JINJIANG HOTELS plans to issue H shares for a Hong Kong IPO to raise funds for expanding overseas business and repaying debts

The leading hotel company in mainland China, JINJIANG HOTELS, announced that it plans to issue H shares and conduct an IPO on the main board of the Hong Kong Stock Exchange (00388.HK). The funds raised will be used to expand overseas operations, repay bank loans, and supplement working capital. The number of H shares to be issued by JINJIANG HOTELS will not exceed 15% of the total share capital after this issuance (before the exercise of the over-allotment option), and the overall coordinator is authorized to exercise the over-allotment option for up to 15% of the aforementioned number of H shares. The final issuance scale and proportion will be determined by the board of directors or authorized representatives based on legal regulations, approvals or filings from domestic and foreign regulatory agencies, and market conditions, as authorized by the shareholders' meeting.

According to the Shanghai Securities Journal, industry insiders stated that the listing in Hong Kong is part of JINJIANG HOTELS' ongoing internationalization strategy, which will inject new momentum into its overseas business development.

Regarding the specific arrangements for this listing plan, the announcement stated that JINJIANG HOTELS has agreed to hire KPMG as the auditing firm for its H share listing, responsible for providing the accountant's report related to the H share listing and opinions on the application documents, and serving as the overseas auditing firm for the first accounting year. However, this requires approval from the shareholders' meeting. (ta/W)