Club Med owner Fosun set for Hong Kong IPO
Club Med owner Fosun Tourism Group hopes to raise up to US$548 million in its public offering to further grow its business in China.
It plans to sell 214 million shares with a Hong Kong IPO which values the business at about US$3.13 billion.
At least half the proceeds will go toward developing resort projects in Lijiang and Taicang in China, as well as other market opportunities.
"After being listed we will be able to catapult our group," said chief executive Jiannong Qian.
Earlier this year the company opened the US$1.74 billion Atlantis Sanya resort in Hainan.
Qian says it has slowly turned around the loss-making Club Med business.
Losses were halved during the first half of 2018, according to the IPO prospectus.
After a long drawn out bidding war, Fosun International acquired Club Med in 2015 for US$1.1 billion.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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