手握全球最多门店，海外业务却连续五年亏损超23亿——锦江国际正带着这组矛盾数据叩响港交所大门。 2024年6月29日，锦江国际集团正式向港交所递交上市申请。一旦上市成功，这家中国规模最大的酒店集团将成为国内首个同时在 A 股和港股挂牌的酒店企 业。 锦江国际，一个对普通消费者来说略显陌生的名字，但它旗下的霓虹招牌却几乎无处不在——锦江之星、麗枫、喆啡、维也纳、希尔顿欢朋，从快捷酒店到 中高端市场，这些品牌构成了中国人出行住宿的日常选择。 从海外业务来看，截至去年末，锦江国际的触角已延伸至全球55个国家和地区，仅在法国就拥有773家酒店，在欧洲、亚洲、美洲和非洲另有近400家门店。 锦江国际的出海路径颇具代表性，同时此次赴港募集的资金也将主要投向海外扩张、债务优化和运营资金补充。业内有人认为，锦江国际的赴港上市动作不 仅是锦江自身国际化战略的一部分，更可能成为国内酒店集团掀起港股上市潮的信号。因此，我们试图将锦江国际作为一个赴港募资的样本，解析港股资本 如何激活其海外版图。 靠并购狂奔的10年 锦江酒店的源头可追溯至1935年上海长乐路的一家川菜馆。 1994年登陆 A 股时，它还只是区域性酒店企业。最早的出海 ...

Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the first hotel group in China to achieve a dual listing in both A-shares and H-shares [1] Group 1: Company Overview - As of December 31, 2024, Jin Jiang Hotel operates 13,416 hotels with a total of 1.29 million rooms, covering a full range of hotel categories from economy to high-end [1] - The IPO proceeds will primarily focus on expanding and optimizing overseas operations, including new hotel openings, renovations, service quality improvements, and IT infrastructure upgrades [1] Group 2: Overseas Expansion - Jin Jiang Hotel began its overseas expansion in 2015 with the acquisition of the Louvre Hotels Group in France, followed by the inclusion of the Plateno Group and Radisson Hotel Group, expanding its footprint to Europe, Asia, Africa, and America [2] - By the end of 2024, Jin Jiang Hotel has established 1,171 hotels abroad, with 773 located in France, 128 in other European countries, and 270 in Asia (excluding China), Africa, and America [2] - The RevPAR for overseas limited-service hotels is projected to reach 112.27% of 2019 levels in 2024, reflecting a 0.35% increase from 2023 [2] Group 3: Domestic Market Strategy - Jin Jiang Hotel anticipates revenue of 14.3 billion to 15 billion yuan in 2025, representing a year-on-year growth of 2% to 7%, with a 5% to 10% increase expected in mainland China [2] - The company plans to open 1,300 new hotels and sign contracts for 2,000 hotels in 2025, implementing a differentiated expansion strategy based on the "12+3+1" framework [2] Group 4: Infrastructure and Market Growth - Jin Jiang Hotel is actively improving infrastructure to boost hotel business growth in Europe, the Middle East, and Africa through new hotel openings and renovations [3] - The company is targeting high-growth markets in the Asia-Pacific region, including India, Indonesia, Malaysia, and Thailand, with plans for rapid expansion through both organic growth and strategic acquisitions [3] - The partnership with Malaysian hotel management group RIYAZ marks a significant step in Jin Jiang's Southeast Asia strategy, with plans to introduce multiple brands into the region [3]

6月23日上午，上海锦江国际酒店股份有限公司（下称"锦江酒店"，600754.SH）在上交所举行2024年度 暨2025年第一季度业绩发布会。会上，公司海外市场的调整及其赴港上市进展等受到投资者高度关注。 2024年，公司旗下法国卢浮集团实现营业收入5.56亿欧元，净亏损1079万欧元。对此，相关人士向《华 夏时报》记者表示，卢浮集团将通过制定五年计划积极推进复苏计划的各项措施，包括聚焦资产处置、 翻新改造、系统贡献率提升等，全面提升和改善卢浮经营情况，提高业绩水平。同时，值得一提的是， 截至2024年，锦江酒店境外有限服务型酒店全年RevPAR已恢复至2019年度的112.27%，较2023年度增 长0.35%。 中国企业资本联盟副理事长柏文喜建议，中国酒店品牌"出海"时应优先选择轻资产模式、寻找优质合作 伙伴实现共赢："海外市场竞争激烈，中国酒店品牌需要不断提升自身的竞争力，通过差异化服务、创 新产品等方式吸引客户。同时，关注竞争对手的动态，及时调整市场策略。" 卢浮酒店集团推进"复苏计划" 年报显示，2024年，锦江酒店实现营业收入140.63亿元，同比减少4%。在"全服务型酒店营运及管理业 务""有限 ...