New stock news | Slender West Lake Tourism submitted a second listing application to the Hong Kong Stock Exchange, specializing in famous waterway sightseeing services in Yangzhou.

According to the disclosure on March 30th by the Hong Kong Stock Exchange, Jiangsu Shouxihu Culture Tourism Co., Ltd. (referred to as "Shouxihu Culture and Tourism") has once again submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with EB SECURITIES International as its exclusive sponsor. The company had previously submitted its application to the Hong Kong Stock Exchange on September 26, 2025. Company Overview The prospectus shows that Shouxihu Culture and Tourism is a state-owned comprehensive water-based tour service provider, headquartered in Yangzhou, Jiangsu Province. It mainly consists of three major business segments: providing water-based sightseeing services, including value-added "boat +" services and charter services, as well as the Yangzhou Night Cruise; providing sightseeing car services; and providing management services. According to Frost & Sullivan data, in 2024, the company ranked second in ticket sales in the Jiangsu Province water-based tour service market, accounting for approximately 16.0% of the market share in Jiangsu Province. The company mainly operates water-based sightseeing services in well-known areas in Yangzhou, including the Shugang-Shouxihu Scenic Area and the Ancient Canal area, which are all part of the World Heritage site of the Grand Canal by UNESCO. The exclusive operating rights in the Shugang-Shouxihu Scenic Area were granted to the company on September 9, 2015, by the Shugang-Shouxihu Management Committee Economic Development Bureau (as the granting party) and the company (as the recipient) under the 2015 Licensing Agreement, through which the granting party granted the company the exclusive operating rights for water-based sightseeing in the Shugang-Shouxihu Scenic Area for a period of 20 years, from September 10, 2015, to September 9, 2035. The company offers a variety of sightseeing boat services, including standard water-based sightseeing services, value-added services, and the Yangzhou Night Cruise performance. Standard water-based sightseeing services are provided through rowboats, self-driving boats, and themed boats. The company directly owns all the tour boats. Currently, the company has a total of 221 boats, including 36 rowboats, 121 self-driving boats, and 64 themed boats. Under standard operating conditions, the total passenger capacity per single trip is 3,892 people, with a maximum daily capacity during peak tourism periods of over 35,000 people. At the same time, the company also provides various value-added water-based sightseeing services, including "boat +" services and charter services, to attract tourists seeking unique travel experiences, while maximizing the use of tour boats to further enhance revenue sources and financial performance. Water-based sightseeing business has been the company's main source of income in the past and during the historical periods covered. For the three years ended December 31, 2023, 2024, and 2025, the revenue generated by the water-based sightseeing business segments accounted for approximately 87.2%, 86.2%, and 83.7% of the total revenues for the respective periods. The prospectus notes that the company's water-based sightseeing services and sightseeing car services businesses exhibit significant seasonal fluctuations, with revenue from water-based sightseeing services and sightseeing car services showing clear seasonality. These seasonal fluctuations are mainly influenced by factors such as the conventional peak and off-peak seasons in the cultural tourism market, public holidays and school holidays, weather conditions, festival promotions, and other factors that affect tourist spending behaviors. Financial Information Revenue In 2023, 2024, and 2025, the company's revenues were approximately RMB 109 million, RMB 111 million, and RMB 141 million, respectively. Profit In 2023, 2024, and 2025, the company's annual/period profit and total comprehensive income were approximately RMB 46.43 million, RMB 42.884 million, and RMB 51.99 million, respectively. Gross Profit Margin In 2023, 2024, and 2025, the company's gross profit margin was approximately 59%, 54.4%, and 58.2%, respectively. Industry Overview Water-based tour services refer to leisure sightseeing experiences conducted on inland waterways (such as rivers, lakes, and canals) using sightseeing boats, self-driving boats, pedal boats, and dining boats, among others. In 2024, the revenue from the Chinese water-based tour service market increased from RMB 3.8 billion in 2020 to RMB 10.2 billion. With the continued favorable policies