New Stock News | Mediterranean Holidays files for Hong Kong Stock Exchange; its subsidiary Club Med is the largest resort brand in the world.

According to the disclosure by the Hong Kong Stock Exchange on August 28, the Mediterranean Vacation Group (shortened as: Mediterranean Vacation) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with BNP Paribas, HSBC, and JPMorgan acting as its joint sponsors. According to information from Insight Consulting, based on the revenue in 2025, Club Med is the largest resort brand in the world, as well as the largest all-inclusive resort brand globally, with market shares of 1.1% and 5.3%, respectively. Company Profile The prospectus indicates that Mediterranean Vacation is a global high-quality vacation lifestyle group. Centered around the Club Med brand, the company operates high-end all-inclusive resorts and provides light-asset vacation scenario service output, creating high-quality vacation experiences for clients worldwide. Founded in 1950, Club Med is the pioneer and leader in the high-end all-inclusive resort industry and one of the few high-end all-inclusive resort brands with a global footprint. Leveraging over 75 years of brand heritage and global operational experience, the company has built and operates a diverse range of high-end resort products covering mountain skiing and sunny beach destinations, through a sales network established in over 40 countries and regions across six continents. As of the last feasible date, the company operates 69 high-end resorts worldwide. According to information from Insight Consulting, Club Med is the world's largest resort brand based on 2025 revenue; the largest resort brand in Europe, Africa, Middle East, and Asia-Pacific; and one of the top five resort brands in the Americas; it is the largest all-inclusive resort brand worldwide by the number of resorts and revenue in 2025; and as the largest mountain ski resort brand and the largest all-inclusive mountain ski resort brand based on the number of resorts in 2025. Mediterranean Vacation mainly engages in the operation of high-end all-inclusive resorts under the Club Med brand and the provision of light-asset vacation scenario services. Each business segment is further detailed as follows: Club Med Resort Business. The company primarily operates high-end all-inclusive resorts globally, providing accommodations, gourmet dining, premium beverages, sports and rich activities, children's care services, local cultural experience activities, and, where applicable, transportation services. As of the last feasible date, the company has a sales and marketing team in over 40 countries and regions across six continents, operating 69 resorts, including mountain ski resorts and sunny beach resorts across Europe, Africa, the Middle East, the Americas, and the Asia-Pacific region. The company employs three operating models for its resorts: owned, leased, and managed contracts. The company adopts appropriate operating models based on their specific situations to expand its global resort network in a capital-efficient manner. Vacation Scenario Services. The company also offers diverse integrated light-asset services to owners, developers, and other business partners. Utilizing its brand, operational expertise, and ability to engage customers, the company provides operational, management, branding, sales and marketing, design, and supportive services for vacation and lifestyle destinations. In 2026, Club Med was selected as one of TIME magazine's "TIME100 Most Influential Companies" and became the only hotel and resort brand featured that year. This honor highlights Club Med's pioneering role in creating the all-inclusive model, leading the industry's premium evolution, and expanding this model into more diverse vacation scenarios. Financial Information Revenue For the fiscal years 2023, 2024, 2025, and for the six months ended June 30, 2026, the company achieved revenues of approximately 1.862 billion, 1.923 billion, 1.949 billion, and 1.083 billion, respectively. Gross Profit and Gross Margin For the fiscal years 2023, 2024, 2025, and for the six months ended June 30, 2026, the company recorded gross profits of approximately 539 million, 561 million, 590 million, and 376 million, respectively, corresponding to gross margins of 28.9%, 29.2%, 30.3%, and 34.7%. Earnings for the Year/Period For the fiscal years 2023, 2024, 2025, and for the six months ended June 30, 2026, the company recorded earnings for the year/period of approximately 68.768 million, 29.604 million, 10.917 million, and 57.125 million, respectively. Industry Overview The global vacation and lifestyle industry encompasses services and products oriented towards vacation, leisure, and entertainment, aimed at meeting consumer demand for vacation and lifestyle experiences. Major services include leisure-oriented accommodation, transportation, attractions, and other services related to leisure travel. The industry benefits from a structural trend towards higher quality lifestyle spending, showing stable growth. Based on revenue, the global vacation and lifestyle market is expected to grow from $2,528.3 billion in 2025 to $3,491.4 billion in 2030, with a compound annual growth rate (CAGR) of 6.7%. Divided by source market, the industry can be categorized into three main regions: (i) Europe, Africa and the Middle East, (ii) Americas, and (iii) Asia-Pacific. Europe, Africa and the Middle East, and the Americas are expected to maintain