Core Viewpoint - Haichang Ocean Park announced a plan to issue 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 make Xiangyuan the controlling shareholder with a 38.6% stake in the company [1][2] Financial Performance - Haichang Ocean Park has reported continuous operating losses over the past three years, with net profits of RMB -1.396 billion in 2022, RMB -197 million in 2023, and RMB -740 million in 2024, totaling over RMB 2.3 billion in losses [1] - The company's debt-to-asset ratio has increased annually, standing at 73.79% in 2022, 78.14% in 2023, and 82.44% in 2024 [1] Current Financial Situation - As of the end of 2024, Haichang Ocean Park's net current liabilities reached RMB 2.953 billion, with outstanding bank and other borrowings of RMB 497 million [2] - The company has indicated that these financial conditions raise significant uncertainties regarding its ability to continue as a going concern [2] Strategic Development - The financing from Xiangyuan Holdings is expected to provide strategic resources for the company, helping to supplement working capital, reduce financial costs, and support ongoing project upgrades and transformations [1] - Haichang Ocean Park aims to focus on its core theme park business while enhancing its cultural tourism operations and IP development to build a new growth engine centered around marine culture [2]

Core Viewpoint - 嘉创地产 has entered into a lease agreement to operate the 龙凤山庄 theme park, aiming to diversify its revenue sources and enhance property values in the surrounding area, ultimately contributing to local economic growth [1] Group 1: Lease Agreement and Development Plans - The lease agreement involves 嘉创地产's subsidiary, 广东嘉朗, renting approximately 145,600 square meters of land where the theme park is located [1] - The theme park is strategically positioned near the 大龙工业区 and is part of the company's property development projects, enhancing the overall appeal of the area [1] Group 2: Expected Benefits from Theme Park Operations - **Business Diversification**: The operation of the theme park will integrate entertainment, hospitality, and leisure activities, generating stable income and cash flow, complementing the company's core residential property development [1] - **Property Value Appreciation**: The integration of cultural tourism operations is expected to stimulate local real estate growth, increasing property values and rental prices in the vicinity, particularly benefiting the 嘉辉豪庭 project [1] - **Cultural Tourism Positioning**: The company aims to create a "tourism town" through the theme park, enhancing its brand in cultural tourism and opening opportunities for future projects and regional expansion [1] - **Competitive Advantage**: Successful development of the theme park will strengthen the company's brand in cultural tourism, attracting quality partnerships and facilitating business expansion into other regions of China [1]

Group 1 - Xiangyuan Holdings has established over 40 cultural tourism projects across 14 provinces in China since entering the industry in 2008, including 6 World Heritage sites and 10 national 5A scenic spots [1] - Xiangyuan Cultural Tourism Co., Ltd. reported a revenue of 212 million yuan for Q1 2025, representing a year-on-year increase of 55.22%, and a net profit of 31.19 million yuan, up 158.67% year-on-year [1] - The strategic investment in Haichang Ocean Park aims to create a complementary resource network combining mountain and ocean tourism, enhancing the overall tourism ecosystem [2][3] Group 2 - Haichang Ocean Park, the first theme park operator listed on the Hong Kong Stock Exchange, has developed projects in major cities and received over 300 million visitors [2] - The investment will expand Xiangyuan's business footprint to Liaoning, Henan, and Chongqing, completing its presence in 17 provinces and cities across China [3] - The collaboration is expected to leverage both companies' strengths, with Xiangyuan's resource integration capabilities and Haichang's light asset management experience, creating a synergistic effect [3][4]