Good News on Listing | Frost & Sullivan Assists Insheng Dahongpao Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (2695.HK)

Impression Dahongpao Co., Ltd. (hereinafter referred to as 'Impression Dahongpao') successfully listed on December 22, 2025. The company plans to issue 36.1 million H shares, of which 90% will be international offerings and 10% will be public offerings. The maximum offering price per share is HK$4.10, raising approximately HK$11.04 million in net proceeds.

During the process of listing in Hong Kong, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer communicate with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related institutions.

• The company holds the exclusive performance authorization for the 'Impression: The Great Red Robe' landscape live-action show and has the experience and capability to create not just one performance;

   

• The company has established a market position in China's tourism landscape live performance market and cultural tourism performance market, relying on its famous 'Impression' brand and strong government policy support;

   

• The company's 'Impression: The Great Red Robe' landscape live performance is the first large-scale outdoor landscape live performance in Fujian Province and has a synergistic effect with the company's 'Moonlit Wuyi' and Impression Cultural Tourism Town businesses, as well as the tea soup hotel business;

   

• The company has a dedicated and innovative professional performing team with diverse talents;

   

• The company has an experienced management team with profound knowledge and expertise in the cultural tourism industry.

According to the Frost & Sullivan report, in terms of sales revenue generated by cultural and tourism performance programs in 2024, the company:

• Ranked eighth in the Chinese culture and tourism performance market.

According to the Frost & Sullivan report, in terms of box office revenue from performances in 2024:

• Ranked third among all tourism scenic spot live performances in China;

   

• Ranked tenth among all cultural tourism performances in China.

Cultural and tourism performances refer to performances held at tourist attractions. These performances are designed to entertain or attract visitors, including a wide range of cultural story narrations, artistic presentations, immersive experiences, and historical recreations, highlighting local traditions, heritage, and innovation. Cultural and tourism performances can be further divided into three main categories: tourist landscape live performances, theme park performances, and theater performances.

As national disposable income continues to rise, people have more funds available for consumption beyond basic living needs. In terms of consumption concepts, people are increasingly focusing on spiritual satisfaction and personalized experiences, and their preferences have shifted from traditional goods consumption to high-quality, diversified services. Specifically in the tourism industry, increased disposable income enables tourists to afford more expensive travel products and makes them more willing to spend time and money to deeply understand the cultural connotations behind tourist destinations. This intergenerational preference and enhanced tourist preferences have reshaped the tourism market pattern, driving continuous innovation in supply in the cultural and tourism market, and jointly contributing to the rapid growth in demand for cultural and tourism experiences and immersive tourism experiences. Among them, cultural and tourism performances, with their unique cultural participation and entertainment value, are attracting an increasing number of audiences.

In 2024, the number of cultural and tourism performances in China reached approximately 189,300. Existing performances that have gained wide recognition from the market and audiences are expected to increase in number of performances, expanding the audience coverage. In addition, new performances are expected to be launched, enriching the variety of cultural and tourism performances. Therefore, it is anticipated that the number of cultural and tourism performances will reach approximately 324,000 in 2029, with a compound annual growth rate of about 11.3% from 2024 to 2029. Although the negative impact of the COVID-19 pandemic from 2020 to 2022 caused fluctuations in the Chinese cultural and tourism performance market, a strong market rebound in 2023 was mainly due to the recovery of the domestic tourism market and the growth in demand for local cultural experience tourism. The upward trend continued in 2024, with the number of visitors to cultural and tourism performances further recovering to approximately 8.54 million person-times. In the following years, it is expected that the tourism market will continue to recover, especially due to the popularity of domestic short-distance tourism and the demand for immersive cultural experiences, coupled with advanced technology and creative content that empower diversified cultural and tourism performances to significantly enhance the audience experience. Therefore, the Chinese cultural and tourism performance market is expected to maintain long-term growth in the future. It is anticipated that the number of visitors in 2029 will reach approximately 1.399 billion person-times, with a compound annual growth rate of about 10.4% from 2024 to 2029.

In 2023, the Chinese cultural and tourism performance market, measured by box office revenue, has recovered, with approximately RMB 166 billion in box office income, a year-on-year increase of about 416.2% compared to 2022. In 2024, the Chinese cultural and tourism performance market slightly declined to about RMB 164 billion, with a compound annual growth rate of about 68.8% from 2020 to 2024. Tourist performances generally revolve around local culture, history, or traditions, centered on specific themes, providing immersive experiences for audiences and reinforcing the characteristics of tourist destinations. In addition, technological advancements have also enhanced the audience's participation and experience during cultural and tourism performances. Therefore, it is expected that by 2029, the box office revenue from cultural and tourism performances will reach about RMB 291 billion, with a compound annual growth rate of about 12.1% from 2024 to 2029.

