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Slide #36. China Lodging Group, Limited — Quanjude
China Lodging Group, Limited (NASDAQ:HTHT)
China Lodging Group, Limited (Nasdaq:HTHT) ("China Lodging Group" or the "Company"), a leading and fast-growing multi-brand hotel group in China, today announced that the Company, through one of its subsidiaries, entered into a purchase agreement ("Agreement") to acquire ordinary shares of China Quanjude (Group) Co., Ltd. ("Quanjude", SHE:002186) through a private placement of RMB100 million (approximately US$16.3 million), effective upon meeting certain closing conditions. The purchase price is set at RMB14.03 per ordinary share, calculated as not less than 90% of the average of daily trading price for Quanjude's ordinary shares on Shenzhen Stock Exchange within 20 trading days preceding the Agreement date. The transaction is expected to close within the next six months. The placement will be of a total size of RMB350 million, with the remaining purchased by IDG Capital Management (HK) Limited. Post the transaction, China Lodging Group and IDG Capital will hold 2.3% and 5.8% of Quanjude, respectively.
Huazhu Group is a holding company. Through its subsidiaries, Co. is engaged in developing leased and owned, manachised and franchised hotels under the Joya Hotel, Crystal Orange, Blossom Hill, Manxin Hotel, Orange Hotel Select, Orange Hotel, JI Hotel, Starway Hotel, HanTing Hotel, HanTing Premium, Elan Hotel and Hi Inn brands in the People's Republic of China. Co. also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in Pan-China region.
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