HK Stock Market Move | HAICHANG HLDG (02255) falls more than 5% in early trading. Annual losses expand to nearly 1 billion yuan. New controlling shareholder's bailout plan encounters obstacles.

HAICHANG HLDG (02255) fell more than 5% in the morning session, dropping 4.44% to HKD 0.43 as of the time of writing, with a trading volume of HKD 114.695 million. On the news front, HAICHANG HLDG previously released its annual performance, with a full-year revenue of 1.549 billion yuan, a year-on-year decrease of about 14.8%; the loss expanded from 750 million yuan in the same period last year to 984 million yuan. The announcement showed that the company's core theme park operation business was dragged down by a decline in visitor numbers and secondary consumption in the park, leading to a significant reduction in revenue, becoming the main reason for the revenue decline. It is worth noting that Xiangyuan Holdings injected capital into HAICHANG HLDG last year, planning to provide more strategic development resources, as well as help supplement the company's operating funds and reduce financial expenses. However, in December 2025, Xiangyuan's actual controller, Yu Faxiang, was detained by the Shaoxing Public Security Bureau for suspected criminal activities and subsequently resigned as chairman of the board and all other positions at HAICHANG HLDG, causing sudden turmoil in the company's core management team and disrupting the original relief and transformation plan.