Core Viewpoint - The urgency for Atour to pursue a secondary listing in Hong Kong is highlighted due to its declining performance and market challenges, despite its rapid expansion and previous success in the U.S. market [4][9][19]. Company Overview - Atour is a leading lifestyle group in China, primarily operating in the hotel and retail sectors, and is the largest mid-to-high-end hotel chain in China by room count as of the end of 2024, with 1,619 hotels and 183,184 rooms across 209 cities [5][18]. - The company was listed on NASDAQ in November 2022, with a market capitalization of approximately $4.585 billion [6]. Growth and Expansion - Atour's hotel count surged from 570 to 1,727 in five years, with a remarkable 63% increase in new openings in 2024, totaling 471 new hotels [8][21]. - The company reported a revenue of 7.248 billion yuan in 2024, a year-on-year increase of 55.3%, and an adjusted net profit of 1.306 billion yuan, up 44.6% [17][21]. Performance Challenges - Despite rapid growth, Atour faced significant challenges in early 2025, with a 5.5% decline in net profit and key performance indicators such as average daily rate, occupancy rate, and revenue per room all showing declines [22]. - The company has been embroiled in controversies, including complaints about hygiene and service quality, which have damaged its reputation [26][27]. Retail Business - Atour's retail segment has become a significant revenue driver, contributing 30% to total revenue in 2024, with expectations of a 35% growth in retail income for 2025 [23][24]. - The retail business's success contrasts sharply with the declining hotel performance, highlighting a potential imbalance in the company's business model [25]. Market Context - The trend of Chinese companies returning to Hong Kong for secondary listings is driven by geopolitical risks and regulatory pressures in the U.S., with Atour among several companies considering this move [30][31][33]. - The Hong Kong market offers a more favorable environment for Chinese companies, with lower compliance costs and a better understanding of their business models, which could enhance their valuations [33][34].
中产最爱的酒店,要去香港IPO了
36氪·2025-08-13 13:35