SWL TOUR 06157Hong Kong Stock ExchangeIPOProspectus Information

3.920 - 5.070
Price range · Lists Oct 23
Listing Date: 2026-10-23 · Registrar: 卓佳
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IPO Timeline Raw facts

Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading

Company Overview

Stock NameSWL TOUR
Stock Code06157
Company Full NameJiangsu Slender West Lake Culture and Tourism Co., Ltd.
IndustryWater-based Tourism
Principal ActivitiesState-owned water-based tourism service provider headquartered in Yangzhou, Jiangsu Province, with three principal business segments: (i) provision of water sightseeing boat service, including standard sightseeing boat services, value-added 'Boat+' services, chartered boat services and the Grand Canal Yangzhou night show; (ii) provision of sightseeing tour bus service in the Slender West Lake Scenic Area; and (iii) provision of management services to tourist attractions. The Company also derives minor revenue from advertising services and sales of cultural and creative products.
Listing Date2026-10-23
Listing StatusPre-listing
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterTo be extracted
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)20 Gaoqiao South Street, Yangzhou City, Jiangsu Province, PRC
Business Address (Hong Kong)31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Place of IncorporationPRC
Listing MethodGlobal Offering
Listing BoardMain Board
Websitesxhboat.com
Share Registrar卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar Contact卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室
A-Share/US Dual ListingNo

Offering Information

Offering Mechanism Mechanism B
Offer PriceTo be extracted
Offer Price RangeHK$ 3.92 - 5.07
Lot Size1,000 shares
Entry ThresholdHK$ 5,070
Par ValueRMB 1.0 / shares
Offer Period2026-10-14 to 2026-10-20
Global Offering Shares44,760,000 shares
HK Public Offer Shares (Initial)4,476,000 shares (10.0%)
Public Offer Lots (Initial)4,476lots (Pool A2,238lots，Pool B2,238lots)
International Placing Shares (Initial)40,284,000 shares (90.0%)
Offer Ratio~10.0%
Total Shares Post-IPO179,025,816 shares
Greenshoe (Over-allotment Option)Yes
Stabilizing Manager (Greenshoe)China Everbright Securities (HK) Limited CE AAW536
Cornerstone ShareNo cornerstone investors
Clawback TiersTo be extracted
Reallocation OptionYes
Total Global Offering SizeHK$ 226,933,200

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 1,000 HK$ 5,070
2 lots 2,000 HK$ 10,140
3 lots 3,000 HK$ 15,210
4 lots 4,000 HK$ 20,280
5 lots 5,000 HK$ 25,350
6 lots 6,000 HK$ 30,420
7 lots 7,000 HK$ 35,490
8 lots 8,000 HK$ 40,560
9 lots 9,000 HK$ 45,630
10 lots 10,000 HK$ 50,700
15 lots 15,000 HK$ 76,050
20 lots 20,000 HK$ 101,400
25 lots 25,000 HK$ 126,750
30 lots 30,000 HK$ 152,100
35 lots 35,000 HK$ 177,450
40 lots 40,000 HK$ 202,800
45 lots 45,000 HK$ 228,150
50 lots 50,000 HK$ 253,500
60 lots 60,000 HK$ 304,200
70 lots 70,000 HK$ 354,900
80 lots 80,000 HK$ 405,600
90 lots 90,000 HK$ 456,300
100 lots 100,000 HK$ 507,000
150 lots 150,000 HK$ 760,500
200 lots 200,000 HK$ 1,014,000
250 lots 250,000 HK$ 1,267,500
300 lots 300,000 HK$ 1,521,000
350 lots 350,000 HK$ 1,774,500
400 lots 400,000 HK$ 2,028,000
450 lots 450,000 HK$ 2,281,500
500 lots 500,000 HK$ 2,535,000
600 lots 600,000 HK$ 3,042,000
700 lots 700,000 HK$ 3,549,000
800 lots 800,000 HK$ 4,056,000
900 lots 900,000 HK$ 4,563,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1,000 lots 1,000,000 HK$ 5,070,000
1,500 lots 1,500,000 HK$ 7,605,000
2,238 lots 2,238,000 HK$ 11,346,660

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway Regular Path
HK Market Cap HK$ 226.9M
Est. Threshold HK$ 9.57B Market cap gap 98%
Analysis Result 市值不达标（市值差 98%）
* IPO in progress, estimated at upper bound offer price

Valuation & Financials

Market Cap (at Offer Price)HK$ 805,616,172
H-Share Market Cap (at Offer Price)HK$ 175,459,200 - 226,933,200
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot disclosed
Profit/Loss StatusNet profit RMB 51.99 million
Period-End Cash BalanceTo be extracted
Listing Expenses~HK$ 44,000,000
Listing Expenses / Funds Raised~19.39%
Total Pre-IPO InvestmentTo be extracted

