New stock news | Shanghai Jin Jiang International Hotels (600754.SH) once again submits an application to the Hong Kong Stock Exchange, with over 14,000 hotels in operation by the end of 2025.

According to the disclosure by the Hong Kong Stock Exchange on March 27th, Shanghai Jin Jiang International Hotels Co., Ltd. (referred to as Shanghai Jin Jiang International Hotels (600754.SH)) has submitted an application for listing to the main board of the Hong Kong Stock Exchange, with Orient International as the exclusive sponsor. The company had previously submitted an application to the Hong Kong Stock Exchange on June 29, 2025. Company Overview The prospectus shows that Shanghai Jin Jiang International Hotels is a global hotel group with operations worldwide. As of December 31, 2025, the company has 14,132 operating hotels with a total of 1,368,057 rooms, covering 339 cities in 31 provinces, municipalities, and autonomous regions in mainland China, as well as 57 countries or regions overseas (Europe, Asia (excluding China), Africa, and the Americas). Over the years, the company has built a comprehensive brand matrix. In 1997, the company established the first economy hotel brand in China, "Jin Jiang Star," and in 2016, it acquired one of the first mid-range chain brands in China, "Vienna Hotels." The company acquired GroupeduLouvre in 2015, the Bolthold Group and Vienna Hotels Group in 2016, and Jin Jiang Wine Management in 2023, expanding its brand portfolio to high-end and above-market products. As of December 31, 2025, the company has ten hotel brands with more than 500 operating hotels, five of which have more than a thousand hotels. These brands cover economy to mid-to-high-end brands. In the company's brand matrix, "Jin Jiang Star," "7 Days," and "7 Days Premium" are the company's main economy hotel brands in the Chinese hotel market, while "Vienna Series," "Lifen," "Hilton Garden Inn," and "Citic" are the company's main mid-to-high-end hotel brands in the Chinese hotel market. In addition, the company has launched hotel brands such as "Jin Jiang City," "Zhefei," and "Yuantuo" in the mid-to-high-end and mid-range markets; and in the high-end and above markets, the company has launched its hotel brand "J." The company has also expanded "Jin Jiang Star," "7 Days Premium," and "Jin Jiang City" into the Southeast Asian market in 2011, 2017, and 2025, respectively. The company actively supports the promotion of overseas hotel brands in China. For example, the company has introduced overseas brands of GroupeduLouvre, such as Campanile and Kyriad, into China, and signed a management license agreement with the Leisheng Hotel Group acquired by Jin Jiang International to manage and operate "Leisheng Series" brand hotels in China. Additionally, international hotel groups (such as Hilton Group) have partnered with the company to enhance their brand's influence in China, such as "Hilton Garden Inn." The company has also established a joint venture with Ascott to further expand cooperation in the serviced apartment sector. Income breakdown by different types of hotel management and operation: As of December 31, 2025, the company's hotel network covers 18,215 hotels, including 14,132 operating hotels and 4,083 hotels under construction. Among the 14,132 operating hotels, (i) 613 are self-owned and leased hotels, and (ii) 13,519 are franchised and managed hotels. Among the 4,083 hotels under construction, (i) eight are self-owned and leased hotels, and (ii) 4,075 are franchised and managed hotels. Financial Information Revenue: In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 14.649 billion, RMB 14.063 billion, and RMB 13.811 billion, respectively. Profit: In the fiscal years 2023, 2024, and 2025, the company recorded net profits of approximately RMB 1.277 billion, RMB 1.144 billion, and RMB 989 million, respectively. Industry Overview In 2025, the total number of hotels and hotel rooms worldwide reached 880,500 and 45.6 million, respectively. The global hotel industry presents a highly decentralized pattern, with chain hotels accounting for approximately 43.9% of the total hotel room supply in 2025. The global hotel industry has shown resilience in the face of challenges, displaying a strong recovery trend driven by demand release, resurgence of business travel, and evolving consumer preferences. It is expected that from 2025 to 2030, the global number of hotel rooms and hotels will continue to grow at an average annual compound growth rate of 1.6% each. Chain hotels are expected to further expand their market share in the coming years due to stronger customer traffic, better brand reputation, and higher risk tolerance. It is estimated that by 2030, chain hotels will account for approximately 45.6% of the total global hotel rooms. By the end of 2025, the penetration rate of chain operations in the Chinese hotel market reached 44.8% based on the number of hotel rooms. Specifically, the penetration rates of chain hotels in China and Europe are lower than the United States' 73.0% and the global average. This is because the first generation of economy chain hotels in China only emerged in the 1990s, while the rise of chain hotels in the United States dates back to the 1950s. Due to the significantly shorter brand development time in China, chain hotels in China lag behind in brand awareness, membership systems, and management output capabilities. In Europe, most small hotels are