Core Viewpoint - The announcement of a significant equity change at Haichang Ocean Park involves issuing 5.1 billion new shares at HKD 0.45 per share to Xiangyuan Holdings Group, raising a total of HKD 22.95 billion, which will result in Xiangyuan becoming the new controlling shareholder [1] Group 1: Shareholder Changes - Xiangyuan Holdings Group's subsidiary, Xiangyuan Xinghai Tourism, will hold 38.6% of the expanded share capital, replacing the previous major shareholder, Zelen Holdings, which will see its stake reduced to 29.04% [1] - Following the announcement, Haichang Ocean Park's stock price dropped over 10% on June 3 [1] Group 2: Business Strategy and Financial Health - The new controlling shareholder aims to maintain the company's listing status and continue developing its core marine theme park business while enhancing the "Operation as a Service" (OAAS) model [1] - Since 2019, Haichang Ocean Park has faced operational losses and liquidity pressures due to a challenging external market environment, prompting the company to seek financing arrangements with potential investors [1] Group 3: Xiangyuan Holdings Group's Background - Xiangyuan Holdings Group has been involved in the cultural tourism industry since 2008, managing over 40 projects across 14 provinces, including several national heritage sites and scenic areas [3] - Xiangyuan's 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% year-on-year [3] Group 4: Financial Performance of Haichang Ocean Park - Historical financial reports indicate that Haichang Ocean Park's net profits from 2020 to 2024 were -1.45 billion, 845 million, -1.396 billion, -197 million, and -740 million CNY respectively [4] - On June 7, 2023, the company's stock price fell over 27%, and it announced a loan of over CNY 1.4 billion to secure funding for new projects [4] - The subscription price of HKD 0.45 per share represents a 99.95% premium over the estimated net asset value of HKD 0.2251 per share at the end of 2024, but is at a significant discount of 46.43% compared to the stock price of HKD 0.84 on June 2 [4]