The first landscape performance concept stock, Impression Dahongpao, launches Hong Kong IPO
The first landscape live show concept stock, Impression Dahongpao, launches Hong Kong IPO
- Global offering of 36,100,000 shares
- Offer price per share ranges from HK$3.47 to HK$4.10
China's leading cultural tourism service provider – Impression Dahongpao Co., Ltd. (NEEQ stock code: 870608) (the "Company" or "Impression Dahongpao") today announced the launch of its Hong Kong public offering (the "Hong Kong Public Offering"), with plans to list on the Main Board of The Stock Exchange of Hong Kong Limited ("HKEx") (Stock code: 2695).
Offering Details
Impression Dahongpao proposes to offer a total of 36,100,000 shares globally (subject to the exercise of the over-allotment option), of which 32,490,000 shares will be allocated for international placement (subject to reallocation and the exercise of the over-allotment option), and the remaining 3,610,000 shares will be allocated for the Hong Kong Public Offering, representing 90% and 10% of the total offering shares respectively (subject to reallocation and the exercise of the over-allotment option). The offer price range is from HK$3.47 to HK$4.10 per share.
The Hong Kong Public Offering will commence at 9:00 a.m. on Friday, December 12, 2025, and close at 12:00 noon on Wednesday, December 17, 2025. The final offer price and allocation results will be announced on Friday, December 19, 2025. The shares are expected to commence trading on the Main Board of HKEx on Monday, December 22, 2025, with a board lot size of 1,000 shares and stock code 2695.
The Company intends to use the net proceeds from the global offering for the following purposes: upgrading the flagship show "Impression·Dahongpao" landscape live performance; innovating the Impression Cultural Tourism Town; acquiring another cultural tourism performance project; promotional activities to enhance brand image and expand business influence; upgrading the ticketing management system and other software; working capital and other general corporate purposes.
Xingzheng International Capital Limited and Kaisheng Capital Limited are the joint sponsors.
Company's Key Advantages
Exclusive Performance Rights of "Impression·Dahongpao" with Replicable Success Experience
The Company's flagship "Impression·Dahongpao" landscape live performance holds a strong industry position in Fujian Province and across China. According to Frost & Sullivan, in 2024, the show ranked third in China by box office revenue among all tourism landscape live performances. Backed by strong shareholder support and collaborative resources, the Company has secured exclusive performance rights for "Impression·Dahongpao", providing it with significant competitive advantages and establishing it as an undisputed market leader in China's tourism landscape live performance and cultural tourism performance markets.
Set against the natural scenery of Wuyi Mountain, the "Impression·Dahongpao" performance offers stunning visual experiences. Benefiting from its UNESCO-recognized location, Wuyi Mountain boasts both cultural and natural heritage. This geographical advantage, combined with convenient transportation including aviation, highways, and high-speed rail networks, facilitates easy access for domestic and international tourists, driving the Company's revenue growth. The success of "Impression·Dahongpao" has enabled the Company to accumulate deep expertise in cultural storytelling, audience engagement, and operational excellence, laying a solid foundation for its next new program, "Moon Over Wuyi".
Launched in May 2025, "Moon Over Wuyi" enriches Wuyi City's performance options with a completely different theatrical cultural experience. The show promotes the traditional Chinese philosophy of Zhu Xi culture in Wuyi Mountain and features a stage with key technical characteristics, recognized as the "world's largest single-structure indoor water curtain stage" by World Record Certification Limited on May 1, 2025. This new performance complements the "Impression·Dahongpao" landscape live show.
Brand Effect and Government Policy Support Establish Leading Market Position
Fujian Province boasts abundant natural landscapes and profound cultural heritage. The local government has been working to increase flight and rail connections between Wuyi Mountain and other major hub cities, allocating resources to promote tourism development. Fujian's live performance market achieved year-on-year growth rates of approximately 485.9% and 67.5% in 2023 and 2024, respectively. As Fujian's reputation as a cultural tourism hub in China continues to grow, the provincial government has further emphasized the concept of "cultural tourism performance +" to integrate local culture with iconic heritage sites.
As a leading cultural tourism service provider deeply rooted in Wuyi Mountain, Fujian Province, the Company benefits from the successful experience of "Impression·Dahongpao" and favorable government policy support, with ample cultural resources providing rich inspiration for performance creators. Leveraging Fujian's long-standing cultural heritage and diverse geographical features, the Company's tourism performances have the potential to create high-impact value, driving the cultural tourism market in the region.
Core Service Synergies Create Strong Collaborative Effects
Currently, the Company generates synergies through its performance services ("Impression·Dahongpao" and "Moon Over Wuyi"), Impression Cultural Tourism Town business, and Tea Hot Spring Hotel business, enhancing overall visitor experiences and strengthening its competitive advantages in the local cultural tourism market.
The strategically developed Impression Cultural Tourism Town primarily consists of the Wuyi Tea Expo Garden (a 4A-level scenic area), the Impression Jianzhou Food Theme Street, and the Wuyi Tea Study Center. To extend the consumption chain before performances, the Town has been developed as an integrated destination featuring "cuisine + folk culture + commercial shopping + leisure entertainment". To enrich visitor experiences and expand its business scope, the Company launched its Tea Hot Spring Hotel business in 2021, offering tea-themed hot bath wellness experiences that seamlessly incorporate Dahongpao tea elements into guest services. The integrated operations centered around Wuyi Mountain Dahongpao tea have created synergies among the Company's three business segments.
By integrating its core service portfolio, the Company provides comprehensive one-stop travel experiences for visitors to Wuyi City. Visitors can explore the Impression Cultural Tourism Town, experience local tea culture, watch live performances, and stay at unique themed Tea Hot Spring Hotels. These diverse activities not only enrich visitor experiences but also extend their stay in Wuyi Mountain, increasing per capita spending. As the business portfolio steadily expands, the synergistic potential among businesses can form a virtuous cycle, driving long-term stable growth.
Disclaimer
This offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. This press release is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction, including where such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not a prospectus (as defined under Hong Kong law) and potential investors should read the Company's prospectus for detailed information about the Company and the proposed offering before making any investment decision. This press release has not been reviewed or approved by HKEx or the Securities and Futures Commission of Hong Kong.
The Company's share price may enter a stabilization period in accordance with Chapter 571W of the Hong Kong Securities and Futures (Price Stabilization) Rules. Details of the price stabilization and how it will be subject to Chapter 571W of the Hong Kong Securities and Futures (Price Stabilization) Rules are disclosed in the Company's prospectus issued on December 12, 2025.
About Impression Dahongpao Co., Ltd.
Impression Dahongpao Co., Ltd. (NEEQ stock code: 870608) is a state-owned cultural tourism service provider that completed its listing on China's NEEQ in 2017. The Company's business is divided into three main segments: (i) performance services; (ii) Impression Cultural Tourism Town business; and (iii) Tea Hot Spring Hotel business. Among these, the Company's flagship program, the "Impression·Dahongpao" landscape live performance, serves as the cornerstone of its business. It is the only live performance held within a UNESCO World Natural and Cultural Heritage site and the only large-scale outdoor live performance intertwined with the history of traditional Chinese tea culture. In 2024, "Impression·Dahongpao" ranked third in China by box office revenue among all tourism landscape live performances and tenth among all cultural tourism performances. By sales revenue generated from cultural tourism performances, the Company ranked eighth in China's cultural tourism performance market in 2024.
1 According to Frost & Sullivan
This press release is issued by Yiwanghou Financial Communications Limited on behalf of Impression Dahongpao Co., Ltd.
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