operated by individual families. Owners independently decide whether to establish an affiliate relationship with a chain brand. As of 2025, approximately 59.5% of hotels in Europe are still independently operated. These European hotels are often converted from row houses, medieval inns, or protected traditional buildings, and are often too small or structurally incompatible with standardized brand prototypes. By December 31, 2025, the total number of hotel rooms in China reached 22.1 million, with an average annual compound growth rate of 4.1% from 2020 to 2025. The Chinese hotel industry is still highly decentralized, consisting of a large number of independent hotels and a few chain hotels. According to Frost & Sullivan data, the Chinese hotel industry is undergoing typical cyclical fluctuations and structural transformations. From 2020 to 2023, the industry experienced a downturn and initial recovery stages due to public health events, leading to significant changes on the supply side. The total number of hotels in China decreased from 478,300 in 2020 to 468,400 in 2023. After 2023, with the lifting of travel restrictions, demand gradually recovered, and the industry entered a period of recovery and supply-demand rebalancing. However, due to weak macroeconomic conditions and consumer confidence, the pace of recovery slowed down. In 2024 and 2025, the industry entered a phase of deep adjustment and structural transformation. Key characteristics include rapid supply growth, intensified competition, and continued pressure on core operating indicators such as RevPAR. In the coming years, the industry will gradually move towards high-quality development and a new round of industry integration, with major participants expected to further expand their market share. Key driving factors will include the rise in chain operation rates, asset refurbishment and upgrading, expansion of non-room revenue sources, and innovation in lower-tier markets. Looking ahead, it is estimated that the number of independent hotel rooms will slightly decrease by an average annual compound growth rate of -3.1% from 2025 to 2030, while the number of chain hotel rooms is expected to increase by an average annual compound growth rate of 7.5%. Therefore, the chain penetration rate in the Chinese hotel industry is expected to further increase to 57.7% by 2030. With capital, brand, and management advantages, chain hotels are expected to rapidly expand through franchising to seize market share. Their standardized services and economies of scale make it difficult for independent hotels to compete. Additionally, consumers tend to choose well-known chain hotels to ensure service quality, leading to a lack of brand influence for independent hotels which hinders their ability to attract customers. As of December 31, 2025, the total number of chain hotels in China reached 104,900, providing 9.9 million rooms. By 2030, it is projected that the total number of chain hotels and rooms will increase to 156,100 and 14.2 million, respectively, with an average annual compound growth rate of 8.3% and 7.5% from 2025. Overall, the Chinese hotel industry can be categorized into four segments based on service and price: economy, mid-range, mid-to-high-end, and high-end and above. Based on the number of chain hotel rooms in 2025, the market shares of economy hotels, mid-range hotels, mid-to-high-end hotels, and high-end and above hotels are 47.5%, 21.2%, 14.1%, and 17.2%, respectively. From 2025 to 2030, the mid-range and mid-to-high-end markets are expected to maintain rapid growth momentum, with annual compound growth rates for the number of rooms of 10.8% and 12.3%, respectively. Board of Directors Information The Board of Directors currently consists of nine directors, including four executive directors, one non-executive director, and four independent non-executive directors. Directors serve a term of three years and are eligible for re-election after their term expires. Equity Structure The ownership of A-shareholders is relatively dispersed, with almost no A-shareholder holding 5% or more of the shares as of the last practical date. Since January 1, 2025, no other group of shareholders has held more than the controlling shareholder's equity. The ownership structure of B-shareholders is relatively dispersed, with almost no B-shareholder holding 5% or more of the shares as of the last practical date. Since January 1, 2025, no other group of shareholders has held more than the controlling shareholder's equity. As of the last practical date, Mr. Huang Deman is the principal shareholder holding 10% of the shares of Vienna Hotel Limited. According to Rule 14A.09 of the Listing Rules, this company is a major subsidiary of the Company, and therefore Mr. Huang constitutes a connected person of the Company. Intermediary Team Exclusive Sponsor: Oriental Financing (Hong Kong) Co., Ltd Company's Legal Counsel: Baker McKenzie for Hong Kong laws and US laws; King & Wood Mallesons for Chinese laws; Huen Wong & Co for certain aspects of operating business in Hong Kong; and Bird & Bird AARPI for French laws on operating business in France. Legal Counsel for Exclusive Sponsor: Fangda Partners for Hong Kong laws and US laws; Fangda Partners for Chinese laws. Reporting Accountants and Independent Auditors: KPMG Compliance Advisor: Oriental Financing (Hong Kong) Co., Ltd Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd Shanghai Branch