debut on the stock market, with shares priced at HKD 3.6 each, totaling 36.1 million shares issued, and net proceeds of approximately HKD 104 million [1] - As of the report, the stock has decreased by 9.44%, trading at HKD 3.26, with a transaction volume of HKD 88.14 million [1] - Impression Dahongpao is a state-owned cultural tourism service company headquartered in Wuyishan, Fujian Province, ranking eighth in China's cultural tourism performance market based on sales revenue for 2024 according to Frost & Sullivan [1] Group 2 - The company's performance and service division includes three main offerings: the iconic performance "Impression Dahongpao," a new show "Moonlight Wuyi" set to launch in May 2025, and customized performances for corporate clients [1] - The primary focus of the company is the iconic performance "Impression Dahongpao," which is noted as Fujian Province's first large-scale outdoor landscape performance and has historically been the main source of revenue for the group [1]

格隆汇12月22日｜印象大红袍(2695.HK)今日首日上市，盘初跳水跌20%，至2.88港元，市值跌至4.14亿 港元。该股IPO定价3.6港元，公开发售获3397.48倍认购，国际配售获1.91倍认购。 印象大红袍是一家国有文旅服务企业，总部位于福建省武夷山。根据弗若斯特沙利文的资料，按文旅演 出节目产生的销售收入计，公司在2024年中国文旅演出市场排名第八。 财务状况方面，2022年-2024年，以及2025年上半年，印象大红袍的营收分别为0.63亿、1.44亿、1.37亿 和0.56亿元，同期净利润分别为-259.9万、4750.4万、4280.9万和677.5万元。 ...