Core Insights - Xiangyuan Holdings Group has completed the acquisition of Haichang Ocean Park for HKD 22.84 billion (approximately RMB 20.97 billion), making it the controlling shareholder with a 38.6% stake [1][3] - The management team of Haichang Ocean Park has undergone significant changes, with the founder Qu Naijie resigning from key positions and new executives from Xiangyuan taking over [1][2] Financial Details - Xiangyuan Holdings subscribed to 5.1 billion new shares at HKD 0.45 per share, totaling HKD 22.95 billion, which represents 62.85% of Haichang's existing share capital and 38.6% post-issuance [3] - The funds will be allocated as follows: HKD 4.568 billion for daily operations, HKD 9.136 billion for core business development, and HKD 9.136 billion for debt repayment [3] Debt Situation - Haichang Ocean Park's current liabilities were approximately RMB 29.53 billion by the end of last year, increasing to nearly RMB 31.93 billion by mid-year [4][5] - The company's debt issues stem from aggressive expansion since its IPO in 2014, leading to significant financial strain exacerbated by the COVID-19 pandemic [6][7] Historical Context - The company has faced continuous losses, with cumulative losses reaching RMB 23.33 billion over three years, including a loss of RMB 7.4 billion projected for 2024 [7] - Haichang's financial troubles prompted the sale of several parks to alleviate immediate cash flow issues, but this was only a temporary fix [7] Market Position and Future Outlook - The acquisition signifies a new era for Haichang Ocean Park, with Xiangyuan aiming to integrate its operations into a broader tourism strategy [10] - Analysts suggest that the success of this acquisition will depend on the operational integration of both companies and the ability to navigate the competitive landscape of the theme park industry [10]
3年半亏了26亿，海昌海洋公园卖身给这个“狠人”