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]

昌江推出八大文体旅活动和六大主题旅游线路，通过"景观体验+商业服务+特色活动+保障体系"的 多元业态创新，着力打造"山海联动、文旅融合"的沉浸式度假场景，让游客"有得玩"，还要"玩得精 彩"。据统计，假期期间，昌江一日游游客7.90万人次，同比增长18.1%；一日游花费2181.92万元，同 比增长18.6%。 10月2日晚起，昌江通过先后举办沙渔塘沙滩落日音乐节、棋子湾沙滩音乐派对和青少年舞蹈公开 赛，为游客带来视听与体验的双重享受，充分展现琼岛西部独特的山海风情与黎乡文化魅力。而丰富的 夜活动也有效拉动了夜经济发展。数据显示，今年假期该县过夜游客人数5.80万人次，同比增长 12.2%，过夜游客花费4302.61万元，同比增长24.8％，增幅为近年最高点。全县经营性住宿单位入住率 达68.52%，同比提升4.45个百分点。半数以上旅游饭店入住率突破80%。 海南日报石碌10月9日电（海南日报全媒体记者 刘阳秀）全县接待游客13.7万人次，同比增长 15.6%；实现旅游总花费6484.53万元，同比增长22.6%……10月9日，昌江黎族自治县旅游和文化广电体 育局公布今年国庆中秋假期旅游成绩单，本次双节假期 ...

Core Viewpoint - Xiangyuan Holdings Group is making a strategic investment of HKD 2.295 billion in Haichang Ocean Park, potentially becoming its controlling shareholder, which aims to create a comprehensive tourism ecosystem combining mountain and ocean resources [1][2]. Group 1: Company Overview - Xiangyuan Holdings Group has been involved in the cultural tourism industry since 2008, with over 40 projects across 14 provinces in China, including 6 World Heritage sites and 10 national 5A scenic spots [1]. - Xiangyuan's A-share listed company, Xiangyuan Cultural Tourism, reported a revenue of CNY 212 million in Q1 2025, a year-on-year increase of 55.22%, and a net profit of CNY 31.19 million, up 158.67% [1]. Group 2: Haichang Ocean Park - Haichang Ocean Park is the first theme park operator listed on the Hong Kong Stock Exchange, focusing on marine culture and has received over 300 million visitors [2]. - The park has established comprehensive theme tourism projects in major cities and has introduced international IPs like Ultraman and One Piece to enhance its offerings [2]. Group 3: Strategic Implications - The investment will expand Xiangyuan's presence into Liaoning, Henan, and Chongqing, completing its industrial layout across 17 provinces, enhancing resource and customer synergy [3]. - The collaboration will leverage both companies' existing international projects and IPs, accelerating Xiangyuan's international strategy towards a goal of 50 domestic and 50 international tourism destinations [3]. Group 4: IP Integration and Collaboration - Xiangyuan owns several well-known IPs, while Haichang has rich marine life IP resources, creating opportunities for synergistic collaboration in IP integration [3]. - Future projects may focus on family-oriented and educational experiences, utilizing technology to enhance storytelling in their offerings [3]. Group 5: Operational Efficiency - The partnership is expected to reduce capital expenditure and improve operational efficiency for both companies, with Xiangyuan benefiting from Haichang's asset-light management experience [4]. - The collaboration aims to create new growth opportunities in a competitive market through resource, IP, and operational synergies [4].