IPO Timeline
Broker Deadline
2025-12-17
Morning deadline
HKEX Deadline
2025-12-17
Noon deadline
Broker Results (T-2)
2025-12-18
Some brokers release in afternoon
Grey Market (T-1)
2025-12-19
Afternoon
HKEX Allotment (T-1)
2025-12-19
Evening
Registrar Allotment (T-1)
2025-12-19
Evening
Listing Day (T)
2025-12-22
First day of trading
Cross-Market Price Comparison
| Other Listed Market | To be extracted |
|---|---|
| Other Market Stock Code | To be extracted |
| H-Share Offer Price | HK$ 3.60 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 印象大红袍 |
|---|---|
| Stock Code | 02695 |
| Company Full Name | 印象大红袍 |
| Industry | New Energy |
| Principal Activities | state-owned cultural tourism service provider headquartered in Mount Wuyi, Fujian Province |
| Listing Date | 2025-12-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Head Office and Principal Place of Impression Villa (Yinxiang Bieyuan) Business in the PRC 62 Sangu Street, Resort Area Mount Wuyi City Fujian Province PRC Principal Place of Business in 40/F, Dah Sin |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.yxdhp.com.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (新三板) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 3.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-12 to 2025-12-17 |
| Global Offering Shares | 36,100,000 shares |
| HK Public Offer Shares (Initial) | 3,610,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 32,490,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 144,170,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 中国国际金融香港证券有限公司 CE AEN894 |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 129,960,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 3,600 |
| 2 lots | 2,000 | HK$ 7,200 |
| 3 lots | 3,000 | HK$ 10,800 |
| 4 lots | 4,000 | HK$ 14,400 |
| 5 lots | 5,000 | HK$ 18,000 |
| 6 lots | 6,000 | HK$ 21,600 |
| 7 lots | 7,000 | HK$ 25,200 |
| 8 lots | 8,000 | HK$ 28,800 |
| 9 lots | 9,000 | HK$ 32,400 |
| 10 lots | 10,000 | HK$ 36,000 |
| 15 lots | 15,000 | HK$ 54,000 |
| 20 lots | 20,000 | HK$ 72,000 |
| 25 lots | 25,000 | HK$ 90,000 |
| 30 lots | 30,000 | HK$ 108,000 |
| 35 lots | 35,000 | HK$ 126,000 |
| 40 lots | 40,000 | HK$ 144,000 |
| 45 lots | 45,000 | HK$ 162,000 |
| 50 lots | 50,000 | HK$ 180,000 |
| 60 lots | 60,000 | HK$ 216,000 |
| 70 lots | 70,000 | HK$ 252,000 |
| 80 lots | 80,000 | HK$ 288,000 |
| 90 lots | 90,000 | HK$ 324,000 |
| 100 lots | 100,000 | HK$ 360,000 |
| 200 lots | 200,000 | HK$ 720,000 |
| 300 lots | 300,000 | HK$ 1,080,000 |
| 400 lots | 400,000 | HK$ 1,440,000 |
| 500 lots | 500,000 | HK$ 1,800,000 |
| 600 lots | 600,000 | HK$ 2,160,000 |
| 700 lots | 700,000 | HK$ 2,520,000 |
| 800 lots | 800,000 | HK$ 2,880,000 |
| 900 lots | 900,000 | HK$ 3,240,000 |
| 1,000 lots | 1,000,000 | HK$ 3,600,000 |
| 1,200 lots | 1,200,000 | HK$ 4,320,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 1,400,000 | HK$ 5,040,000 |
| 1,600 lots | 1,600,000 | HK$ 5,760,000 |
| 1,805 lots | 1,805,000 | HK$ 6,498,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 519,012,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於盈利狀態） |
| Profit/Loss Status | Net loss (see financial statements) |
| Period-End Cash Balance | 人民币57,500,000元 |
| Listing Expenses | ~HK$ 26,400,000 |
| Listing Expenses / Funds Raised | ~20.31% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 2.33 |
|---|---|
| First Day Open | HK$ 3.26 |
| First Day Change | -35.28% |
| First Day Volume | 42683000.0 |
| First Day Turnover | 146998000.0 |
Use of Proceeds
| Use of Proceeds | 1、約25.4百萬港元（相當于約人民幣23.2百萬元），約23.0%，將用于升級標志性演出《印象大紅袍》山水實景演出； 2、約31.6百萬港元（相當于約人民幣28.7百萬元），約28.6%，將適用于(i)于2025年進一步發展印象建州美食主題街區，將其轉化為一個充滿活力的景點，向旅客提供現有服務項目以外的演出藝術體驗；(ii)于2026年進一步發展印象文旅小鎮，優化周邊景觀，包括引入濱江大道；及(iii)于2026年全面改造武夷茶博館4A級景區； 3、約22.1百萬港元（相當于約人民幣20.1百萬元），約20.0%，將用于通過向現有文化旅游演出項目注入管理經驗和創新的運營模式，取得另一個優質文化旅游演出項目； 4、約12.1百萬港元（相當于約人民幣11.1百萬元），約11.0%，將用于提升品牌形象及擴大業務影響力的宣傳工作； 5、約8.2百萬港元（相當于約人民幣7.4百萬元），約7.4%，將用于升級票務管理系統及軟件； 6、約11.0百萬港元（相當于約人民幣10.1百萬元），約10.0%，將用作營運資金和其他一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
Overall Coordinators (2)
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
Joint Global Coordinators (2)
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
Joint Bookrunners (8)
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
中信里昂证券有限公司 CE AAB893
富途证券国际（香港）有限公司 CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
华泰金融控股（香港）有限公司 CE AOK809
Joint Lead Managers (8)
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
中信里昂证券有限公司 CE AAB893
富途证券国际（香港）有限公司 CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
华泰金融控股（香港）有限公司 CE AOK809
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company | 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 嘉林资本有限公司 CE BBX925 |
| Receiving Banks |
中国银行（香港）有限公司 交通银行（香港）有限公司 渣打银行（香港）有限公司 |
| H Share Registrar | 香港中央证券登记有限公司 |
| Stabilizing Manager | 中国国际金融香港证券有限公司 CE AEN894 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | Mr. Zhong Baiyi |
|---|---|
| Company Secretary | Ms. Huang Jinjing |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering (assuming that the Over-allotment Option is not exercised), each of the following persons will have an interest and/or short posi |
|---|
AI
AI Analysis
Market Sentiment
The IPO attracted extreme retail interest, with an oversubscription ratio of 3,397.48× driving the hit rate down to just 3.15%. This level of frenzy reflects intense competition for a cultural tourism offering that clearly resonated with investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The listing used Mechanism B, which specifies no clawback, yet a share reallocation was triggered—an unusual deviation that may indicate exceptionally strong Hong Kong retail demand forced an adjustment. Without tier‑level data, the precise allocation compression cannot be mapped, but the single‑digit hit rate implies heavy scaling even for larger applications. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors claimed 55.7% of successful applications, highlighting cross‑border appetite for the cultural performance sector, while the average age of 43.9 suggests a mature participant base. The 60.2% male skew is typical for Hong Kong IPOs, though the high mainland proportion is a notable feature. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
