Core Viewpoint - The merger between Haichang Ocean Park and Xiangyuan Holdings is expected to create a synergistic effect, enhancing operational efficiency and financial stability for Haichang while expanding Xiangyuan's tourism portfolio [2][5][9]. Company Overview - Haichang Ocean Park is a comprehensive cultural tourism group based on marine culture, and it is the first theme park operator listed on the Hong Kong Stock Exchange. The company has established projects in major cities such as Shanghai, Zhengzhou, Sanya, Dalian, and Yantai, with over 300 million visitors to date [3][4]. - Xiangyuan Holdings has been involved in the cultural tourism industry since 2008, with over 40 projects across 14 provinces, including several national 5A and 4A scenic spots. The company aims to create a new tourism ecosystem by integrating mountain and ocean resources [5][6]. Financial Aspects - Haichang Ocean Park plans to issue 5.1 billion new shares at HKD 0.45 each, raising a total of HKD 22.95 billion, which represents a 46.43% discount from the previous closing price of HKD 0.84 [2][4]. - In 2024, Haichang reported revenues of approximately RMB 1.818 billion, a year-on-year increase of 0.1%, but also recorded a net loss attributable to shareholders of RMB 740 million, a 275% increase in losses compared to the previous year [4]. Strategic Implications - The transaction is expected to provide Haichang with additional strategic resources and operational funding, allowing for the continuation of project upgrades and transformation [4][9]. - Xiangyuan's investment in Haichang is anticipated to enhance its own tourism offerings, creating a comprehensive tourism ecosystem that includes natural scenery, theme entertainment, and cultural experiences [5][6]. Market Trends - The cultural tourism industry is experiencing a wave of mergers and acquisitions, driven by policy support, consumer upgrades, and technological empowerment. The trend indicates a rapid integration of resources within the sector [7][8]. - The introduction of special financing for mergers in the cultural tourism sector is expected to facilitate further consolidation and resource integration among companies facing liquidity pressures [8]. IP Integration Potential - Both companies possess valuable intellectual properties (IPs) that can be synergistically integrated. Xiangyuan has popular IPs like Green Bean Frog and Cool Bear, while Haichang has a rich collection of marine animal IPs [9]. - The collaboration is expected to leverage these IPs to create immersive experiences, enhancing the appeal of both companies' offerings in the market [9].
文旅并购“大动作”！祥源控股集团22.95亿港元战略投资海昌海洋公园，“山海”IP盛宴夏日启航