|This Slide: #36 of 87|
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.
H World Group is a holding company. Through its subsidiaries, Co. is a multi-brand hotel group in China with international operations. Co.'s hotels are operated under three models: leased and owned, franchised, and franchised hotels that it operates under management contracts, which it refers to as manachised. Co. has hotels in operation or under development under the following brands: Economy hotel brands including HanTing Hotel, Ni Hao Hotel, Hi Inn, Elan Hotel, Zleep Hotels and Ibis Hotel; Midscale hotel brands including JI Hotel and Orange Hotel; Upper midscale hotel brands including Crystal Orange Hotel and IntercityHotel; and Upscale hotel brands including Joya Hotel and Blossom House.
Open the HTHT Page at The Online Investor »
Free HTHT Email Alerts:
Get SEC Filing Alerts
Get Dividend Alerts
Strong Buy (4.00 out of 4)