New stock news | Qingming Shanghe Garden files to list on the Hong Kong Stock Exchange, ranking fourth among all single themed parks in China.

According to the disclosure by the Hong Kong Stock Exchange on June 15th, Kaifeng Qingming Shanghe Garden Co., Ltd. (referred to as Qingming Shanghe Garden) submitted an application to the main board of the Hong Kong Stock Exchange, with CMSC International as its exclusive sponsor. Company Overview According to the prospectus, the company is a developer and operator of cultural theme parks and tourism performances located in Kaifeng City, Henan Province. The company's operations are centered around Qingming Shanghe Garden, a national 5A-level tourist attraction created based on the Song Dynasty painting "Qingming Shanghe Tu". As of the last practicable date (June 5, 2026), Qingming Shanghe Garden is the only national 5A-level tourist attraction in Kaifeng City and the only theme park in Henan Province to offer large-scale live performances. According to data from Torch Insight, the company's park received approximately 9.6 million visitors in 2025, ranking fourth among all single-theme parks in China and first among all 5A-level tourist attractions in Henan Province. The company is based on the culture of the Song Dynasty depicted in the "Qingming Shanghe Tu" painting, providing visitors with a variety of immersive experiences. During the reporting period, the company's revenue mainly came from: (1) park operations, including (i) ticket sales; (ii) rental income; and (iii) catering and hotel services; (2) the company's flagship performance, the ticket sales for "Da Song Dong Jing Meng Hua"; and (3) other services, including tourism services, management services, and other ancillary services. With a diverse range of products and services, the company has established a theme park operation system centered around Song culture. The company's park operations cover various dimensions, including the restoration of ancient buildings from the Song Dynasty, a variety of Song cultural theme performances, interactive NPC role-playing activities, themed hotel accommodations, themed dining and culinary shows, as well as the design and sale of cultural products. During the reporting period, another major source of revenue for the company was the ticket sales revenue for the flagship performance "Da Song Dong Jing Meng Hua". "Da Song Dong Jing Meng Hua" is a large-scale immersive live performance that combines artistic presentation and cultural narrative. Set against the backdrop of Bianjing, the performance weaves eight classic Song poems into its storyline. "Da Song Dong Jing Meng Hua" features large stage installations such as giant painted boats, mechanical flower stages, and movable water bridges, recreating historical scenes of the prosperity, folk customs, and tribute ceremonies of the Song Dynasty. The performance has received numerous official and industry accolades and was included in the first batch of the National Tourism Performance Excellence Directory compiled by the Ministry of Culture and Tourism of the People's Republic of China in 2023. It also won the Gold Award for China's Best Tourism Performance Project at the 8th China Tourism Investment Ataya Awards in 2018. Financial Information Revenue For the fiscal years 2023, 2024, and 2025, the company's revenue was approximately RMB 673 million, RMB 742 million, and RMB 746 million, respectively. Profit For the fiscal years 2023, 2024, and 2025, the company's annual profits were approximately RMB 285 million, RMB 278 million, and RMB 212 million, respectively. Industry Overview Starting in 2022, with the strong support of the recovery of the domestic tourism industry, the upgrading of consumption structures, and the growth of overseas visitors, the number of Chinese tourists and their spending has steadily increased. The number of domestic tourists increased from 3.20 billion in 2021 to 6.50 billion in 2025, with a compound annual growth rate of 19.1% from 2021 to 2025; tourist spending increased from RMB 2.9 trillion in 2021 to RMB 6.3 trillion in 2025, with a compound annual growth rate of 21.2% over the same period. Looking ahead, the total number of domestic tourists and tourist spending in China is expected to continue on a stable growth trajectory. The number of domestic tourists is projected to reach 10.7 billion by 2030, with a compound annual growth rate of 10.3% from 2025 to 2030; combined with the Fifteenth Five-Year Plan and related tourism measures and support policies, tourist spending is expected to reach RMB 11.6 trillion by 2030, with a compound annual growth rate of 12.9% from 2025 to 2030. Additionally, in 2025, the number of inbound tourists to China reached 154.5 million, nearly doubling from 2023. The continued recovery of inbound tourism is expected to further drive growth in the domestic tourism industry. Henan Province is located in the middle and