Jiangsu Slender West Lake firm clears HK listing hearing
Jiangsu Slender West Lake Culture and Tourism, a Yangzhou-based state-owned water tourism firm, passed its Hong Kong listing hearing on 7 October. The company plans to use proceeds for a water-based immersive project and boat upgrades. Its net profit fell 5.3 per cent in the first half.
Jiangsu Slender West Lake Culture and Tourism, a Yangzhou-based state-owned water-based tourism service provider, passed its Hong Kong listing hearing on 7 October, paving the way for the company to go public, according to a report by The Standard.
The company, controlled by the Yangzhou Government, mainly provides water sightseeing boat services, sightseeing tour bus services, and management services. It operates water sightseeing boat services in renowned areas in Yangzhou, including the Shugang-Slender West Lake Scenic Area and the Ancient Canal Area.
For the first six months of the year, the firm's net profit fell 5.3 per cent year-on-year to 36.77 million yuan (HK$43.04 million), while revenue dipped 1.56 per cent to 83.23 million yuan, the company's prospectus showed.
According to Frost & Sullivan, Jiangsu Slender West Lake Culture and Tourism ranked second in terms of boat ticket sales amount in the water-based tourism service market in Jiangsu Province in 2025, accounting for approximately 18.5 per cent of the market share in the province.
Proceeds from the listing will be used to curate a water-based immersive project within the Slender West Lake Scenic Area, which is expected to be completed by the end of 2027, the company said. It also plans to develop new water tour routes and water-based tourism projects in Yangzhou, expand two targeted new tourist attractions or water-based tourism projects under its management service segment, and upgrade its water sightseeing boats and related facilities.
Everbright Securities International is the sole sponsor for the listing. Separately, Kaifeng Millennium City Park, a developer and operator of a cultural theme park and tourism performances in Kaifeng City, Henan Province, has also filed for a Hong Kong initial public offering.