New stock news | Impressions Dahongpao (02695) obtained a loan of about HK$3.78 billion from securities firms for margin lending, with an oversubscription rate of 2553 times.

State-owned cultural and tourism service company Impression Dahongpao (02695) will be listed from December 12th to 17th at noon. Market data shows that as of 11 am on Wednesday (17th), Impression Dahongpao has received approximately HK$37.8 billion in margin financing from brokers, based on a public offering amount of HK$14.8 million, oversubscribed by 2553 times. Impression Dahongpao plans to issue 36.1 million H-shares, with 10% for public offering in Hong Kong at a price range of HK$3.47 to HK$4.1, raising up to HK$150 million. Each lot consists of 1000 H-shares with an entrance fee of HK$4141.4. Impression Dahongpao is expected to be listed on December 22nd, with CISI FIN and Kaiser Capital as joint sponsors. According to the prospectus, Impression Dahongpao is a state-owned cultural and tourism service company headquartered in Wuyishan, Fujian Province. Based on sales revenue generated from cultural and tourism performances, Impression Dahongpao ranks eighth in the Chinese cultural and tourism performance market in 2024. The company's shares have been listed on the New Third Board since January 20, 2017 (stock code: 870608). The prospectus mentions that Impression Dahongpao's business includes three main divisions: (i) performance and entertainment services; (ii) Impression Cultural Tourism Town business; and (iii) tea-themed hotel business. Impression Dahongpao's performance and entertainment services division includes three main services: (i) the iconic performance "Impression Dahongpao" landscape real-scene performance; (ii) the new performance "Moonlight Wuyi" to be launched in May 2025; and (iii) customized performances for corporate clients, usually commissioned by companies for their special corporate events (such as team-building activities and annual meetings). The directors plan to use the net proceeds from the global offering as follows: (1) about 23.0% will be used to upgrade the group's iconic performance "Impression Dahongpao" landscape real-scene performance; (2) about 28.6% will be used for further development of the Impression Jianzhou food-themed street in 2025, transforming it into a vibrant attraction offering performance art experiences beyond existing service projects. (ii) Further develop the group's Impression Cultural Tourism Town in 2026, optimize the surrounding landscape, including introducing a riverside avenue. (iii) Redevelop the 4A-level Wuyi Tea Expo Museum in 2026; (3) about 20.0% will be used to inject the group's management experience and innovative operational model into existing cultural tourism performance projects, acquiring another high-quality cultural tourism performance project. (4) about 11.0% will be used for promotional activities to enhance brand image and expand business influence. (5) about 7.4% will be used to upgrade the group's ticket management system and software. (6) about 10.0% will be used for operating funds and other general corporate purposes.