Impression Dahongpao Co., Ltd.
Date of Prospectus: 12 December 2025
Impression Dahongpao Co., Ltd. Hong Kong IPO: Deep Dive into Financials, Growth Strategy, Risks & Investor Opportunity

Impression Dahongpao Co., Ltd. is set to debut on the Hong Kong Stock Exchange, marking a significant milestone for the company and investors seeking exposure in China’s dynamic tourism and cultural entertainment sector. This comprehensive analysis brings together all key details, financial metrics, risk factors, and growth outlook directly from the company’s latest IPO documentation.

IPO Snapshot

IPO Symbol: Not disclosed
Offer Price Range: HK\$3.47 – HK\$4.10 per H Share
Total Offer Size: 36,100,000 H Shares (including 3,610,000 Hong Kong Public Offer Shares and 32,490,000 International Offer Shares), representing approximately 25.04% of the enlarged share capital post-IPO (27.75% if over-allotment option exercised)
Post-IPO Outstanding Shares: 144,170,000 total Shares (including 36,100,000 H Shares)
Expected Market Capitalisation: HK\$500 million – HK\$591 million
Offer Period: 9:00 a.m., Friday, 12 December 2025 – 12:00 noon, Wednesday, 17 December 2025
Listing Date: Monday, 22 December 2025, 9:00 a.m.
Minimum Application: One board lot of 1,000 Offer Shares (maximum allocation table below)

Over-allotment Option: Up to 5,415,000 additional H Shares (15% of initial offer)
Net Proceeds (at Mid-Point HK\$3.79): HK\$110.4 million (RMB100.6 million) after fees and commissions

Use of Proceeds and Growth Story

Impression Dahongpao demonstrates a clear growth-driven narrative. The net proceeds are earmarked for:

• Expansion Projects: HK\$25.4 million (23.0%) for new cultural tourism projects
• Product/Service Enhancement: Allocation for technology upgrades and service innovation
• Marketing and Brand Building: Significant resources to boost brand awareness
• Working Capital and Operational Support: Remaining funds to support day-to-day operations and liquidity

This allocation suggests an aggressive expansion and market penetration strategy, positioning the company to capitalize on sector growth.

Dividend Policy and Commitment

No fixed pay-out ratio for future dividends. Dividend payments will depend on financial performance, retained earnings, capital requirements, and legal restrictions. There is no commitment or timetable for dividends post-IPO; decisions will be at the discretion of the Board and subject to shareholders’ approval.

Placement and Issuance Breakdown

• Public Offering: 3,610,000 H Shares to Hong Kong public
• International Offering: 32,490,000 H Shares to institutional/professional investors outside the US
• Over-allotment Option: 5,415,000 H Shares (potential additional issuance)
• Existing Minority Shareholders: May participate in International Offering subject to strict conditions; no preferential allocation
• No Cornerstone/Employee Allocation disclosed

Deal Parties, Structure and Bookrunners

Joint Sponsors: China Industrial Securities International Capital Limited, Halcyon Capital Limited
Overall Coordinators & Joint Global Coordinators: China Industrial Securities International Capital Limited, Halcyon Securities Limited
Joint Bookrunners & Lead Managers: China Industrial Securities International Capital Limited, Halcyon Securities Limited
Other Underwriters: ABCI Securities, BOCI Asia, CCB International, China Sunrise Securities, CMB International, Futu Securities, GLAM Capital, Huafu International, ICBC International, Patrons Securities, Phillip Securities, Tiger Faith Securities, TradeGo Markets, uSmart Securities, Zheshang International Financial Holdings
Underwriting Commission: 2.0% of aggregate Offer Price (80% fixed, 20% discretionary)
Stabilization/Greenshoe: Over-allotment option of up to 5,415,000 H Shares (15% of offer), allowing for post-listing price support.

Book Quality Inference: The presence of multiple reputable syndicated banks, strict allocation rules, and a substantial public tranche imply a well-supported deal structure, likely helping first-day trading stability.

Company Overview: Business Model and Industry Position

Impression Dahongpao Co., Ltd. operates in China’s cultural tourism sector, specializing in immersive landscape performance and cultural entertainment. Key revenue streams include ticket sales, event hosting, and related cultural tourism products. The company’s flagship products and services target both domestic tourists and cultural event organizers, leveraging strong brand recognition in the region.

Geography: Operations are primarily rooted in China with a focus on high-tourist flow regions.
Customer Segments: Individual tourists, event organizers, government and corporate clients.
Industry Definition & Size: China’s tourism market is large and growing, supported by industry research from Frost & Sullivan, which confirms robust sector demand.

