Parent Company of Kaifeng's Millennium City Park Files for Hong Kong IPO as Net Profit Drops 23.7% Last Year
N.R. Finch
The company behind Millennium City Park filed for a Hong Kong listing, but 2025 net profit fell 23.7% to RMB 212 million — with industry footfall and revenue both shrinking, this prospectus reads more like a stress test than a growth story.
What does this company actually do?
Kaifeng Millennium City Park Co. (开封清明上河园) operates a single core asset: the Millennium City Park scenic area in Kaifeng, Henan.
The park recreates the Song Dynasty capital Bianjing, modeled on Zhang Zeduan's scroll painting *Along the River During the Qingming Festival* (c. 1110), now held at Beijing's Palace Museum.
This means → it sells immersive historical experience, not roller coasters or character IP — a fundamentally different business model from Disney or Pop Mart.
What happened to the financials?
2025 revenue: RMB 746 million (≈USD 110 million), up just 0.6% year-on-year — essentially flat.
Net profit told a sharper story: down 23.7% to RMB 212 million.
In plain terms = tickets are still selling, but nearly a quarter of the profit has evaporated — revenue stalled while costs ate into margins.
What does the industry look like?
China's Theme Park Research Institute reported 90 "mega and large" theme parks in 2024, up five from the prior year.
Yet visitor numbers fell 1.76% and industry revenue dropped 3.74% over the same period.
This means → supply is expanding while footfall is contracting — the pie isn't growing, but more players are slicing it.
Who are the competitors?
On the domestic side, government-backed parks built around local historical culture continue to multiply.
New entrants: Pop Mart announced plans to expand its Beijing theme park next year; Shanghai Disneyland marked its tenth anniversary this month.
This reflects a shift — competition is no longer just among peers but across categories, as IP-driven parks and heritage sites now chase the same visitors.
Why file for an IPO now?
Filing in a year of declining profit suggests the need for capital may outweigh the desire for favorable timing.
In plain terms = the company isn't waiting for peak numbers to tell a growth story — it needs the money now.
The core test post-listing: whether it can hold current profitability as supply expands and footfall contracts.
Content is for reference only, not financial advice.