Core Viewpoint - Impression Dahongpao (02695), a state-owned cultural tourism service enterprise, is conducting an IPO with significant oversubscription, indicating strong market interest and potential growth in the cultural tourism sector in China [1] Group 1: IPO Details - The IPO is scheduled from December 12 to 17, with a total of approximately HKD 378 billion in margin financing borrowed by brokers as of December 17, indicating an oversubscription of 2,553 times against the public offering amount of HKD 14.8 million [1] - Impression Dahongpao plans to issue 36.1 million H-shares, with 10% allocated for public offering at a price range of HKD 3.47 to HKD 4.1, aiming to raise up to HKD 150 million [1] - The company is expected to be listed on December 22, with joint sponsors being Xingzheng International and Kaisheng [1] Group 2: Business Overview - Impression Dahongpao is headquartered in Wuyishan, Fujian Province, and ranks eighth in China's cultural tourism performance market based on sales revenue from performance programs, according to Frost & Sullivan [1] - The company's operations are divided into three main segments: (i) performance and show services, (ii) Impression Cultural Tourism Town business, and (iii) tea and hotel business [1] Group 3: Use of Proceeds - The net proceeds from the global offering will be allocated as follows: approximately 23% for upgrading the flagship performance "Impression Dahongpao," 28.6% for developing the Impression Jianzhou food-themed street and enhancing the Impression Cultural Tourism Town by 2026, and 20% for acquiring another quality cultural tourism performance project [2] - Additionally, around 11% will be used for brand enhancement and business influence promotion, 7.4% for upgrading the ticket management system and software, and 10% for working capital and other general corporate purposes [2]

Core Viewpoint - Impression Dahongpao (02695.HK) is launching a global offering of approximately 36.1 million shares from December 12 to December 17, with an expected listing date of December 22 [1] Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province, ranking eighth in China's cultural tourism performance market by sales revenue in 2024 according to Frost & Sullivan [2] - The company has three main service segments: (i) the iconic performance "Impression Dahongpao" landscape show, (ii) a new performance "Moonlight Wuyi" set to launch in May 2025, and (iii) customized performances for corporate clients [2] - The flagship performance "Impression Dahongpao" is the first large-scale outdoor landscape show in Fujian Province and has historically been the main source of revenue for the group [2] Financial Overview - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 0.63 billion, RMB 1.44 billion, RMB 1.37 billion, and RMB 0.56 billion respectively, with corresponding net profits of RMB -2.599 million, RMB 47.504 million, RMB 42.809 million, and RMB 6.775 million [3][4] - Revenue growth from 2022 to 2023 was approximately 128% while the net profit turned from a loss in 2022 to a profit in 2023 [3][4] Fundraising Purpose - The net proceeds from the global offering are expected to be approximately HKD 110.4 million, assuming the over-allotment option is not exercised, based on a median offer price of HKD 3.79 [5] - The intended use of the funds includes: approximately 23% for upgrading the iconic performance "Impression Dahongpao," about 28.6% for innovating the Impression Cultural Tourism Town, around 20% for acquiring another cultural tourism performance project, approximately 11% for enhancing brand image and expanding business influence, about 7.4% for upgrading the ticket management system and other software, and around 10% for working capital and other general corporate purposes [5]

Core Viewpoint - Impression Dahongpao (02695) is set to launch an IPO from December 12 to December 17, 2025, offering 36.1 million H-shares at a price range of HKD 3.47 to HKD 4.1 per share, with 10% allocated for public sale in Hong Kong and 90% for international sale, plus a 15% over-allotment option [1][3] Company Overview - The company is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province [1][3] - According to Frost & Sullivan, the company ranks eighth in China's cultural tourism performance market by revenue in 2024 [1][3] - The company's operations are divided into three main segments: 1. Performance and show services 2. Impression Cultural Tourism Town business 3. Tea and hotel business [1][3] Performance and Services - The performance and show services segment includes: 1. The flagship performance "Impression Dahongpao" scenic show 2. A new performance "Moonlight Wuyi" set to launch in May 2025 3. Customized performances for corporate clients, typically for special events like team-building activities and annual meetings [1][3] Financial Projections - Assuming an offer price of HKD 3.79 per share (the midpoint of the indicative price range) and no exercise of the over-allotment option, the company estimates a net proceeds of approximately HKD 110 million from the global offering after deducting underwriting commissions and other estimated expenses [2][4]

Core Viewpoint - Impression Dahongpao Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, focusing on its position in the cultural tourism industry and its notable performances in the market [1][4]. Business Overview - Impression Dahongpao operates in three main business segments: (i) performance and show services; (ii) Impression Cultural Tourism Town; and (iii) tea hotel business [4]. - The flagship performance, "Impression Dahongpao," is a large outdoor show that has been a significant revenue source and ranks third in ticket sales among all tourism performances in China for 2024 [4][5]. Performance Highlights - The company has performed over 6,700 shows since its debut in 2010, attracting over 9.4 million audience members [5]. - A new performance titled "Moonlight Wuyi" is set to debut on May 1, 2025, expanding the company's offerings to cater to a broader audience [5]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 63.04 million, RMB 144 million, RMB 137.2 million, and RMB 55.88 million respectively [8][9]. - The net profit for the same periods was approximately RMB -2.6 million, RMB 47.5 million, RMB 42.8 million, and RMB 6.78 million respectively [8][9].

Core Viewpoint - Impression Dahongpao Co., Ltd. is preparing for a main board listing on the Hong Kong Stock Exchange, with a focus on its cultural tourism services and performance segments, ranking eighth in China's cultural tourism performance market in 2024 [1]. Business Overview - Impression Dahongpao operates three main business segments: (i) performance and show services; (ii) Impression Cultural Tourism Town; and (iii) tea soup hotel business [2]. - The flagship performance, "Impression Dahongpao," is a large outdoor show that has been a significant revenue source since its inception, ranking third in ticket sales among all tourism performances in China for 2024 [3][4]. Performance Highlights - The company has conducted over 6,700 performances since its first show in 2010, attracting over 9.4 million audience members [4]. - A new performance titled "Moonlight Wuyi" is set to debut on May 1, 2025, aiming to expand the performance offerings and cater to a broader audience [4]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 63.04 million, RMB 144.39 million, RMB 137.20 million, and RMB 55.88 million respectively [5][6]. - The net profit for the same periods was approximately RMB -2.60 million, RMB 47.50 million, RMB 42.81 million, and RMB 6.78 million respectively, indicating a recovery trend in profitability [5][6].

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