Core Viewpoint - Impression Dahongpao (2695.HK) is set to issue 36,100,000 H-shares globally, with a maximum offering price of HKD 4.10, aiming to capitalize on the growing cultural tourism market in China [1][7]. Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province, listed on the New Third Board since January 20, 2017 [1]. - The company focuses on providing comprehensive cultural tourism experiences, with its flagship performance "Impression Dahongpao" being a significant draw for both domestic and international tourists [1][2]. Market Context - The Chinese cultural tourism market is undergoing a transformation from traditional sightseeing to immersive experiences, particularly appealing to younger generations seeking diverse cultural recognition [2]. - The market for cultural tourism performances in China reached approximately RMB 16.6 billion in 2023, showing a year-on-year growth of about 416.2% [2]. Performance Metrics - Since its premiere in March 2010, "Impression Dahongpao" has held over 6,700 performances, attracting more than 9.4 million viewers, with a 2024 average attendance rate of approximately 75.7% [3]. - The performance's ticket revenue is projected to reach around RMB 129.8 million in 2024, ranking third among all tourism performances in China [2][3]. Business Strategy - The company is expanding its business model beyond performances to include a synergistic ecosystem of "performances + cultural tourism towns + themed hotels," aiming to provide a one-stop deep experience for visitors [4][6]. - A new indoor performance, "Moonlight Wuyishan," is set to launch in May 2025, complementing the existing outdoor performance and catering to different audience preferences [4][5]. Financial Planning - The funds raised from the IPO will be allocated for upgrading audiovisual equipment and stage effects for "Impression Dahongpao," as well as developing the Impression Cultural Tourism Town and exploring acquisition opportunities [8]. - The company has committed to a proactive profit distribution policy to ensure reasonable returns for investors post-IPO [7][8]. Industry Implications - Impression Dahongpao's entry into the Hong Kong stock market serves as a new model for capitalizing state-owned cultural tourism enterprises, integrating cultural and commercial values [9]. - The company is positioned to benefit from national policies promoting cultural confidence and tourism consumption upgrades, enhancing the value of quality cultural tourism IPs [9].
国有文旅开始招股，印象大红袍的“茶文旅”生意经都说了什么？