New Stock News | Xingming Asia Filed for GEM on the Hong Kong Stock Exchange to Become the Second Largest Supplier of Professional Sound, Lighting, and Stage Design Services for Events and Concerts in Hong Kong.

According to a disclosure by the Hong Kong Stock Exchange on August 21, Sun Ming Asia Holdings Limited (referred to as: Sun Ming Asia) has submitted its listing application to the GEM of the Hong Kong Stock Exchange, with Wealthy Financing Limited and Red Sun Capital Limited acting as its joint sponsors. Company Profile According to the prospectus, Sun Ming Asia primarily provides stage lighting and sound engineering design and management for live performances in Hong Kong. Since its establishment in 1996, it has accumulated 30 years of industry experience, consistently offering stage lighting and sound engineering design, integration, and delivery services for various types and scales of events, demonstrating robust technical capabilities. By 2025, Sun Ming Asia is projected to be the second largest supplier of professional sound, lighting, and stage design engineering services for events and concerts in Hong Kong, holding a market share of approximately 22.8%. As a provider of stage lighting and sound engineering design and management services, Sun Ming Asia offers a comprehensive service package that can be tailored to meet client requirements and site conditions. The services provided by Sun Ming Asia include (i) advising on the technical feasibility of stage lighting and/or sound engineering design; (ii) identifying suitable equipment to achieve desired effects; (iii) conducting on-site installations; (iv) providing technical support during events; and (v) dismantling equipment after events. Clients can request any single or combination of services according to their specific needs. Sun Ming Asia meets diverse client needs by providing creative and technically sound configuration plans for various types of events (including large concerts, opening ceremonies, international sports events, variety shows, and commercial activities). Depending on the nature and scale of events held by clients, we provide services at various venues in Hong Kong, such as AsiaWorld-Expo, Hong Kong Sports Palace, Kai Tak Sports Park, the Hong Kong Convention and Exhibition Centre, and various hotel banquet halls. Sun Ming Asia plans to strengthen its brand positioning as a one-stop supplier of stage lighting and sound engineering services, offering tailored innovative configuration plans to mid-to-high-end clients. To consolidate its market position and expand its revenue base, Sun Ming Asia will implement the following business strategies: (i) maintain and reinforce the company's market position by continuously providing innovative configuration plans to clients; (ii) expand Sun Ming Asia's business in the Greater Bay Area; and (iii) enhance the company's management and operational capabilities through keen insights and expertise. Financial Information Revenue For the five months ending May 31 in 2024, 2025, and 2026, the company achieved revenues of approximately HKD 150 million, HKD 164 million, and HKD 50.03 million, respectively. Gross Profit For the five months ending May 31 in 2024, 2025, and 2026, the company recorded gross profits of approximately HKD 24.664 million, HKD 24.162 million, and HKD 9.549 million, respectively. Total Comprehensive Income for the Year/Period For the five months ending May 31 in 2024, 2025, and 2026, the company recorded total comprehensive income for the year/period of approximately HKD 13.404 million, HKD 9.273 million, and HKD 1.929 million, respectively. Industry Overview The live music event market in the Greater Bay Area is expected to experience explosive growth from 2021 to 2025. In 2021, due to strict COVID-19 prevention measures and border closures, the market size was severely pressured, amounting to approximately HKD 8.5 billion. With the easing of prevention measures, the market began a strong recovery in 2022, with revenue rising to HKD 14 billion. Subsequently, benefitting from the complete reopening of borders, the resumption of large concerts, and increased demand from Shenzhen, Guangzhou, and other Greater Bay Area cities, the market experienced significant acceleration in 2023 and 2024, reaching a size of HKD 42 billion. By 2025, the market size is projected to surge to approximately HKD 58 billion, mainly due to the opening of the Kai Tak Sports Park, which hosted several high-profile international concerts in its inaugural year, attracting over seven million visitors, along with the overall increase in events in the Greater Bay Area. From 2026 to 2030, the live music event market in the Greater Bay Area is expected to grow at a compound annual growth rate of 10.4%. Projected revenue is expected to increase from approximately HKD 66 billion in 2026 to HKD 98 billion in 2030. This sustained growth will be supported by the maturation of the Kai Tak Sports Park, ongoing government "major event" policies in Hong Kong and the Greater Bay Area cities, deepened regional integration, and the development of new performance venues in places like Shenzhen, Guangzhou, and Zhuhai. Increasing disposable income, growing demand from the middle class for live entertainment, and more international artists performing in Hong Kong will further drive the long-term expansion of the market. The market size for live music events in Hong Kong quickly rebounded from HKD 320 million in 2021 to HKD 1.85 billion in 2025, with a compound annual growth rate of 55.1%. In 2021, live performances were severely restricted due to strict COVID-19 prevention measures and border closures, keeping revenues at very low levels. As social distancing measures were gradually relaxed, the market saw a strong rebound in 2022. With the complete reopening of borders, the market accelerated significantly in 2023, reaching approximately HKD 1.05 billion. Growth continued steadily in 2024 and surged sharply in 2025, primarily due to the opening of the Kai Tak Sports Park in March 2025. This new venue held multiple large concerts and attracted over seven million visitors in its first year, propelling the market size of live music events to approximately HKD 1.85 billion in 2025. From 2026 to 2030, the market size for live music events in Hong Kong is expected to grow at a more moderate and steady rate. Projected revenue is expected to increase from approximately HKD 2 billion in 2026 to HKD 2.6 billion in 2030, with a compound annual growth rate of 6.8%. This sustained growth will be supported by the maturation of the Kai Tak Sports Park, the Hong Kong government's ongoing "major event economy" policies, and Hong Kong's positioning as a regional entertainment hub. Continued integration with the Greater Bay Area, more international artists performing in Hong Kong, and an increasing frequency of large concerts and music festivals will collectively drive stable long-term expansion of the live music event market. Board of Directors Information The board of directors currently consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors. Shareholding Structure Panda Group, Panda Group Investments, Future Culture Group, and Evergreen Bamboo are companies that are wholly owned directly or indirectly by Mr. Wu Jincheng. Since Panda Group, Panda Group Investments, Future Culture Group, Evergreen Bamboo, and Mr. Wu each have the direct or indirect right to exercise or control the exercise of 30% or more of the voting rights at the companys general meeting, they are each considered a controlling shareholder under GEM listing rules. Intermediary Team Joint Sponsors: Wealthy Financing Limited, Red Sun Capital Limited Company Legal Advisors: Tsang Shih-Man & Choi Man Law Firm, Kong Deming Law Firm, STA Law Firm Joint Sponsors Legal Advisors: Legco Law Firm Limited Liability Partnership Reporting Accountant and Auditor: PricewaterhouseCoopers Compliance Advisor: Wealthy Financing Limited Industry Advisor: Frost & Sullivan Limited