Financial Health: Multi-Period Summary

Liquidity: Robust cash balance (RMB64,133,000 at 30 June 2025), healthy current and quick ratios, and strong operating cash flows support growth ambitions.
Profitability: Margins above industry average (over 40% gross margin), suggesting both pricing power and operational efficiency.
Capital Structure: Low leverage, with no material convertible debt or debenture obligations.

Management Team & Governance

Board of Directors: Names and biographies disclosed in the document; led by an experienced Chairman and CEO with deep industry expertise.
Senior Management: Diverse backgrounds in tourism, finance, and project development, supporting the company’s ambitious growth agenda.

Market Position and Competitive Advantages

Impression Dahongpao holds a leading position in China’s cultural tourism sector, cited for brand strength and innovative landscape performance offerings. The company’s unique product mix and focus on high-traffic cultural regions underpin its competitive edge. Market share and ranking specifics are available in the industry report commissioned from Frost & Sullivan.

Trends, Timing & Market Environment

Sector Trends: Rapid growth in China’s domestic tourism market, increasing demand for cultural and experiential offerings, and strong government support for tourism-led regional development.
Timing: IPO coincides with a favorable macroeconomic environment and sector uptrend; offer open from 12–17 December 2025, listing on 22 December 2025.
Recent Developments: No material adverse changes reported as of 31 October 2025; ongoing project rollouts and partnership announcements reinforce sector momentum.

Risk Factors and Quantified Exposure

Key risks disclosed include:

• Regulatory Risk: Compliance with new PRC rules for overseas listings; penalties up to RMB10 million for non-compliance
• Business Concentration: Revenue reliant on flagship projects and regional tourism flows
• Market Volatility: No assurance of active post-listing trading market; offer price may not reflect market price
• Dividend Uncertainty: No commitment to future payouts
• Related-party Transactions: Continuing connected transactions with Impression Art Development subject to waivers
• Macroeconomic Factors: Exposed to changes in consumer demand, government policy, and external shocks
• Data Reliability: Some industry stats from government sources not independently verified

Growth Strategy and Expansion Plans

Primary initiatives include:

• New Cultural Tourism Projects: Major capex allocations for project development by 2027
• Technology and Product Innovation: Upgrading service delivery and customer experience
• Brand Expansion: Marketing investments to deepen market penetration
• Operational Scaling: Strengthening working capital and liquidity for rapid deployment

All net proceeds are expected to be utilized by 2027; any shortfall may be covered by internal resources or bank borrowings.

Ownership Structure and Lock-up Commitments

Pre-IPO Shareholding: Company owned by 127 existing shareholders; all shares unlisted prior to listing.
Post-IPO Structure: 144,170,000 shares (36,100,000 H Shares) outstanding post-IPO (assuming no greenshoe).
Lock-up: Six-month lock-in for the company and controlling shareholders post-listing, as per Hong Kong Stock Exchange rules.
ESOPs: No outstanding or planned employee stock option plans disclosed.
Major Shareholders: Major shareholders to retain substantial holdings post-IPO.

Valuation and Peer Comparison

Unaudited Pro Forma Net Tangible Assets per Share:

P/E, P/B, EV/EBITDA, Dividend Yield, Peer Comparison: Not disclosed.
Sector IPO Activity: No other concurrent IPOs or peer performance metrics listed.

Research Coverage and Analyst Opinions

Industry Research: Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. provided an independent sector analysis.
Analyst Price Targets: Not disclosed.

IPO Allotment Result and Subscription Outcomes

Final Allocation Results: To be published online at www.hkexnews.hk and www.yxdhp.com.cn after 11:00 p.m. on Friday, 19 December 2025. All applicants can check allotment by ID on the official platforms.
Oversubscription Metrics: Not disclosed in advance; retail/institutional split to be determined after bookbuild.

Listing Outlook

Based strictly on disclosed facts, the IPO appears well-structured, with strong syndicate support, healthy financials, and a growth-focused use of proceeds. The presence of stabilization mechanisms and strict allocation rules suggest potential for robust first-day trading. Given sector momentum, management pedigree, and expansion plans, first-day performance is likely to be at or above the offer price range, barring unforeseen market volatility.

Prospectus Access

Full prospectus available at:
www.hkexnews.hk
https://www.yxdhp.com.cn/

How to Apply

Application Channels:

• Online via HK eIPO White Form service at www.hkeipo.hk
• HKSCC EIPO channel through brokers/custodians participating in HKSCC’s FINI system

Application Window: 9:00 a.m., Friday, 12 December 2025 to 12:00 noon, Wednesday, 17 December 2025.
Eligibility: Applicants must be 18+, reside in Hong Kong, and not be existing shareholders, directors, or their close associates.