Owning 14,000 hotels, the world's second-largest hotel group is rushing to the Hong Kong Stock Exchange, potentially becoming China's first "A+H" listed company.

A reporter learned from Jinjiang International Group that on March 27, Jinjiang Hotels—China’s largest hotel chain group by scale of hotels in the domestic market—filed an application for a listing on the main board of the Hong Kong Stock Exchange.

Jinjiang Hotels was listed on the Shanghai Stock Exchange in 1996 as an A-share company. If this time’s push for a Hong Kong listing succeeds, Jinjiang Hotels is expected to become the first hotel group in China to achieve an “A+H” listing.

The Hong Kong Stock Exchange’s “Disclosure易” shows Jinjiang Hotels’ prospectus.

In tandem with the submission, Jinjiang Hotels released its 2025 annual report on the evening of March 27, delivering net profit of RMB 945 million after deducting non-recurring gains and losses, up significantly by 75.19% year over year. The quality of profitability from its core business continued to improve, providing a solid fundamental support for this Hong Kong IPO. By business segment, the company’s domestic limited-service hotel business’s non-GAAP net profit increased 64.48% year over year, while its full-service hotel business’s net profit attributable to equity holders increased 40.00% year over year; across multiple segments, synergy helped drive quality improvement and efficiency gains.

The Jinjiang brand carries the fragrance of Shanghai white magnolia blossoms, and traces its earliest origins to the Shanghai Jinjiang Tea Room founded in 1935. In 1951, Jinjiang Hotels was established, and to date it has hosted more than 500 heads of state and government officials from more than 150 countries and regions. As of December 31, 2025, Jinjiang Hotels operates 14,132 hotels in 339 cities across 31 provinces, municipalities directly under the central government, and autonomous regions nationwide, as well as in 57 countries or regions in Europe, Asia, Africa, and the Americas. It has 1,368,057 rooms. Globally, there are 4,083 hotels in the pipeline under construction. With the number of opened hotels ranking first in both China and the world, and the number of opened rooms ranking the largest in China and second globally.

Jinjiang Hotels has built a comprehensive brand matrix, spanning different tiers including economy, mid-range, upper mid-range, high-end, and above. High-end brands include J Hotels, Radisson, etc. Upper mid-range brands include Jinjiang Metropoles, Laibai, Hilton Huankeng, etc. Mid-range brands include Royally/麗枫 Hotels, Vienna Hotels, etc. Economy brands include Jinjiang Inn, White Magnolia Hotels, etc.

Jinjiang brand matrix.

At present, China’s hotel industry has entered a competition phase in the existing market, and occupancy rates and the full-year ADR (average daily room rate) are all facing pressure. Facing industry challenges, the company’s domestic business has shown a favorable trend of recovery quarter by quarter, with a “lower base then higher peak” pattern. The full-year RevPAR (average revenue per available room) decline has continued to narrow, and the fourth quarter recorded positive year-over-year growth. Through structural optimization, directly operated stores achieved an average RevPAR increase that is 4.6 percentage points higher than加盟 stores, and the profitability base of each store has continued to be strengthened.

Meanwhile, Jinjiang Hotels’ overseas business—within its overall layout—has a clear strategic positioning and a stable scale contribution. At present, the Louvre Hotels Group in France is an important part of Jinjiang Hotels’ overseas business. As early as 2015, Jinjiang Hotels’ predecessor, Jinjiang Co., Ltd., fully acquired the French Louvre Hotels Group under the Starwood Group for EUR 1.288 billion, fully moving into the European market, and quickly ranked among the global top 8 hotel groups. The prospectus shows that the contribution of Jinjiang Hotels’ overseas business is close to about 30%. Besides the steady layout in mature European markets, in 2025 the company continued to deepen its globalization strategy and actively expanded into emerging markets in Southeast Asia. To date, the 7 Days Hotel in Kuala Lumpur, Malaysia, and the Jinjiang Metropoles hotel in Luang Prabang, Laos, have entered the stage of being ready to open, realizing a dual-track layout of both economy and upper mid-range brands. Relying on its GPP global procurement platform to build a full end-to-end procurement service network covering 74 countries, the company has continued to improve its global supply chain system, providing all-round enablement for overseas business expansion.

In June 2025, Jinjiang Hotels first applied for an IPO in Hong Kong. At that time, the stated use of proceeds was “capital expenditures and expenses related to investment in overseas hotels.” In this second attempt at an IPO, Jinjiang Hotels’ fund-raising is focused on “an overall digital integrated transformation,” while also optimizing its financial structure and supplementing working capital, among other uses.

It is reported that two other major players in China’s domestic hotel industry have already gone public. Huazhu is a company with dual listings on the Nasdaq and the Hong Kong Stock Exchange. Atuo Group was listed on the Nasdaq in 2022 and is “China’s first new lodging economy company.” With Jinjiang Hotels restarting its Hong Kong IPO, it may be a strategic move by Shanghai’s long-established hotel brand to maintain its competitive position by leveraging the path of capital.