"酒店巨无霸"锦江酒店（600754.SH）近日正式递交招股书，推动"A+H"上市进程加速。 公司表示，募资将主要用于海外酒店的新建及升级改造、数字化转型、偿还银行贷款及补充营运资金。 其中，偿还贷款等用途的首要目的，或指向为化解海外业务的负债与亏损压力。 作为锦江酒店的核定出海资产，法国卢浮集团截至2024年底运营酒店1168家，贡献营收5.56亿欧元。 受国际环境变化、欧洲经济放缓及市场竞争加剧影响，卢浮集团自2020年起就陷入持续亏损，至2024年 底累亏金额超2.1亿欧元。 至2024年9月底，卢浮集团银行贷款总额达1.8亿欧元，关联方贷款4.1亿欧元，资产负债率超过70%。 2024年底，锦江酒店宣布合作马来西亚酒管集团RIYAZ，推进锦江都城、暻阁、非繁云居、麗枫、锦江 之星五个品牌落地东南亚市场。 RIYAZ集团负责上述品牌在马来西亚、印度尼西亚、越南、老挝、柬埔寨、菲律宾6个国家的项目开 发、筹建支持及运营管理工作。 高企的财务杠杆叠加海外融资成本上升，使得该业务板块长期依赖集团资金支持。 2024年4月，锦江酒店向卢浮集团增资23.5亿元。 此外年内两度向卢浮集团提供借新还旧担保，新增担保金 ...

Group 1 - The core viewpoint of the article is that Jinjiang Hotels plans to launch an H-share issuance to enhance its global strategy and improve governance transparency, with funds aimed at expanding overseas operations, repaying bank loans, and supplementing working capital [1] - The planned H-share issuance will not exceed 15% of the total share capital post-issuance, with the final scale and ratio to be determined by the board of directors based on market conditions and regulatory approvals [1] - The company is in the early stages of this listing plan and will consider the interests of existing shareholders before proceeding within 24 months after shareholder approval [1] Group 2 - Jinjiang Hotels has entered a substantial phase of international expansion, particularly focusing on the Southeast Asian market, with plans to collaborate with Malaysian hotel management group RIYAZ to introduce five brands [2] - The company's overseas hotel operations have shown significant recovery, with RevPAR reaching 112.27% of 2019 levels in 2024, reflecting a 0.35% increase from 2023 [2] - In 2024, the company reported a decline in revenue from its overseas limited-service hotel business, with a revenue of €55.607 million, down 1.80% year-on-year, and a net loss of €5.689 million, which increased by €339,000 compared to the previous year [2] Group 3 - The company aims to optimize the capital structure of the French Louvre Group through the upcoming fundraising, which will also support cost control and financial optimization measures [3] - The Louvre Hotels Group operates several well-known brands, including Tulip Lodging, Kyriad, Campanile, and Golden Tulip, and has plans for further international brand expansion [3] - The trend of A-share companies pursuing H-share listings has been increasing, with several companies initiating H-share plans driven by internationalization strategies and financing efficiency [3]