JINJIANG HOTELS(SH:600754) Zhi Tong Cai Jing·2025-08-29 12:29Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Jin Jiang Hotels (600754) and nine other companies regarding their overseas listing applications, particularly focusing on the company's tobacco retail license and data protection measures [1][2]. Group 1: Regulatory Requirements - CSRC has asked Jin Jiang Hotels to clarify whether its subsidiaries fall under the prohibitions outlined in Article 8 of the "Interim Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises" [2]. - The company is required to provide information on its shareholding structure in accordance with the "Guidance on Regulatory Rules for Overseas Issuance and Listing - No. 2" [2]. - Jin Jiang Hotels must detail the development and operation of its digital platforms, including user data collection and storage practices, and measures for personal information protection [2]. Group 2: Business Operations and Growth - As of December 31, 2024, Jin Jiang Hotels has opened 13,416 hotels with a total of 1,290,988 guest rooms, making it the largest hotel group in China and the second largest globally based on room count [3]. - The company operates hotels through two business models: owned and leased hotels, and franchised and managed hotels, effectively expanding its network through a light asset model [3]. - The number of franchised and managed hotel rooms increased from 1,025,618 on December 31, 2022, to 1,214,788 by December 31, 2024, representing a compound annual growth rate of 8.8% [3].