What is China Changbaishan International Holdings Limited stock?
989 is the ticker symbol for China Changbaishan International Holdings Limited, listed on HKEX.
Founded in 1990 and headquartered in Hong Kong, China Changbaishan International Holdings Limited is a Major Telecommunications company in the Communications sector.
What you'll find on this page: What is 989 stock? What does China Changbaishan International Holdings Limited do? What is the development journey of China Changbaishan International Holdings Limited? How has the stock price of China Changbaishan International Holdings Limited performed?
Last updated: 2026-05-15 02:58 HKT
About China Changbaishan International Holdings Limited
Quick intro
China Changbaishan International Holdings Limited (989.HK), formerly Hua Yin International Holdings Limited, is a Hong Kong-listed investment firm primarily focused on property development, management, and investment in Mainland China.
Its core business covers residential and commercial projects, including hotels and shopping malls. Recently, the company has diversified into the ginseng and mineral water sectors. For the fiscal year ended March 31, 2025, the company reported a net loss of approximately CN¥853 million, with a revenue of CN¥186 million, as it navigates debt restructuring and business transition.
Basic info
China Changbaishan International Holdings Limited Business Introduction
China Changbaishan International Holdings Limited (formerly known as New Silkroad Cultural Entertainment Limited, HKG: 0989) has undergone a significant strategic transformation. It has evolved from a diversified conglomerate into a specialized entity focused on high-end tourism, cultural entertainment, and the operation of integrated resort destinations.
Business Summary
The company primarily operates through its flagship integrated resort project in South Korea and real estate development projects. Its core mission is to create synergy between "Culture + Tourism + Entertainment." Following a major restructuring and rebranding in 2024, the company has aligned its identity more closely with the premium tourism resources of the Changbaishan region and international leisure markets, focusing on attracting high-net-worth travelers from across East Asia.
Detailed Business Modules
1. Integrated Resort and Gaming:
The jewel in the company's crown is its interest in Jeju Island, South Korea. Through its subsidiaries, the company operates a specialized entertainment venue (Casino) and is developing the Glorious Hill mega-resort. This project is designed to be one of the largest integrated leisure destinations in Jeju, featuring luxury hotels, theme parks, and wellness centers.
2. Cultural Tourism and Leisure:
The company manages various leisure assets, including the "Loushan" brand, which focuses on high-end ecological tourism. It aims to integrate local cultural heritage with modern hospitality services to provide immersive travel experiences.
3. Real Estate Development:
The company maintains a portfolio of residential and commercial property projects, primarily located in mainland China (such as the "Opera Residence" in Changsha). These projects provide steady cash flow to support its larger-scale tourism investments.
4. Wine Business (Historical and Strategic):
The company previously managed well-known brands like "Shangri-La" wine. While the focus has shifted toward tourism, the expertise in luxury lifestyle branding remains a core part of its corporate DNA.
Business Model Characteristics
Asset-Heavy Development with Service-Oriented Revenue: The company invests in large-scale land and infrastructure (resorts) while generating recurring revenue through hospitality services, entertainment fees, and property sales.
Cross-Border Synergy: By leveraging Chinese consumer demand and South Korean tourism infrastructure, the company acts as a bridge for international leisure capital.
Core Competitive Moat
Exclusive Licensing: Holding a specialized entertainment license in Jeju Island is a significant barrier to entry, as these licenses are strictly regulated and limited in number.
Prime Land Bank: The Glorious Hill project sits on a massive plot of land in a key tourism hub, which is nearly impossible to replicate given current environmental regulations and land scarcity.
Latest Strategic Layout
In late 2023 and 2024, the company intensified its focus on "Changbaishan" branding, aiming to capitalize on the increasing global popularity of winter sports and ecological trekking. The strategy involves digitalizing guest services and expanding its membership loyalty program across its international properties.
China Changbaishan International Holdings Limited Development History
The history of 0989.HK is a story of continuous adaptation to changing market dynamics and consumer preferences in the Asian leisure sector.
Development Phases
Phase 1: Industrial Origins (Pre-2000s):
The entity originally had roots in industrial manufacturing and basic trade. It functioned as a typical Hong Kong-listed shell that eventually attracted investment from large mainland enterprises looking for an international capital platform.
Phase 2: Transition to Cultural Entertainment (2015 - 2018):
Under the name New Silkroad Cultural Entertainment, the company pivoted sharply towards the "Great Consumption" sector. It acquired the Jeju casino business and the Glorious Hill land site, positioning itself to catch the wave of outbound Chinese tourism. During this time, it was backed by the Macrolink Group.
Phase 3: Operational Optimization and Headwinds (2019 - 2022):
The global pandemic significantly impacted the tourism and gaming sectors. The company focused on cost reduction, debt restructuring, and maintaining its property development projects in mainland China to weather the travel restrictions.
Phase 4: Rebranding and Strategic Rebirth (2023 - Present):
The company officially changed its name to China Changbaishan International Holdings Limited. This move signifies a deeper integration with high-end tourism assets and a renewed focus on international recovery, leveraging the "Changbaishan" brand to signify purity, luxury, and nature.
Success and Challenge Analysis
Success Factors: Strategic foresight in acquiring rare gaming licenses and large-scale land in Jeju before prices spiked; strong backing from major mainland investment groups.
Challenges: High sensitivity to geopolitical relations and international travel policies; capital-intensive nature of resort development which puts pressure on the balance sheet during economic downturns.
Industry Introduction
The company operates at the intersection of the Integrated Resort (IR) industry and the Cultural Tourism market.
Industry Trends and Catalysts
1. Post-Pandemic Recovery: According to UNWTO data, international tourism arrivals reached 88% of pre-pandemic levels in 2023, with the Asia-Pacific region showing the strongest growth trajectory in 2024-2025.
2. Experience-Based Travel: High-net-worth individuals are shifting spending from luxury goods to "luxury experiences," benefiting integrated resorts that offer dining, shopping, and entertainment in one location.
3. Winter Economy: The "Ice and Snow" economy in Northeast Asia has seen a CAGR of over 15% post-2022, providing a massive tailwind for the Changbaishan brand.
Competitive Landscape
| Competitor Category | Key Players | Market Position |
|---|---|---|
| Jeju Local IRs | Jeju Dream Tower, Landing International | Direct competition for gaming and luxury hospitality in South Korea. |
| Regional Giants | Genting Singapore, Marina Bay Sands | Compete for the broader East Asian high-roller and family tourist market. |
| Mainland Tourism | Fosun Tourism (Club Med), OCT Group | Compete for domestic Chinese cultural and ecological tourism spending. |
Industry Status and Market Position
China Changbaishan International Holdings Limited occupies a niche high-end position. While it is smaller in market capitalization compared to the Macau gaming giants, its unique focus on Jeju Island—which offers visa-free access to many nationalities—gives it a distinct geographical advantage.
As of the FY 2023 Annual Report, the company has focused on improving its net asset value through the appreciation of its land banks. In the regional "Cultural + Tourism" sector, it is recognized as a key "Small-to-Mid Cap" player with significant "Turnaround" potential as international flights and travel corridors between China, Korea, and Japan fully normalize in 2025.
Sources: China Changbaishan International Holdings Limited earnings data, HKEX, and TradingView
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