Core Viewpoint - The current wave of tourism companies seeking to list in Hong Kong is slower compared to the previous surge in 2018, with a focus on companies that integrate tourism with technology [1][2][9] Group 1: Current Listing Trends - Four tourism companies, including Vitality Group, Impression Co., Slim West Lake, and Jin Jiang Hotels, are currently preparing for IPOs in Hong Kong [1][4] - Since 2025, nearly 280 companies have submitted IPO applications to the Hong Kong Stock Exchange (HKEX), with about half being technology firms, indicating a crowded market [2][4] - The listing process for these tourism companies has been complicated by the sheer number of applicants, shifting the focus to those with innovative capabilities [2][5] Group 2: Listing Pathways - Jin Jiang Hotels is pursuing an "A+H" capital path for its listing, while Impression Co. and Slim West Lake are opting for the "New Third Board + H" route, which is common among current applicants [5] - Vitality Group has faced challenges with financial data validity, leading to multiple submission attempts for its IPO [4][5] Group 3: Changing Valuation Metrics - The HKEX has revised its listing rules to accommodate companies that are not yet profitable but possess core technological capabilities, lowering the market cap threshold for commercialized companies from HKD 60 billion to HKD 40 billion [6][9] - Companies like Cloudwalk Technology, despite significant losses, have seen high market interest due to their technological attributes, indicating a shift in investor focus from profitability to strategic value [6][7] Group 4: Characteristics of Attractive Tourism Assets - The HKEX is redefining what constitutes a desirable tourism asset, with a preference for those that incorporate technology and diverse operational scenarios [9][10] - Traditional tourism assets such as scenic spots and travel agencies are becoming less appealing, as the market increasingly values innovation and technology integration [10][11] - The ability to maintain liquidity and market interest post-listing is becoming a critical challenge for tourism companies, as evidenced by the struggles of previously listed traditional tourism firms [10]