SLENDER WEST LAKE passes HKEX listing hearing: No.2 in Jiangsu water tours

NewTimeSpace News: On 7 October 2026, Jiangsu Slender West Lake Culture and Tourism Co., Ltd. passed the listing hearing of the Stock Exchange of Hong Kong, with Everbright Securities International acting as the sole sponsor. The Company is a state-owned water-based tourism service provider headquartered in Yangzhou, Jiangsu Province, with three principal business segments: provision of water sightseeing boat service including value-added "Boat+" services and chartered boat services as well as the Grand Canal Yangzhou night show, provision of sightseeing tour bus service, and provision of management services.

According to the prospectus, the Company principally operates water sightseeing boat services in renowned areas in Yangzhou, including the Shugang-Slender West Lake Scenic Area and the Ancient Canal Area, which are part of the Grand Canal UNESCO World Heritage Site. According to Frost & Sullivan, the Company 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% of the market share in Jiangsu Province; in the same year, the water-based tourism service market in Yangzhou accounted for approximately 18.8% and 1.2% of the markets in Jiangsu and China respectively, and is expected to reach approximately 21.9% and 1.4% respectively by 2030.

According to the prospectus, the Company is the exclusive operator of water sightseeing boat services within the Shugang-Slender West Lake Scenic Area, holding a 20-year exclusive operation right commencing 10 September 2015, and is the sole operator of water sightseeing boat services within the designated Ancient Canal Area under an arrangement without an explicit expiration date. As at the Latest Practicable Date, the Company owned 231 boats in total, comprising 36 Yuloh boats, 121 self-driving boats and 74 themed boats, delivering a total passenger capacity of 4,273 persons per trip under standard operating conditions and a maximum passenger capacity of approximately 37,000 persons per day during peak tourism seasons.

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