In addition, the box office revenue from tourism landscape live performances has increased from about 900 million yuan in 2020 to about 420 billion yuan by 2024. These performances are carried out within the natural landscapes of tourist attractions, and the natural surroundings themselves become an indispensable part of the performances, enhancing the visual experience. Moreover, performances conducted in natural environments often deeply embed local myths, legends, traditions, and cultural customs, presenting them to the audience in a realistic manner. These performances intertwine local history with the natural environment, creating a deep cultural and emotional connection for tourists. Predictions show that the box office revenue market for tourism landscape live performances will continue to show an upward trend, with a compound annual growth rate of about 12.3% starting from 2024 and reaching about 740 billion yuan by 2029, maintaining a growth trend during this period.

According to the Frost & Sullivan report, the business pattern of Chinese cultural and tourism performance companies is moderately fragmented. In 2024, the revenue generated by cultural and tourism performance products from the top ten market participants was approximately RMB 43.1 million, accounting for about 26.3% of the Chinese cultural and tourism performance market. According to the Frost & Sullivan report, ranked eighth in terms of revenue generated by cultural and tourism performance products in 2024, the Group...

According to a Frost & Sullivan report, in 2024, the top ten cultural and tourism performances in China generated an approximate box office revenue of RMB 28.545 billion, accounting for about 17.4% of the total box office revenue from cultural and tourism performances in China. According to the Frost & Sullivan report, calculated based on the box office revenue from 2024's tourism landscape live performances, 'Impression: Red Mansions' ranked third in terms of landscape live performances.

In 2024, the number of visitors to the live performance of 'Impression: The Red Mansions' at the scenic spot exceeded 800,000 people. In the same year, the visitor-to-viewer conversion rate for all Wuyi Mountain tourists was about 4.7%. This conversion rate exceeds the industry average of about 1.5% visitor-to-viewer conversion rate. Although the conversion rate is a recognized indicator for evaluating the popularity of performances, fluctuations in the denominator (i.e., the total number of tourists in a specific city) can also be very sensitive. Compared to the five major tourist destinations with the largest number of Chinese tourists in 2024, Wuyi Mountain is generally regarded as an emerging premium tourism destination, recording about 17.3 million visitors in 2024. The relatively small base of tourists in Wuyishan City may lead to a higher visitor-to-viewer conversion rate for the live performance of 'Impression: The Red Mansions'. Therefore, relying solely on the relative indicator of conversion rate to evaluate the growth potential of performances provides an incomplete perspective.

According to a Frost & Sullivan report, in 2024, the box office revenue from the top five travel-themed scenic performances in China was approximately RMB 11.76 billion, accounting for about 28.3% of the total box office revenue from travel-themed scenic performances in China. The figures show that the travel-themed scenic performance market is relatively concentrated compared to the cultural and tourism performance market. According to the Frost & Sullivan report, calculated based on the box office revenue of travel-themed scenic performances in 2024, the 'Impression: Red Mansions' scenic performance ranked third.

● Government regulations and policies

Chinese regulations and policies have always been regarded as the cornerstone for creating a stable growth and development framework. For example, the 'Guiding Opinions on Promoting the Development of Tourism Performing Arts' set the main tone for the quality and branding of cultural and tourism performances, aiming to fully leverage the role of cultural and tourism performances as an important carrier integrating culture and tourism. In terms of the policy environment, cultural and tourism performance enterprises that meet the criteria for high-tech enterprise recognition can enjoy tax incentives according to law. At the same time, support is provided for promoting public-private partnership (PPP) models in the field of cultural and tourism performances. Efforts have been made to actively guide private equity funds and various investment institutions to invest in cultural and tourism performance projects. The '14th Five-Year Plan for Tourism Development' further emphasizes the integration of culture and tourism, promotes cultural exchanges, enriches the cultural connotations of tourism products, and proposes to build about 30 demonstration cities to drive sustained growth in cultural and tourism consumption, while selecting more than 200 national-level night cultural tourism consumption clusters.

● Strong recovery of the tourism industry after the epidemic

After the pandemic, China's tourism industry has recovered, providing favorable conditions for expanding cultural and tourism performances in tourist hotspots. Following strict lockdown policies and travel restrictions (mainly for health reasons), Chinese tourists have actively compensated for missed travel opportunities due to the pandemic lockdowns and restrictions. Tourists prefer domestic travel, especially short-distance domestic tours and immersive cultural experiences. In 2023, domestic tourism consumption surged by 140.3% year-on-year, reaching approximately 4.9 trillion yuan. With the recovery of domestic tourism, tourists' attention has shifted towards exploring rich and interactive experiences, driving demand for cultural exhibitions, on-site entertainment, and participatory activities at famous attractions. In particular, cultural and tourism performances featuring regional heritage and local traditional elements are becoming increasingly popular, allowing tourists to have a deeper connection with the places they explore.

● The demand for culture and experiential tourism is growing

As the economy gradually recovers, it is expected that residents' disposable income will increase, enabling them to pursue high-quality and personalized travel experiences more readily. Cultural and tourism performances, especially those rich in historical sites and local culture, fully meet tourists' needs. Tourists can not only appreciate natural landscapes but also experience local history, culture, and folk customs. These live performances go beyond mere viewing, allowing tourists to discover and enjoy the seamless integration with local culture and a strong sense of intimacy. At the same time,Generation ZThey are gradually becoming the main force in the Chinese tourism market. This group leads a relatively affluent material life and values experience. They choose to explore the world through travel, understand different cultures, and are enthusiastic about sharing their travel experiences on social media platforms. In addition, with the rise of social media and short-video platforms, more and more scenic spots have become 'internet-famous spots' that have gained popularity online, further stimulating people's interest in cultural experiential tourism.

