Slender West Lake Cultural Tourism (06157) is conducting its public offering from October 14 to October 20, and plans to offer 44.76 million H shares globally.

Slender West Lake Cultural Tourism (06157) is conducting its public offering from October 14 to October 20, 2026. The company plans to offer 44.76 million H shares globally, of which 10% will be offered in Hong Kong and 90% internationally. The offer price per share is HK$3.92 to HK$5.07, with a board lot of 1,000 shares. The shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on Friday, October 23, 2026. The company primarily operates waterborne sightseeing boat services in renowned areas of Yangzhou, including the Shugang-Slender West Lake Scenic Area and the ancient canal area, both of which are part of the UNESCO World Heritage site of the Grand Canal. In addition, the company provides sightseeing vehicle services and has developed an asset-light business model, providing management services to tourist attractions. According to Frost & Sullivan data, in 2025, the company ranked second in Jiangsu Province's waterborne sightseeing service market by ticket sales revenue, accounting for approximately 18.5% of Jiangsu Province's market share. Jiangsu Province's waterborne sightseeing service market is part of China's waterborne sightseeing service market, which in turn is part of China's broader tourism market. In 2025, Yangzhou's waterborne sightseeing service market accounted for approximately 18.8% and 1.2% of Jiangsu Province's and China's waterborne sightseeing service markets, respectively, and is expected to reach approximately 21.9% and 1.4%, respectively, by 2030. The company is deeply engaged in and committed to the waterborne sightseeing market, continuously focusing on leveraging the synergies of diversified services to develop the innovative growth potential of Grand Canal cultural tourism routes. For the years 2023, 2024, and 2025, and the six months ended June 30, 2026, the company's total revenue was approximately RMB109 million, RMB111 million, RMB141 million, and RMB83.2 million, respectively, representing a compound annual growth rate of approximately 13.8% from 2023 to 2025. Based on the assumed offer price of HK$4.5 per offer share, the company will receive net proceeds of approximately HK$157.4 million from the global offering. Of this, approximately 48.4% will be used to develop an immersive waterborne sightseeing project within the Slender West Lake Scenic Area (Slender West Lake Night Tour Project), expected to be completed by the end of 2027; approximately 10.2% will be used to develop new waterborne sightseeing routes and new waterborne sightseeing projects in Yangzhou; approximately 7.3% will be used to expand the project portfolio under the management and service segment for two new target tourist attractions or water tourism projects (new management service projects), to further expand regional layout and strengthen the high-net-worth customer base; approximately 30.8% will be used for the company's ongoing asset upgrades of waterborne sightseeing boats and related facilities, with a focus on improving overall service quality and visitor experience; and approximately 3.3% will be used to provide funding for the company's working capital and other general corporate purposes.