Impression Dahongpao Co., Ltd. Announces Disclosure on Discloseable Transaction: Historical Acquisition of Fixed Assets

Key Highlights for Investors

• Discloseable Transaction: The Company entered into an Assets Repurchase Agreement on 9 February 2026 for the acquisition of fixed assets worth RMB13,125,856. The transaction constitutes a discloseable transaction under Chapter 14 of the Listing Rules.
• Delayed Announcement: The disclosure of this transaction was delayed due to a misjudgment by the Company, which may raise concerns about internal controls and compliance culture.
• Remedial Actions: The Company is implementing significant remedial measures to address internal control weaknesses, including enhanced compliance reviews, staff training, and seeking legal advice to ensure future compliance.
• Valuation Details: The assets were valued by an independent third-party valuer using the cost approach, with thorough breakdowns for buildings, decorative works, and ancillary facilities.
• Strategic Impact: The acquisition supports the Company’s long-term development plan and ensures independence and completeness for a new project after the termination of a previous cooperative arrangement.
• No Material Adverse Change: The Board confirmed that there have been no material adverse changes in the asset values from the valuation dates to the agreement date.

Detailed Article

Impression Dahongpao Co., Ltd. (Stock Code: 2695) has announced a discloseable transaction involving the historical acquisition of fixed assets through an Assets Repurchase Agreement with Fujian Spring Restaurant Management Co., Ltd. The transaction, valued at RMB13,125,856, was entered into on 9 February 2026 and is classified under Chapter 14 of the Hong Kong Stock Exchange Listing Rules.

Transaction and Asset Details

• Assets Acquired: The assets include building construction and installation works, decorative works, and ancillary/supporting facilities at the Impression Tianjie (Impression Jianzhou) site, located within the Dahongpao Experience Center at the Tea Expo Park, Wuyi Mountain Resort, Fujian Province.
• Consideration and Payment: The RMB13,125,856 consideration is based on an independent valuation and will be paid in four installments:
  1. RMB4,970,000 after agreement execution.
  2. RMB5,343,000 by deduction from amounts owed by the Vendor to the Purchaser.
  3. RMB1,000,000 within seven business days from the agreement’s effective date.
  4. RMB1,812,856 after asset delivery.
• Valuation: Conducted by Fujian Wuyi Assets Appraisal Real Estate Land Appraisal Co., Ltd., the asset values are broken down as follows:
  • Building construction and installation works: RMB10,983,013
  • Decorative works: RMB1,760,815
  • Ancillary and supporting facilities (e.g., LED screens, electrical appliances): RMB382,028

  The cost approach was used, with detailed assumptions and justifications provided for each asset category.

• Warranties and Indemnities: The Vendor has warranted clean ownership and indemnified the Purchaser against losses from breaches or undisclosed defects.

Strategic Rationale and Potential Share Price Impact

• Project Continuity and Revenue: The acquisition follows the termination of a cooperation agreement with the Vendor. The Purchaser will now upgrade and renovate the Impression Tianjie project, leveraging a new partner. The transaction ensures the Company retains control and secures potential revenue streams, supporting its long-term strategic development and resource optimization.
• No Impact on Existing Rights: The change in asset ownership does not affect the Company’s 15-year operating rights to the Mount Wuyi Tea Expo Park, a 4A-rated scenic area – a critical assurance for future business stability.
• Compliance and Governance: The Company’s delayed disclosure may raise temporary concerns about governance and internal controls, but the comprehensive remedial measures (including internal reviews and compliance training) are positive steps to restore investor confidence.
• Shareholder Impact: The event is price-sensitive as it involves a significant capital deployment, changes control of strategic assets, and highlights both operational risks (from compliance lapses) and management’s commitment to rectification and future growth.

Remedial Measures and Future Compliance

• The compliance department will review and enhance internal controls for monitoring notifiable and connected transactions.
• The audit committee will continuously improve the internal control system.
• Relevant training and guidance will be provided to staff, especially on identifying transactions under the Listing Rules.
• Ongoing legal and professional advice will be sought to ensure compliance.

Information on Parties Involved

• The Company: Engaged in performance/entertainment services, cultural tourism town operations, and hotel operations.
• The Purchaser: A wholly-owned subsidiary conducting tourism-related businesses.
• The Vendor: Primarily in catering management, food production, retail/wholesale, venue leasing, and investments, wholly owned by Fan Jingkai, an independent third party.

Conclusion

Investors should monitor the Company’s execution of its remedial measures and progress in the Impression Tianjie project. The transaction’s successful implementation could enhance asset utilization and future earnings, but vigilance is warranted regarding compliance and internal control improvements.

Disclaimer: This article is a summary and interpretation of official disclosures by Impression Dahongpao Co., Ltd. It does not constitute investment advice. Investors should refer to official filings and seek professional advice before making investment decisions.

粵語版（Cantonese Version）

印象大紅袍股份有限公司披露重大資產回購交易，股東需注意事項

• 披露性交易：公司於2026年2月9日與福建春之餐飲管理有限公司簽訂資產回購協議，總價值人民幣13,125,856元。該交易根據香港聯交所上市規則第14章屬須予披露交易。
• 公告延誤：公司因誤判導致延遲披露，反映內部控制及合規文化需加強，可能引起投資者關注。
• 補救措施：公司正落實多項糾正措施，包括加強合規審查、員工培訓及尋求法律意見，確保未來合規運作。
• 資產估值詳情：資產由獨立第三方估值師以成本法估值，涵蓋建築工程、裝修及配套設施，估值透明。
• 戰略影響：此次回購有助公司長遠發展規劃，確保項目獨立性及完整性，並保障公司資源配置與投資回報。
• 資產價值無重大變化：董事會確認，自估值日至協議簽署日，資產市況及狀況無重大不利變動。

交易及資產詳情

• 回購資產包括位於福建武夷山度假區大紅袍體驗中心的建築、裝修及配套設施。
• 總價款分四期支付，包括簽約後、沖抵債務、協議生效後7個工作日內、及資產交付後。
• 建築工程估值約人民幣10,983,013元，裝修1,760,815元，配套設施382,028元。
• 賣方承諾資產清晰無糾紛，並就違約或隱瞞承擔賠償責任。

對股東影響及潛在股價變動因素

• 項目將與新合作方進行升級改造，有望提升公司資產運用及未來收益。
• 此次資產變動不影響公司在武夷山茶博園（4A景區）15年經營權，保障未來業務穩定。
• 雖然合規延誤屬無心之失，但公司已推出一系列補救措施，預料有助恢復投資者信心。
• 資金運用及項目發展均屬敏感事項，或影響股價走勢，建議股東密切關注後續進展。

補救及合規行動

• 加強內部控制及合規審查，董事會及審核委員會將持續改善相關制度。
• 員工將接受上市規則下可披露及關連交易的辨識培訓。
• 必要時尋求法律專業意見，確保合規。

相關方簡介

• 公司主營表演、文旅小鎮及酒店業務。
• 買方為全資附屬，經營旅遊業務。
• 賣方主營餐飲管理、食品零售及場地租賃，獨立第三方。

結語

建議投資者關注公司整改情況及新項目進展。交易成功實施有望提升資產價值及盈利能力，但應留意合規風險及內控改進成效。

免責聲明： 本文為對印象大紅袍股份有限公司公開文件的總結及解讀，僅供參考，不構成投資建議。投資者應參閱公司公告並尋求專業意見。

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