Impression Dahongpao Launches IPO Patrons Acts as Joint Bookrunner and Joint Lead Manager

Impression Dahongpao Co., Ltd. (hereinafter referred to as "Impression Dahongpao"; Stock Code: 2695.HK) has launched its initial public offering (IPO), with the subscription period running from December 12 to December 17, 2025. Patrons is acting as a Joint Bookrunner and Joint Lead Manager for this offering.

According to public information, Impression Dahongpao plans to issue 36.1 million H shares, with 10% designated for the Hong Kong Public Offering and the remaining 90% for International Placing. The offer price ranges from HK$3.47 to HK$4.10 per share, with estimated net proceeds between HK$125 million and HK$148 million. According to Patrons, Impression Dahongpao is expected to be officially listed on the Main Board of the Hong Kong Stock Exchange on December 22, 2025.

As disclosed in the prospectus, Impression Dahongpao is a state-owned cultural tourism service enterprise headquartered in Wuyishan City, Fujian Province, primarily dedicated to cultural tourism performances and comprehensive cultural tourism services. The Company operates three core business segments: Performance and Event Services, Impression Cultural Tourism Town Business, and Tea-themed Hotel Business.

As the Company's primary revenue source, the Performance and Event Services segment specifically encompasses three key offerings:

• The iconic real-scene landscape performance, Impression Da Hong Pao

• The new performance Moon Reflection Wuyi, launched in May 2025

• Customized performance services for corporate clients

The Company’s masterpiece, Impression Da Hong Pao, serves as an integral component of the Wuyishan tourism experience. It has established a market leadership position and serves as the Company's main source of revenue. According to Frost & Sullivan, the Company consistently ranks at the forefront of the domestic cultural tourism performance market, possessing core competitive advantages in the industry. In 2024, the box office revenue of this performance ranked third among all real-scene landscape performances in China.

Financially, Impression Dahongpao has maintained robust operating results, demonstrating strong competitiveness, particularly in the cultural tourism performance market. The Company has shown a positive trend in gross profit margins and operating profit margins across the track record period. For the years ended 2022, 2023, 2024, and the first half of 2025, the net profits were RMB -2.599 million, RMB 47.504 million, RMB 42.809 million, and RMB 6.775 million, respectively.

Patrons has been deeply involved in Impression Dahongpao’s IPO process, serving as a Joint Bookrunner and Joint Lead Manager. Leveraging its extensive experience in international capital markets and a broad resource network, Patrons has provided comprehensive professional support to Impression Dahongpao, paving the way for its successful landing on the capital market.

If there is any inconsistency or ambiguity between these two versions, the Chinese version shall prevail.