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Hony, Orix-backed Chinese theme park major eyes $345m from IPO

28 Feb 2014

rollercoaster_amusement_170sqHony Capital and Orix Corp-backed Chinese theme park business Haichang is eyeing up to $345m from a Hong Kong public listing.

The company currently runs six theme parks in China and plans to buy two more this year, boosting the 7.2 million visitors its attractions had in 2012.

Orix picked up a 15 per cent stake in Haichang for about $88m just over five years ago, while Hony became an investor in the summer of 2012.

The pair will own 9.83 per cent and 9.44 per cent of the business respectively following the proposed IPO.

Haichang’s profits were up 73 per cent year on year in 2012 to about $12.8m, with revenues rising 30 per cent in the same period.

Bank of America Merrill Lynch and BNP Paribas are acting as joint bookrunners for the listing.

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