for water tourism, the continuous upgrading of related tourism products, and the increasing demand from consumers for unique water tourism experiences, it is expected that the revenue from the Chinese water-based tour service market will continue to grow steadily. From 2024 to 2029, the revenue from the Chinese water-based tour service market is expected to increase from RMB 10.2 billion to RMB 18.8 billion, with a compound annual growth rate of approximately 13.0%. In the Chinese water-based tour market, ticket income constitutes the main part of the total market size. This segment grew significantly from RMB 3.6 billion in 2020 to RMB 9.4 billion in 2024, with a compound annual growth rate of approximately 27.3%. Looking ahead, the improvement in the level of tourism consumption, the diversification of sightseeing experiences, and the continuous improvement in service quality are expected to drive market growth steadily. It is projected that the ticket income from the water-based tour market will expand at a compound annual growth rate of approximately 9.9% from 2024 to 2029, reaching RMB 15 billion by the end of 2029. From 2020 to 2024, the revenue from the water-based tour service market in Jiangsu Province showed a dynamic trend. During this period, the revenue increased significantly from RMB 316 million in 2020 to RMB 650 million in 2024, with a compound annual growth rate of 19.7%, similar to the national tourism market landscape. Driven by the continuous recovery of the tourism market and local development initiatives, the revenue from the water-based tour service market in Jiangsu Province is expected to continue to grow steadily. In addition, high-quality water-based tour and comprehensive water-based tour products are expected to bring growth opportunities. Therefore, it is estimated that the market will reach RMB 976 million by 2029, with a compound annual growth rate of approximately 8.5% from 2024. Other sources of revenue in the water-based tour service market in Jiangsu Province mainly include various innovative theme services beyond traditional ticket income. These services include the "boat + dining" service that combines onboard dining with sightseeing experiences, providing local specialties such as Yangzhou morning tea; the "boat + corporate" service that uses tour boats as unique venues for corporate gatherings and events; and the "boat + education" projects designed around the rich historical, cultural, and ecological heritage of the Grand Canal, mainly targeting primary and secondary students. The ticket income from the water-based tour service market in Jiangsu Province increased significantly from RMB 300 million in 2020 to RMB 600 million in 2024, with a compound annual growth rate of approximately 18.9%. It is projected that by 2029, the ticket income from the water-based tour market in Jiangsu will reach RMB 783 million, with a compound annual growth rate of 5.5% from 2024. The revenue from the water-based tour service market in Yangzhou City increased from RMB 369 million in 2020 to RMB 110 million in 2024, with a continuous compound annual growth rate of 31.4% since 2020. As the Yangzhou City government focuses on developing tourism to extend the tourism consumption chain and emphasizes the need to make good use of urban cultural heritage and rich tourism resources by hosting events such as the Grand Canal Cultural and Art Exhibition and the Shouxihu Flower Festival, it is estimated that by 2029, the revenue from the water-based tour service market in Yangzhou City will reach RMB 182 million, with a compound annual growth rate of 10.6% from 2024. Board of Directors Information The company's board of directors currently consists of 9 directors, including 6 executive directors and 3 independent non-executive directors. Equity Structure As of March 23, 2026, the Tourism Development Group is a wholly-owned subsidiary of Yangzhou Industry, which is a state-owned enterprise directly owned by the Yangzhou Municipal Government. The Global Tourism Company is 76.60% owned by the Yangzhou Business Travel Group, which is a wholly-owned subsidiary of Yangzhou Industry. Yangzhou Industry is ultimately controlled by the Yangzhou Municipal Government and the Shouxihu Management Office holds 23.40%. Intermediary Team Exclusive Sponsor: China Everbright Securities Limited Legal Counsel for the Company: Hong Kong and U.S. law: King & Wood Mallesons; Chinese law: Jun He Law Firm Legal Counsel for the Exclusive Sponsor: Hong Kong law: Fangda Partners; Chinese law: Beijing Yifeng Law Firm Auditors and Reporting Accountants: Ernst & Young Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd Compliance Consultant: China Everbright Securities Limited