HK Stock Connect Insight | HAICHANG HLDG (02255.HK) Rebounds Over 16% Since Removal; Controlling Shareholder to Divest 21.75% Stake on July 30
- HAICHANG HLDG listed on the HKEX Main Board on March 13, 2014 as the first listed theme park operator on the exchange at HKD 2.450 per share; it was included in the Hang Seng Composite Index on September 8, 2014 and owned seven theme parks as at June 30, 2026, with the current price down 89.2% from the offer price.
- First-half 2026 gross margin fell from 10.4% to 5.0%, cost of sales was RMB 509 million, down 17.2%, selling and marketing expenses were RMB 75.4 million, up 47.0%, and administrative expenses were RMB 154 million, down 10.8%; the gearing ratio was 75.25% and total employees numbered 2,702.
- On July 30, Sunriver Starrysea and Qu Cheng entered into share sale agreements with HH SeaPark Holding Limited to dispose of about 2.875 billion shares, or 21.75%, for total consideration of about HKD 1.114 billion; upon completion, Sunriver Starrysea's stake will fall to 25.92% and Qu Cheng's trust-held stake to 19.13%, while the transferee's ultimate beneficial owner Ming Z. Mei will hold 21.75%.
On October 27, 2026, the culture and tourism and theme park theme traded divergently, and HAICHANG HLDG (02255.HK) retreated. As of 13:30, the stock was quoted at HKD 0.265, down 1.85%, with a turnover of about HKD 381,100 and a market capitalisation of about HKD 3.502 billion based on the latest price. It touched a low of HKD 0.260 and a high of HKD 0.280 during the day, with an amplitude of 7.41%.
According to the data, HAICHANG HLDG's share price rebounded rapidly from a low over the past week (October 20 to October 27). It touched an intraday low of HKD 0.139 on October 9, a 52-week low, and then rose continuously, touching an intraday high of HKD 0.295 on October 26, more than doubling from the low.
On September 7, the adjustment of the Hang Seng Composite Index took effect, and HAICHANG HLDG (02255.HK) was removed from the index, and was accordingly removed from Stock Connect. From the effective date, mainland Stock Connect investors can only sell, and cannot newly open buy positions.
Public information shows that Haichang Ocean Park Holdings Ltd. listed on the Main Board of HKEX on March 13, 2014, becoming the first listed theme park operator on the Stock Exchange, at an offer price of HKD 2.450, with a board lot of 1,000 shares. The company is mainly engaged in the development, construction and operation of theme parks, and also involves property development, investment and hotel operations; as at June 30, 2026, the group owned seven theme parks, with businesses divided into park operation (tickets, in-park spending, rental and hotel) and tourism and leisure services and solutions. On September 8, 2014, the company was included in the Hang Seng Composite Index and other indexes under the Hang Seng Family of Indexes, and was subsequently added to Stock Connect. As at October 27, 2026, the company had about 13.214 billion issued shares.
As for the basis for removal, this adjustment was based on the review data as at June 30, 2026, when the stock closed at HKD 0.330 and its total market capitalisation stood at about HKD 4.361 billion based on issued shares, above the HKD 4 billion market capitalisation threshold for small-cap Stock Connect eligible securities; as at October 27, the stock was quoted at HKD 0.265, with its total market capitalisation falling to about HKD 3.502 billion, below that threshold. Hang Seng Indexes Company did not specify a reason for the removal.
After the removal, HAICHANG HLDG's share price has risen 16.2% cumulatively from its September 7 close of HKD 0.228 to date; it is down 65.1% from its 52-week high of HKD 0.760 and up 90.6% from its 52-week low of HKD 0.139, and down 89.2% cumulatively from its 2014 offer price of HKD 2.450.
The announcement disclosed that on July 30, 2026, the company's controlling shareholder Sunriver Starrysea Tourism (Cayman) Co., Ltd. and substantial shareholder Qu Cheng entered into share sale agreements with HH SeaPark Holding Limited respectively, to dispose of an aggregate of about 2.875 billion shares, representing about 21.75% of the issued share capital, for total consideration of about HKD 1.114 billion. Upon completion, Sunriver Starrysea's shareholding will fall from 38.60% to 25.92% and it will cease to be the controlling shareholder; Qu Cheng's shareholding through a trust will fall from 28.21% to 19.13%; the ultimate beneficial owner of the transferee HH SeaPark Holding Limited is Ming Z. Mei, who will hold 21.75%. The announcement stated that the transactions remain subject to completion. Previously, in June 2025, the company allotted 5.1 billion new shares to Sunriver Starrysea at HKD 0.45 per share, raising about HKD 2.295 billion, with the subscription completed on October 17, 2025, upon which Sunriver Starrysea became the controlling shareholder.
According to a check of the HKEx disclosure of interests platform, the company's shareholding structure involves offshore trusts. Qu Cheng holds the company's shares through a trust: the trustee Cantrust (Far East) Limited declared holdings of 3,703,509,048 shares, representing 28.02% of the issued voting shares, on July 30, 2026, with the holding chain running from the trust to Zeqiao International (BVI) Limited, then to Zeqiao Holdings Limited (formerly known as Haichang Group Limited), and then to the company's shares; Qu Cheng himself declared holdings of 3,727,841,640 shares, or 28.21%, on the same day. The name, establishment date, protector and scope of beneficiaries of the trust have not been disclosed.
On the operating side, the company's revenue in the first half of 2026 was RMB 535.9 million, down 21.9% year on year; gross profit was RMB 26.9 million, with a gross margin of 5.0%, against 10.4% a year earlier; the loss for the period was RMB 335 million, against a loss of RMB 296 million a year earlier; the loss attributable to owners of the company was RMB 332 million; basic loss per share was RMB 0.0252. By business, park operation revenue was RMB 510.2 million, down 21.0%, of which ticket revenue was RMB 264.6 million, in-park spending RMB 163.6 million, hotel revenue RMB 66.14 million and rental income RMB 15.98 million; tourism and leisure services and solutions revenue was RMB 25.68 million, down 36.0%, mainly due to a reduction in the scale of small oceanariums. On costs, cost of sales was RMB 509 million, down 17.2%; selling and marketing expenses were RMB 75.4 million, up 47.0%, mainly due to a higher marketing budget; administrative expenses were RMB 154 million, down 10.8%. As at June 30, the company's gearing ratio was 75.25% and its total number of employees was 2,702.
In terms of products and business developments, the company disclosed in its interim report that some suppliers had made claims in respect of overdue unpaid amounts, and that as at June 30, 2026, funds of RMB 24.127 million in some of the group's bank accounts had been frozen, with the directors having made full provision for the relevant payments. The company said it will continue to advance its asset-light transformation and IP operation in the second half of the year, and improve park operating efficiency and the visitor experience.
