HONG KONG -- Songcheng Performance Development, a Chinese theme park and theater operator, has gained a reputation for its performing arts events that feature the country's history and culture. With an expanding middle class beginning to spend more time and money on leisure, the company is attracting both visitors and investors. The company was founded in 1994 and was listed in 2010 on the Shenzhen Stock Exchange's ChiNext board specializing in startup stocks. It was the first performing arts company to go public in mainland China. In addition to its base in Hangzhou in Zhejiang Province, the company operates theme parks and performing art theaters in locations across China, including the city of Lijiang in Yunnan Province. According to the Themed Entertainment Association, an international nonprofit organization, Hangzhou Songcheng Resort park, operated by the company under the theme of the Song dynasty, was ranked eighth in 2015 among all amusement parks in Asia with 7.28 million visitors. This marks a more than 20% increase from the year before. The company claims that "Romantic Show," the park's main attraction, is regarded as one of the "top 3 famous shows in the world" along with the Cirque du Soleil's "O" show in Las Vegas and "Moulin Rouge" in Paris. Supported by such popularity, the company has seen an upsurge in its financials. For the year ended in December 2015, its group sales increased 80% from the previous year to some 1.69 billion yuan ($252 million), and net profits jumped 70%. Although its shares have slowed along with Chinese stocks in general, the share price has more than doubled over the past two years. Songcheng Performance Development has recently been expanding its efforts to virtual reality technology and online streaming shows. Market players appear to be taking this advance into interactive entertainment positively, believing better attractions that reflect shifting audience tastes will be offered. With mutual access planned between the Hong Kong and Shenzhen stock exchanges, the company's shares could attract foreign investors and be one of the more encouraging stocks in mainland China's tourism and leisure sector.
Songcheng Performance Development, operator of several Chinese theme park and theatres, has seen a 80% rise in net profits and group sales rise by 70% to CNY1.69bn ($252m) as China's rising middle class spends more money on leisure. The company, whose share price has more than doubled in as many years, operates some of Asia's most popular tourist attractions, including the Hangzhou Songcheng Resort park, which attracts 7.3 million visitors a year.