Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for Jin Jiang Hotels and nine other companies, focusing on compliance with regulations regarding overseas listings and data protection measures [1][2]. Group 1: Regulatory Requirements - The CSRC has requested 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" [1]. - The company is required to provide a legal opinion regarding its compliance with the relevant regulations concerning its capital structure and the ownership of shares [1]. - Jin Jiang Hotels must detail the operations of its digital platforms, including user data collection and storage practices, and measures for personal information protection before and after the listing [1]. 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 the number of rooms [3]. - The company operates hotels through two business models: owned and leased hotels, and franchised and managed hotels, which has allowed it to effectively expand its hotel network [3]. - The number of guest rooms in franchised and managed hotels has 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].

Core 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].