Jiangsu Slender West Lake Culture and Tourism passed its Hong Kong listing hearing on Wednesday, paving the way for the state-owned water-based tourism service provider to go public.
The Yangzhou-based company, controlled by the Yangzhou Government, mainly provides water sightseeing boat service, sightseeing tour bus service, 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, the firm's net profit fell 5.3 percent year-on-year to 36.77 million yuan (HK$43.04 million), while revenue dipped 1.56 percent to 83.23 million yuan, the prospectus showed.
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 percent of the market share in the province, according to Frost & Sullivan.
Proceeds 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 project 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 with the proceeds.
Everbright Securities International is the sole sponsor.
Earlier, 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.
