BRIEF: Single show pony Impression Dahongpao launches modest IPO
Cultural tourism company Impression Dahongpao Co. Ltd. (2695.HK) launched its Hong Kong IPO on Friday, aiming to sell 36.1 million shares for HK$3.47 to HK$4.10 apiece to raise about HK$148 million ($19 million). Shares will be sold in lots of 1,000, requiring investors to pay HK$4,141.35 per lot. Subscriptions will close on Dec. 17, with trading set to begin Dec. 22.
Dahongpao’s operations include cultural performances, cultural tourism town management, and hotel operation. Its primary revenue source is “Impression – Dahongpao Scenery Show” a large-scale outdoor live show. Revenue from the show approached 130 million yuan ($18.4 million) last year, down 4.3% year-on-year. In the first half of this year, revenue from the show rose 2.5% year-on-year to 49.1 million yuan, accounting for about 90% of the company’s total.
The company’s overall revenue last year totaled 137 million yuan. Its annual net profit was 42.81 million yuan, down nearly 10% year-on-year. Its revenue climbed 8.5% year-on-year to 55.88 million yuan in the first half of this year, though its profit fell 19% to 10.23 million yuan.
By Lau Chi Hang
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