steady growth, benefiting from deep-rooted leisure culture and diversified vacation demands. In mature markets, particularly in Europe and North America, consumers are increasingly prioritizing high-quality, lifestyle-oriented experiences, reflected in trends such as interest-driven exploration, wellness retreats, slow travel, and luxury experiential tourism, which can offer more personalized and immersive vacation experiences. This growth momentum is further supported by the rising demand for multi-generational travel, celebrations of significant milestones, outdoor adventures, and wildlife tourism. In emerging markets, primarily in the Middle East, Africa, and Latin America, consumers are increasingly willing to allocate higher budgets to enhance their lifestyle experiences, driving strong market growth. The revenue of the vacation and lifestyle market in Europe, Africa and the Middle East is expected to increase from $866 billion in 2025 to $1,147 billion in 2030, with a CAGR of 5.8%. The Americas are expected to grow from $835.2 billion in 2025 to $1,100 billion in 2030, with a CAGR of 5.7%. The Asia-Pacific market is anticipated to be the fastest-growing region in the coming years, primarily driven by rising consumer purchasing power, an expanding middle-class population, and increased leisure travel demand. As vacation preferences in the Asia-Pacific continue to evolve, the market size is expected to grow from $827.1 billion in 2025 to $1,244.5 billion in 2030, with a CAGR of 8.5%. China, as one of the major vacation and lifestyle markets in the Asia-Pacific region, is expected to rise from $361.1 billion in 2025 to $549.7 billion in 2030, with a CAGR of 8.8%. Driven by favorable policies and structural shifts in consumer demand, China's anticipated growth rate is expected to exceed that of the Asia-Pacific market. Currently, only about 31% of Chinese tourists prefer vacations over sightseeing, while this ratio is approximately 80% in North America and Europe. As the Chinese tourism market continues to evolve, the demand for leisure travel is expected to gradually shift from traditional sightseeing models to vacation-oriented models. According to the China Tourism Association, the importance of high-quality and experiential travel as a purpose for travel in China has recently surpassed traditional sightseeing tourism. This structural shift towards experience-driven tourism is stimulating demand for resorts among Chinese consumers. Additionally, the increasing preference for deep relaxation and immersive experiences is also driving consumers from occasional travel to lifestyle consumption. The all-inclusive resort industry integrates accommodations, dining, sports, entertainment activities, childcare, transportation, and other vacation facilities or experiences into a single package service. This service model simplifies itinerary planning and enhances guest convenience while offering industry participants better revenue predictability and higher advance booking rates. Particularly among family clientele, this model is increasingly valued by consumers seeking comprehensive vacation experiences, convenient family services, budget predictability, and a sense of family reunion. Therefore, the all-inclusive resort model has become an important service form in the global resort industry. Leading all-inclusive resort brands are breaking through traditional hotel service categories and transitioning into high-end leisure and emotional resonance-oriented lifestyle operators. As a result, the global all-inclusive resort market is expected to grow from $47.6 billion in 2025 to $68.8 billion in 2030, with a CAGR of 7.6%. This increased growth reflects the rising acceptance of the all-inclusive resort model among consumers. Its growth is mainly driven by the rising demand for high-end vacations, an increasing preference for worry-free and price-transparent vacation experiences, and the ongoing rise of experiential and emotional value-driven consumption trends. Board Information The companys board of directors will consist of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors. Shareholding Structure As of the last feasible date, Club Med BVI is wholly owned by FOSUN INTL, which holds 72.86% of the equity through its wholly-owned subsidiary Fosun Holdings. FOSUN INTL is held 85.29% by Mr. Guo Guangchang. According to the Securities and Futures Ordinance, FOSUN INTL, Fosun Holdings, FOSUN INTL Holdings, and Mr. Guo are each regarded as having interests in the shares held in Club Med BVI. Intermediary Team Joint Sponsors: BNP Paribas Securities (Asia) Limited, HSBC Corporate Finance (Hong Kong) Limited, JPMorgan Securities (Far East) Limited Sponsor and Overall Coordinator: The Hongkong and Shanghai Banking Corporation Limited, JPMorgan Securities (Asia Pacific) Limited Overall Coordinators: BNP Paribas Securities (Asia) Limited, The Hongkong and Shanghai Banking Corporation Limited, JPMorgan Securities (Asia Pacific) Limited Company Legal Advisors: For Hong Kong and US Law: Pillsbury Winthrop Shaw Pittman LLP; For Chinese Law: Jintiancheng Law Firm; For Cayman Islands Law: Harney Westwood & Riegels Joint Sponsors Legal Advisors: For Hong Kong and US Law: Sidley Austin LLP; For Chinese Law: Zhong Lun Law Firm Auditors and reporting accountants: Ernst & Young Industry Consultants: Insight Industry Consulting Limited Transfer Pricing Advisors: Ernst & Young (China) Advisory Limited Compliance Advisors: SOMERLEY CAPITAL Limited