lower reaches of the Yellow River and is an important birthplace of Chinese civilization, providing excellent geographical conditions for the development of the tourism industry. With a population of over 974 million by the end of 2025, Henan Province's robust domestic demand provides strong support for the continuous development of the tourism industry. According to data from the Henan Provincial Bureau of Statistics, tourist consumption accounted for 16.2% of the province's GDP in 2025, making a significant contribution to regional economic growth and employment. Leveraging the central Plains culture, Henan's tourism industry combines unique resources such as Yellow River culture, ancient capital culture, and kung fu culture to create a diverse range of tourism products through protection, transformation, and industrialization, achieving dual goals of cultural inheritance and economic development. Starting in 2022, the number of tourists and tourist spending in Henan Province gradually recovered and entered a period of steady growth. The number of tourists increased from 800 million in 2021 to 1.10 billion in 2025, with a compound annual growth rate of 8.7% from 2021 to 2025; tourist spending increased from RMB 0.60 trillion in 2021 to RMB 1.10 trillion in 2025, with a compound annual growth rate of 15.5% over the same period. By 2030, the number of tourists in Henan Province is expected to reach 1.40 billion, with a compound annual growth rate of 4.6% from 2025 to 2030; in line with national policy objectives, especially the economic goals set out in the Fifteenth Five-Year Plan, total tourist consumption is expected to reach RMB 1.6 trillion by 2030, with a compound annual growth rate of 8.2% from 2025 to 2030. Kaifeng City is located in the eastern part of Henan Province, in the Yellow River basin, and is one of China's historic and cultural cities. The city has a deep cultural heritage, inherited from thousands of years of history, and possesses unique traditional Chinese cultural characteristics. As an important node city in the Central Plains Urban Agglomeration, Kaifeng's permanent population remains stable at around 4.7 million; by 2025, the city received over 116 million visitors, ranking third in the province; tourist consumption in the city ranked fourth in the province, with tourist consumption accounting for 30% of Kaifeng's total GDP, becoming a core pillar driving economic growth, increasing employment income, and enhancing the city's brand. Kaifeng's tourism is centered around the core essence of Song culture, integrating resources such as ancient capital culture, Yellow River culture, and intangible cultural heritage through the revitalization of cultural relics, immersive scene recreation, and innovative upgrades in business formats, aiming to create a core IP of Song culture and establish a diverse product system including performances, night tours, study tours, and cultural creativity. Starting in 2022, the number of tourists and tourist spending in Kaifeng have shown a significant increase and maintained a steady growth trend. The number of tourists increased from 73 million in 2021 to 116 million in 2025, with a compound annual growth rate of 12.3% from 2021 to 2025; tourist consumption increased from RMB 52.1 billion in 2021 to RMB 87.1 billion in 2025, with a compound annual growth rate of 13.7% from 2021 to 2025. In the future, tourist numbers and spending in Kaifeng are expected to continue growing steadily, with tourist numbers projected to reach 158.3 million by 2030, with a compound annual growth rate of 6.4% from 2025 to 2030; based on national policies, particularly the economic goals set in the Fifteenth Five-Year Plan, tourist spending is expected to reach RMB 134 billion by 2030, with a compound annual growth rate of 9.0% from 2025 to 2030. Board of Directors Information The company's board of directors consists of nine directors, including two executive directors, four non-executive directors, and three independent non-executive directors. Shareholding Structure As of the last practicable date, the group has two groups of controlling shareholders, namely (i) Henan Zhengqin Group (including Mr. Zhou, Henan Aining, Mr. Fang, Henan Yuetong, Henan Shenge, Nanchang Yuhuanyuan, Ms. Ren, and Ms. Wang) (Henan Zhengqin Group); and (ii) Kaifeng Fatoi Investment Management (including Kaifeng Fatoi and Kaifeng State-owned Assets Group) and Kaifeng State-owned Assets (including Kaifeng Industrial Investment and Kaifeng Capital Investment) (Kaifeng State-owned Group). Advisor Team Exclusive Sponsor: CMSC (Hong Kong) Limited; Legal Adviser: Zhong Lun Law Firm and Zhong Lun Law Firm; Legal Adviser to the Exclusive Sponsor: King & Wood Mallesons; Reporting Accountant and Independent Auditor: Deloitte Haskins & Sells; Industry Consultant: Torch Insight; Property Valuer: HK Valuation International Limited; Compliance Advisor: Maisin Capital Limited.