锦江酒店赴港上市迎新进展 募资解困境外业务

Core Viewpoint - Jin Jiang Hotels is advancing its plan to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step towards becoming the first hotel group in China to achieve "A+H" listing [1][2][3] Group 1: Company Overview - Jin Jiang Hotels, one of China's "three giants" in the hotel industry, was listed on the Shanghai Stock Exchange in 1994 and has established a core business structure centered on hotel and catering services since 2003 [3] - As of the end of Q1 2025, the company operates a total of 13,513 hotels with 1,308,800 guest rooms, ranking second globally in terms of room count, just behind Marriott [3] Group 2: H-Share Issuance - The company plans to issue H-shares not exceeding 15% of the total share capital post-issuance, with an option for an additional 15% in case of oversubscription [3] - The funds raised will be used to strengthen and expand overseas operations, repay bank loans, and supplement working capital [4] Group 3: International Expansion and Challenges - Jin Jiang Hotels has been accelerating its international expansion through acquisitions, including the purchase of the Louvre Group and strategic investments in other hotel chains, with overseas business revenue accounting for over 30% of total hotel business [5] - However, the overseas business has underperformed, with a reported revenue of €556 million for limited-service hotels outside mainland China in 2024, a decline of 1.8% year-on-year, and a net loss of €56.89 million, an increase in loss by €3.39 million compared to the previous year [6] - The Louvre Group, acquired for €1.277 billion in 2015, has been a significant drag on performance, with cumulative losses exceeding €300 million from 2020 to 2024 [7] Group 4: Strategic Measures - The company aims to address the Louvre Group's ongoing losses through measures such as optimizing debt structure and enhancing digital transformation to improve profitability [8] - The issuance of H-shares is seen as a potential solution to alleviate the financial strain from the Louvre Group's losses and improve capital efficiency [8]