Fosun Files for ClubMed IPO in Hong Kong to Spin Off Brand
Fosun International has filed a listing application for ClubMed Lifestyle Group on the Hong Kong Stock Exchange, with BNP Paribas, HSBC, and J.P. Morgan as joint sponsors.
Stock photo for illustration only, not from the actual event
- ClubMed Lifestyle Group filed a Hong Kong IPO application backed by Fosun International
- Jointly sponsored by major global financial institutions BNP Paribas, HSBC, and J.P. Morgan
- Last year's revenue reached $2.3 billion, growing under 5% amid premiumization push
- Proceeds targeted to expand portfolio to 85 resorts by 2030 and boost tech investments
ClubMed Lifestyle Group, a subsidiary controlled by Chinese tourism giant Fosun International, has submitted a formal listing application to the Hong Kong Stock Exchange for a proposed initial public offering. The move aims to spin off the iconic all-inclusive resort brand into an independent publicly traded company while Fosun retains a controlling stake.
The publicly available version of the filing redacts specifics regarding the proposed valuation, timing, and other deal terms. BNP Paribas, HSBC, and J.P. Morgan have been appointed as joint sponsors to manage the upcoming public market debut.
Stock photo for illustration only, not from the actual event
Currently operating 69 all-inclusive beach and ski resorts worldwide, ClubMed Lifestyle Group generated approximately $2.3 billion in revenue last year—reflecting a growth rate of less than 5%—alongside an adjusted EBITDA of roughly $453 million.
Despite completing a multi-year portfolio-wide upmarket push in 2024, financial indicators suggest the premium repositioning has yet to generate strong pricing power or surging demand. Resort revenue has remained nearly flat, average daily rates have increased merely in line with inflation, and occupancy rates have stayed stuck near 62% for three consecutive years.
This second attempt by Fosun to bring ClubMed back to public markets—following its 2018 Hong Kong listing and subsequent take-private transaction in March 2025—highlights an ongoing strategy to optimize capital structures for its lifestyle assets. Securing public equity funding provides essential leverage to accelerate global expansion without solely relying on the parent company's balance sheet.
Proceeds from the IPO are earmarked to fuel global expansion toward a target of roughly 85 resorts by 2030, which includes incorporating asset-light cultural tourism complexes, alongside making dedicated investments in digital capabilities and artificial intelligence technologies to support future growth.
Source: Skift
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