2026 A-Shares Welcome New Listing! Cultural Tourism Leader Shaanxi Tourism (603402.SH) to Debut Tomorrow
According to the announcement of the Shanghai Stock Exchange, Shaanxi Tourism Culture Industry Co., Ltd. will officially land on the Shanghai Main Board on January 6, 2026. This means that A-share market will welcome its first new listed stock in 2026, and it also marks the addition of a new member to the tourism sector after four years.
The company's stock is abbreviated as "Shaanxi Tourism" with the stock code "603402". This issuance adopts the fixed-price issuance method, with an issue price of RMB 80.44 per share. This price makes Shaanxi Tourism the second-highest-priced new share on the Main Board since 2025. The price-earnings ratio (P/E ratio) of the issuance is 12.37 times. The company plans to publicly issue 19.333334 million shares this time, with a total share capital of 77.333334 million shares after the issuance, and the expected total amount of funds raised is RMB 1.555 billion.
Shaanxi Tourism is a cultural tourism enterprise integrating tourism performances, tourism cableways, tourism catering, and project investment and management. The company's controlling shareholder is Shaanxi Tourism Group Co., Ltd., and the actual controller is the State-owned Assets Supervision and Administration Commission of Shaanxi Provincial People's Government (Shaanxi SASAC). Its core business and main source of income rely on the large-scale real-scene historical dance drama "The Song of Everlasting Regret". Financial data shows that the company achieved operating income of RMB 1.263 billion and net profit attributable to shareholders of the parent company of RMB 512 million in 2024. It is worth noting that the company's revenue structure is relatively concentrated. In the first half of 2025, the revenue from "The Song of Everlasting Regret" accounted for as high as 57.63% of its main business income.
The funds raised from this issuance will be mainly used for projects including the acquisition of Taihua Cableway and the construction of the Phase II project of Taishan Show Town. The company aims to expand its business territory by replicating its successful performance model in other regions.
NewTimespace Research reminds that for investors, the listing of Shaanxi Tourism provides an opportunity to participate in a leading cultural tourism enterprise. The company possesses high-quality tourism resources in Shaanxi, and its core IP "The Song of Everlasting Regret" has formed strong market appeal. Investors also need to pay attention to potential risks such as the company's high dependence on a single product, the long incubation period of new investment projects, and the susceptibility of the tourism industry to seasonal changes, weather conditions and emergencies.
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