加速向海外寻“解药”，锦江酒店正式递表港交所

Core Viewpoint - The company, Shanghai Jin Jiang International Hotel Co., Ltd., is advancing its IPO journey in Hong Kong, aiming to enhance its international strategy and capital management [1][3]. Group 1: IPO Progress - On June 29, the company submitted its listing application to the Hong Kong Stock Exchange, with Dongfang Securities International as the sole sponsor [1]. - The Shanghai State-owned Assets Supervision and Administration Commission approved the company's plan to issue H-shares, allowing for a maximum of 15% of the total share capital post-issue, with an additional 15% over-allotment option based on market conditions [3]. Group 2: International Strategy and Market Conditions - The chairman of the company highlighted the favorable market conditions, including the recovery of the Hang Seng Index, as an opportunity to advance its international capital market layout [4]. - As of December 31, 2024, the company operates 13,416 hotels with a total of 1.29 million rooms, including 1,171 hotels located overseas [4]. Group 3: Historical Performance and Challenges - The company previously acquired the Louvre Hotels Group in 2015 for €1.288 billion, which significantly boosted its hotel count by 129.65% post-acquisition [4]. - However, since 2020, the Louvre Group has faced financial losses, impacting the company's overseas operations, with losses recorded from 2020 to 2024 totaling €5.689 million in the latest year [4]. Group 4: Market Outlook - Analysts suggest that expanding into overseas markets is a necessary step for domestic hotel companies, particularly in Europe and America where competition is less intense [5]. - However, there are concerns regarding the uncertainties of operating in foreign markets, emphasizing the importance of establishing a competitive advantage in the domestic market [5].