IMPRESSION DHP (02695) Secures HKD 37.8 Billion in Margin Financing, Oversubscribed 2,553 Times

Stock News12-17

State-owned cultural tourism service provider IMPRESSION DHP (02695) opened its IPO subscription from December 12 to midday on the 17th. Market data shows that as of late morning on Wednesday (17th), the company had secured approximately HKD 37.8 billion in margin financing from brokerages. With a public offering target of HKD 14.8 million, the offering was oversubscribed by 2,553 times.

IMPRESSION DHP plans to issue 36.1 million H-shares, with 10% allocated to the Hong Kong public offering. The price range is set at HKD 3.47 to HKD 4.10 per share, aiming to raise up to HKD 150 million. Each lot consists of 1,000 H-shares, with an entry fee of HKD 4,141.4 per lot. The company is expected to list on December 22, with Xingzheng International and Kaisheng acting as joint sponsors.

According to the prospectus, IMPRESSION DHP is a state-owned cultural tourism enterprise headquartered in Wuyishan, Fujian Province. Frost & Sullivan data ranks the company eighth in China's cultural tourism performance market by revenue in 2024. Its shares have been listed on the New Third Board since January 20, 2017 (Stock Code: 870608).

The prospectus outlines three main business segments: (i) performance and show services, (ii) cultural tourism town operations, and (iii) tea-themed hotel services. The performance segment includes three key offerings: (i) the signature landscape show "IMPRESSION·DHP," (ii) the new show "Moon Over Wuyi" launched in May 2025, and (iii) customized corporate performances for events such as team-building activities and annual meetings.

Net proceeds from the global offering will be allocated as follows: (1) 23.0% for upgrading the signature "IMPRESSION·DHP" show; (2) 28.6% for developing the Impression Jianzhou food-themed block (2025), enhancing the cultural tourism town with riverside promenades (2026), and renovating the Wuyi Tea Museum (2026); (3) 20.0% for acquiring another premium cultural tourism performance project; (4) 11.0% for brand promotion; (5) 7.4% for ticketing system upgrades; and (6) 10.0% for working capital and general corporate purposes.

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