Club Med owner Fosun Tourism receives approval to list shares in Hong Kong

Fosun Tourism Group, owner of the French holiday resort chain Club Med, has received listing approval from the Hong Kong stock exchange in an initial public offering expected to raise up to US$1 billion, according to a source familiar with the deal.

Fosun Tourism, the largest leisure tourism resort group in the world by revenue, will be spun off from parent Fosun International, one of China’s most acquisitive privately-controlled conglomerates, into a separately-listed firm.

The approval means Fosun Tourism could join online parenting firm Babytree Group and online travel agent Tongcheng-eLong Holdings to launch initial public offerings in Hong Kong in November.


More Details at Source: