Club Med owner reportedly set for IPO
Chinese conglomerate Fosun International is reportedly discussing plans to list its tourism division in an IPO.
It is in talks with investment banks to raise at least US$500 million, Reuters reports.
The Fosun Tourism & Culture Group, known as the ‘Happiness Unit’, includes all-inclusive resort operator Club Med and a joint venture with tour operator Thomas Cook Group.
The new luxury Atlantis Resort Hotel in Sanya, Hainan province, is also part of the business.
It could go for an IPO next year and list on the Hong Kong exchange, said Reuters, citing people familiar with the matter.
The Happiness unit reported first half profits of 516 million yuan.
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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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