【Zhenzhuo IPO Trends】Impression Da Hong Pao (02695.HK) officially launches IPO! Positioning scarce cultural tourism IP and awaiting value appreciation
The recent IPO market has been focusing on Impression Da Hong Pao, which is about to list on the main board of the Hong Kong stock market. Impression Da Hong Pao (02695.HK) $IMPRESSION DHP(02695.HK) has already been listed on the New Third Board in mainland China. As the first stock in the Hong Kong market with the concept of landscape live performances, its unique scarcity, solid fundamentals, and clear growth path after capital empowerment have attracted the attention of the capital market.
Impression Da Hong Pao is deeply rooted in Wuyi Mountain, Fujian Province, and is a cultural landmark IP that is difficult to replicate. After its listing in Hong Kong, it is expected to leverage capital to transform strategically from a "cash cow" to a "growth pole."
First, Impression Da Hong Pao is supported by three pillars: 1. It is in a golden track, enjoying industry dividends: China's cultural tourism performance market is shifting from "sightseeing" to "experience," and the trend of consumers "traveling to a city for a performance" is becoming the norm. The industry size is expected to maintain double-digit growth in the coming years, and leading projects with unique cultural connotations will benefit the most. As the cultural calling card of Wuyi Mountain tourism, Impression Da Hong Pao is the core entry point of the consumption chain, and its value rises with the expansion of the industry. 2. Its core assets are rock-solid, providing a safety cushion: The market's concern about its "single business" overlooks the deep barriers of its IP. "Impression·Da Hong Pao," co-created by Zhang Yimou, Wang Chaoge, and Fan Yue, has been performed over 6,700 times, attracting over 9.4 million audiences. In 2024, it ranked among the top three in China's live performance box office. This mindshare brings stable visitor flow and cash flow, as evidenced by its continuous profitability over the past three years.
This listing is a key leap in value enhancement. Future plans include: 1. Upgrading core products: Refreshing the hardware and content of existing performances to directly enhance the experience and ticket pricing power, consolidating the moat. 2. Incubating a second curve: Developing the new indoor play "Moon Over Wuyi" (already performed over 329 times), which, despite requiring significant short-term investment, aims to create a complementary IP, breaking the reliance on a single performance and weather constraints, and laying the groundwork for the future. 3. Expanding the cultural tourism ecosystem: Systematically upgrading surrounding hotels, towns, and other facilities to drive the transition from "box office economy" to "comprehensive consumption economy."
The appeal of Impression Da Hong Pao lies in its scarcity and the certainty of its IP maturity. For investors who are bullish on the long-term trend of China's cultural tourism consumption upgrade and value asset uniqueness and brand moats, this is worth paying attention to.
In summary, Impression Da Hong Pao is like a rough jade that has already shown its value, and the listing is an opportunity to refine it further.
Professor Li Huifen, Greater Bay Area Family Office Association
Date: Friday, December 12, 2025
(The author and related parties do not hold the aforementioned shares.)
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