Financial Data

Unit: '000 RMB
Income Statement
Item 202320242025
Revenue 109,096111,428141,196
Cost of sales -44,679-50,814-59,006
Gross profit 64,41760,61482,190
Other income and gains, net 4,5734,9663,501
Selling and distribution expenses -1,652-1,421-2,816
Administrative expenses -4,462-4,661-9,185
Operating profit 62,35758,70170,153
Net finance costs -949-881-839
Profit before tax 61,40857,82069,314
Income tax expense -14,978-14,936-17,324
Profit for the year 46,43042,88451,990
Profit attributable to owners 46,43042,87448,294
Balance Sheet
Item 202320242025
Cash and cash equivalents 29,87341,38928,875
Trade and bills receivables 415258611
Inventories 1980165
Total current assets 162,137207,371241,444
Total assets 195,065307,354350,159
Total current liabilities 10,28455,85132,332
Total liabilities 28,74698,15196,630
Total equity 166,319209,203253,529
Equity attributable to owners 166,319164,193204,823
Cash Flow Statement
Item 202320242025
Net cash from operating activities 52,12548,13666,824
Net cash from investing activities -62,919-79,820-55,962
Net cash from financing activities 25,94043,200-23,376
Net increase in cash 15,14611,516-12,514
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approx. 48.4% for a water-based immersive project within the Slender West Lake Scenic Area; approx. 10.2% for developing new water tour routes and water-based tourism projects in Yangzhou.

Underwriting Syndicate

Sole Sponsor (1)
China Everbright Capital Limited CE ACE409(sole)
Overall Coordinators (1)
China Everbright Securities (HK) Limited CE AAW536(sole)
Joint Global Coordinators (1)
China Everbright Securities (HK) Limited CE AAW536(sole)
Joint Bookrunners (12)
China Everbright Securities (HK) Limited CE AAW536 Bluestone Securities (HK) CO., Limited CE BER545 Caitong International Securities Company Limited CE AZF063 China Industrial Securities International Capital Limited CE BAK956 China Renaissance Securities (Hong Kong) Limited CMB International Capital Limited CE AVM940 CMBC Securities Company Limited CE APU820 ICBC International Securities Limited CE ARO299 South China Securities Limited CE AAA874 SPDB International Capital Limited CE BFZ375 Sunfund Securities Limited CE BHV050 Zheshang International Financial Holdings Co., Limited CE BGD825
Joint Lead Managers (12)
China Everbright Securities (HK) Limited CE AAW536 Bluestone Securities (HK) CO., Limited CE BER545 Caitong International Securities Company Limited CE AZF063 China Industrial Securities International Capital Limited CE BAK956 China Renaissance Securities (Hong Kong) Limited CMB International Capital Limited CE AVM940 CMBC Securities Company Limited CE APU820 ICBC International Securities Limited CE ARO299 South China Securities Limited CE AAA874 SPDB International Capital Limited CE BFZ375 Sunfund Securities Limited CE BHV050 Zheshang International Financial Holdings Co., Limited CE BGD825
Capital Market Intermediaries (12)
China Everbright Securities (HK) Limited CE AAW536 Bluestone Securities (HK) CO., Limited CE BER545 Caitong International Securities Company Limited CE AZF063 China Industrial Securities International Capital Limited CE BAK956 China Renaissance Securities (Hong Kong) Limited CMB International Capital Limited CE AVM940 CMBC Securities Company Limited CE APU820 ICBC International Securities Limited CE ARO299 South China Securities Limited CE AAA874 SPDB International Capital Limited CE BFZ375 Sunfund Securities Limited CE BHV050 Zheshang International Financial Holdings Co., Limited CE BGD825
Stabilizing Manager (1)
China Everbright Securities (HK) Limited CE AAW536

Service Providers

RoleInstitution
Legal Advisor to Company Simpson Thacher & Bartlett
Merits & Tree Law Offices
Legal Advisor to Sponsors/Underwriters Fangda Partners
Grandway Law Offices
Auditor and Reporting Accountant Ernst & Young
Industry Advisor Frost & Sullivan (Beijing) Inc., Shanghai Branch Co.
Compliance Advisor China Everbright Capital Limited CE ACE409
Receiving Banks Bank of China (Hong Kong) Limited
CMB Wing Lung Bank Limited
H Share Registrar 卓佳证券登记有限公司

Cornerstone Investors

This stock has no cornerstone investors.

Directors & Management

PositionChinese nameEnglish Name
ChairmanXu ShunmeiXu Shunmei
Company SecretaryChen Xin, Tsui Ka YanChen Xin, Tsui Ka Yan
No director data available.

Major Shareholders

Major Shareholders & HoldingsYangzhou Economic Development: 48.93% and deemed 18.56%; Yangzhou Industrial: 48.93% and deemed 18.56%; Tourism Development Group: 48.93%; Quanyu Tourism Company: 18.56%; Yangzhou Business Tourism Group: deemed 18.56%.
About this page

This page shows SWL TOUR (06157) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements.

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