Fosun International (HKG:0656) received Hong Kong Stock Exchange approval to proceed with the proposed spin-off and separate listing of its ClubMed Lifestyle subsidiary.
Shares of the conglomerate rose nearly 1% in Monday's trade.
ClubMed Lifestyle, which operates premium all-inclusive resorts and vacation services, submitted its Hong Kong listing application on Aug. 28, according to a Friday Hong Kong bourse filing. IPO details have yet to be finalized.
Fosun expects ClubMed Lifestyle to remain its subsidiary after the proposed listing, which is subject to regulatory and other approvals.
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