●The rich regional culture has given birth to dynamic cultural and tourism performances

Exploring regional traditional cultures has become an important way to promote cultural development. China possesses extremely diverse regional cultural assets, showcasing unique traditions, historical heritages, ethnic customs, and natural landscapes. These rich and varied traditions are deeply rooted in the history, beliefs, and concepts of local residents, forming ever-changing cultural and tourism performances. These traditions attract tourists at both emotional and intellectual levels, while deepening their love for local culture. By utilizing these resources, tourist destinations can create true immersive experiences, protecting and showcasing the unique cultural essence of various regions while attracting visitors.

● Immersive, multi-sensory tourism landscape performances will be highly favored

The natural landscape cultural and tourism performances provided within tourist attractions will become a representative type of tourism performance. Natural landscapes often carry significant cultural, historical, and spiritual connotations of the local community, making them highly attractive to visitors. By hosting cultural and tourism performances in such environments, tourist destinations can not only showcase the magnificence of nature but also reveal the stories, traditions, and values of the land. In addition, cultural and tourism performances in natural settings can create immersive and multisensory experiences for visitors, making them more attractive than indoor performances.

●Integrate traditional culture with modern technology

One of the most significant trends in China's cultural tourism performance industry is the integration of traditional cultural elements with modern technology. Through innovative technologies, traditional art forms and regional cultural elements are rejuvenated. The integration of tradition and innovation enables cultural tourism performances to reach a broader audience that is more proficient in digital technology, especially the younger generation who increasingly pursue modern entertainment experiences.

● Continue exploring regional culture as performance content

Cultural tourism increasingly emphasizes authenticity. Tourists are more willing to watch performances rooted in the local culture, traditions, and heritage of the region. This trend is reshaping cultural tourism performances. In addition, industry participants have incentives to explore local cultural characteristics and ways of presenting stage content. With in-depth research into local culture and folklore, as well as continuous improvement by production teams, it is expected that the market will introduce more unique and attractive cultural tourism performances.

● Mature industry participants create multiple growth curves

Industry participants with a good reputation are at an advantage in adopting various strategies to create multiple growth curves. These industry participants can expand their repertoire or create new performances to cater to a wider audience. They can also enrich their income sources by tapping into business opportunities for selling related merchandise and licensing, as well as operating tourism properties. The aforementioned strategies help these industry participants maintain competitiveness, attract more audiences, and sustain long-term, sustainable business models that continuously meet the changing preferences of audiences.

● Barriers in terms of geographical location and cultural heritage

Cultural and tourism performances are commercial entertainment activities that focus on showcasing regional cultural backgrounds or local customs. Most performance venues are located in tourist destinations. Geographical location not only affects the seasonal adaptability of cultural and tourism performances but also influences the content of the performances, as this content largely relies on specific local cultures to create unique tourism products. In addition, the surrounding environment of performances is also irreplicable, which is more pronounced in live tourism scenic performances. Pioneers in live tourism scenic performances have specific landscapes that later entrants cannot obtain, giving them a first-mover advantage.

● Barriers in performance content and stage arrangements

The balance among artistry, marketability, cultural heritage, and technological innovation is the foundation for the great success of cultural and tourism performances and their subsequent sustainable development. In particular, a high degree of unity between artistry and marketability is the lifeblood of cultural and tourism performances. Therefore, creators, screenwriters, and directors must not only focus on presenting modern artistic forms but also provide audiences with unforgettable viewing experiences. Experienced production teams can perceive changes in visitor needs, precisely adjust the performance positioning, and evoke deep resonance and empathy among the audience, thereby establishing a good reputation in the market.

● Barriers in brand effect and marketing strategy

The competitive landscape of China's cultural and tourism performance market has evolved from a small-scale, fragmented market to an active market constructed by comprehensive enterprises with brand value. After years of promotion and publicity, these enterprises have established brand awareness and gained high recognition from tourists, thereby accumulating rich marketing strategy experience and providing solid support for the long-term prosperity of their brands. Vanguard brands in cultural and tourism performances are more likely to be favored by tourists, driving continuous and steady growth in the customer base and forming insurmountable entry barriers for new entrants.

● Barriers in collaborative operation capabilities

Most mature tourism performance enterprises tend to have multiple business models. This model expands horizontally around the core operations of cultural and tourism performances, providing tourists with tourism and entertainment products and services that complement the performance content, forming a diversified service portfolio. Due to these factors, their competitiveness and business sustainability have been improved. This model overcomes the limitations of single performance programs, provides a richer visitor experience, and enhances the connection and synergy between business divisions. Under this trend, operational capabilities will become increasingly important because the integration of tourism with other industries increases the complexity of resource allocation, requiring performance teams to be flexible in response to market dynamics so as to adjust in a timely manner.