IPO News | Hing Ming Asia lists Hong Kong Stock Exchange GEM as Hong Kong's second-largest professional audio, lighting and stage design engineering service provider for events and concerts

Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 21, Xing Ming Asia Holdings Limited (abbreviation: Xing Ming Asia) submitted a listing application to the Hong Kong Stock Exchange GEM, with Huifu Finance Co., Ltd. and Red Sun Capital Co., Ltd. as co-sponsors.

Company profile

According to the prospectus, Xingming Asia mainly provides stage lighting and sound engineering design and configuration management for live performances in Hong Kong. Since its establishment in 1996, it has accumulated 30 years of industry experience. It has always provided stage lighting and sound engineering design, integration and delivery services for events of different nature and scale, and has demonstrated steady technical strength. In 2025, in terms of revenue, Xing Ming Asia was the second-largest professional audio, lighting and stage design engineering service provider for events and concerts in Hong Kong, accounting for about 22.8% of the market share.

As a stage lighting and sound engineering design and configuration management service provider, Xingming Asia provides a comprehensive service portfolio, which can be designed according to customer requirements and site environment. Xingming Asia's services include (i) advising on the technical feasibility of stage lighting and/or sound engineering design; (ii) identifying suitable equipment to achieve the desired results; (iii) carrying out on-site installation; (iv) providing technical support during the event; and (v) removing the equipment after the event. Customers can entrust us with any single service or combination of services according to specific requirements. Xingming Asia meets the diverse needs of customers by providing creative and technically sound configuration solutions for various types of events (including large-scale concerts, opening ceremonies, international sporting events, variety shows, and commercial events). Depending on the nature and scale of the event hosted by the client, we provide services at different venues in Hong Kong, such as AsiaWorld-Expo, Hong Kong Coliseum, Kai Tak Sports Park, Hong Kong Convention and Exhibition Centre, and various hotel ballrooms.

Xingming Asia plans to strengthen the brand's position as a one-stop stage lighting and sound engineering service provider, and provide innovative configuration solutions tailored to middle and high-end customers. To consolidate its market position and broaden its revenue base, Xingming Asia will implement the following business strategies: (i) maintaining and consolidating the company's market position by continuously providing customers with innovative allocation solutions; (ii) expanding Xingming Asia's business in the Greater Bay Area; and (iii) strengthening the company's management and operating capabilities with keen insight and expertise.

Financial data

yields

In the five months ended May 31 in 2024, 2025, and 2026, the company achieved revenue of approximately 150 million yuan (HKD, same as in some financial data units), 164 million yuan, and 50.33 million yuan, respectively.

Mouri

For the five months ending May 31 in 2024, 2025, and 2026, the company recorded gross profit of approximately RMB 24.664 million, RMB 24.162 million, and RMB 9.549 million, respectively.

Total comprehensive revenue for the year/period

For the five months ending May 31 in 2024, 2025, and 2026, the company recorded total annual/period gross revenue of approximately RMB 13.04 million, RMB 9.273,000, and RMB 1.929,000, respectively.

Industry Overview

The Greater Bay Area live music event market experienced explosive growth between 2021 and 2025. In 2021, due to strict COVID-19 prevention restrictions and border closures in the region, the market size was seriously under pressure, about HK$8.5 billion. With the relaxation of epidemic prevention measures, the market experienced a strong recovery in 2022, with revenue rising to HK$14 billion. Since then, thanks to the full reopening of borders, the resumption of major concerts, and increased demand in Shenzhen, Guangzhou and other Greater Bay Area cities, the market accelerated significantly to HK$42 billion in 2023 and 2024. In 2025, the market size soared to around HK$58 billion, mainly due to the opening of Hong Kong's Kai Tak Sports Park. The venue hosted a number of high-profile international concerts in the first year of operation, attracting more than 7 million visitors, as well as an increase in overall activities in the Greater Bay Area.

From 2026 to 2030, the Greater Bay Area live music event market is expected to grow at a CAGR of 10.4%. The expected revenue will increase from approximately HK$66 billion in 2026 to HK$98 billion in 2030. This continued growth will be supported by the full maturity of Kai Tak Sports Park, the continued implementation of the Administration's “event” policy in Hong Kong and mainland cities in the Greater Bay Area, deepening regional integration, and the development of new performance venues in Shenzhen, Guangzhou and Zhuhai. Increased disposable income, growing demand for live entertainment by the middle class, and more international entertainers coming to perform in Hong Kong will further drive the long-term expansion of the regional market.

The Hong Kong live music event market rapidly recovered from HK$320.0 million in 2021 to HK$1,850.0 million in 2025, with a CAGR of 55.1%. In 2021, due to strict COVID-19 prevention restrictions and border closures, live performance activities were severely restricted, and earnings remained extremely low. The market rebounded strongly in 2022 as social distancing measures were gradually relaxed. With the full reopening of the border, the market accelerated significantly to around HK$1,05.0 million in 2023. Growth continued steadily in 2024 and surged sharply in 2025, mainly due to the opening of Kai Tak Sports Park in March 2025. The new venue hosted a series of large-scale concerts, attracting over 7 million visitors in its first year of operation, driving the live music event market to around HK$1,850.0 million in 2025.

From 2026 to 2030, the size of the live music events market in Hong Kong is expected to grow at a more moderate and steady pace. The expected revenue will increase from approximately HK$2,000.0 million in 2026 to HK$2,600.0 million in 2030, at a CAGR of 6.8%. This continued growth will be supported by the full maturity of Kai Tak Sports Park, the Hong Kong Government's ongoing “event economy” policy, and Hong Kong's positioning as a regional entertainment hub. Continued integration with the Greater Bay Area, more international artists coming to perform in Hong Kong, and the increasing frequency of large-scale concerts and music festivals will jointly promote the steady and long-term expansion of the live music event market.

Board Information

The Board currently consists of seven directors, including 2 executive directors, 2 non-executive directors and 3 independent non-executive directors.

Shareholding structure

Giant Panda Group, Giant Panda Group Investments, Future Culture Group, and EverGreenBamboo. These companies are wholly owned directly or indirectly by Mr. Wu Jinsheng. Since Giant Panda Group, Giant Panda Group Investment, Future Culture Group, EvergreenBamboo, and Mr. Wu each have the right to directly or indirectly exercise or control the exercise of 30% or more of the voting rights at the company's shareholders' meeting, they are each treated as controlling shareholders according to the GEM listing rules.

Intermediary team

Co-sponsors: Huifu Finance Co., Ltd., Hongri Capital Co., Ltd.

Company legal advisors: Zhang Shiwen, Cai Min Law Firm, Kang Deming Law Firm, STA Law Firm

Co-sponsor Legal Adviser: Loeb & Co., Ltd. Legal Liability Partnership

Reporting Accountant and Auditor: PricewaterhouseCoopers

Compliance Advisor: Huifu Finance Co., Ltd.

Industry Advisor: Frost & Sullivan Limited