On August 29, the China Securities Regulatory Commission (CSRC) published the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (August 22, 2025 - August 28, 2025)." The CSRC issued supplementary material requirements to 10 companies, including Shanghai Jin Jiang International Hotels Co., Ltd., requesting the company to explain matters related to tobacco retail licenses obtained by the company and its domestic subsidiaries.
Shanghai Jin Jiang International Hotels Co., Ltd. (600754.SH) submitted its listing application to the Hong Kong Stock Exchange Main Board on June 29, 2025, with Orient Securities International as the sole sponsor.
The CSRC requests Shanghai Jin Jiang International Hotels to provide supplementary explanations on the following matters, with legal counsel required to conduct verification and provide clear legal opinions:
First, further clarify whether the company's subsidiaries fall under circumstances prohibited from overseas issuance and listing as stipulated in Article 8 of the "Trial Measures for the Administration of Overseas Securities Issuance and Listing by Domestic Enterprises."
Second, in accordance with relevant provisions of "Regulatory Rule Application Guidelines - Overseas Issuance and Listing Class No. 2," explain the situation regarding state-owned shares in the company's share capital.
Third, provide details on websites, apps, mini-programs, official accounts and other products developed and operated by the company and its subsidiaries, the scale of user information collection and storage, data collection and usage practices, whether information is provided to third parties, cross-border data flow situations, and arrangements or measures for personal information protection and data security before and after listing.
Fourth, explain: (1) the situation regarding tobacco retail licenses obtained by the company and its domestic subsidiaries; (2) clear basis for ensuring that domestic subsidiaries' value-added telecommunications business operations do not violate foreign investment access policies; (3) aside from the above, whether the business scope and actual business operations of the company and its domestic subsidiaries involve foreign investment prohibited or restricted access areas under the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)."
Fifth, explain whether the use of raised funds complies with relevant overseas investment regulations and provide clear basis.
According to the prospectus disclosure, as of December 31, 2024, Shanghai Jin Jiang International Hotels operated 13,416 hotels with 1,290,988 rooms. According to Frost & Sullivan, measured by the number of operating hotels, the company is the largest hotel group in China and globally. As of the same date, measured by the number of operating rooms, it is also the largest in China and the second-largest globally.
The company operates hotels through two business models: owned and leased hotels, and franchised and managed hotels. The company effectively expands its hotel network through a light-asset business model that highly aligns with industry trends, forming competitive advantages. As of December 31, 2024, the number of rooms in the company's operating franchised and managed hotels increased from 1,025,618 rooms as of December 31, 2022, to 1,214,788 rooms (accounting for 94.1% of total operating rooms as of the same date), representing a compound annual growth rate of 8.8%.
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