|
Price US$42.00
|
| | PER ADS | |
| | |
Per ADS
|
| |
Total
|
|
Initial price to public
|
| |
US$42.00
|
| |
US$259,980,000
|
|
Underwriting discount(1)
|
| |
US$1.05
|
| |
US$5,849,550
|
|
未扣除费用的收益给我们
|
| |
US$40.95
|
| |
US$254,130,450
|
|
| Goldman Sachs | | |
UBS Investment Bank
|
|
|
关于本招股说明书副刊
|
| | | | S-iii | | |
|
有关前瞻性陈述的警示声明
|
| | | | S-v | | |
|
招股说明书补充摘要
|
| | | | S-1 | | |
|
THE OFFERING
|
| | | | S-11 | | |
|
选定的历史合并财务和运营数据
|
| | | | S-13 | | |
|
RISK FACTORS
|
| | | | S-17 | | |
|
USE OF PROCEEDS
|
| | | | S-33 | | |
|
CAPITALIZATION
|
| | | | S-34 | | |
|
DILUTION
|
| | | | S-35 | | |
|
DIVIDEND POLICY
|
| | | | S-37 | | |
|
UNDERWRITING
|
| | | | S-39 | | |
|
在香港交易的普通股与美国存托凭证之间的换算
|
| | | | S-52 | | |
|
TAXATION
|
| | | | S-55 | | |
|
LEGAL MATTERS
|
| | | | S-63 | | |
|
EXPERTS
|
| | | | S-64 | | |
|
您可以在哪里找到更多信息
|
| | | | S-65 | | |
|
通过引用合并文件
|
| | | | S-66 | | |
|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
前瞻性陈述
|
| | | | 3 | | |
|
OUR COMPANY
|
| | | | 4 | | |
|
RISK FACTORS
|
| | | | 19 | | |
|
USE OF PROCEEDS
|
| | | | 25 | | |
|
股本说明
|
| | | | 26 | | |
|
美国存托股份说明
|
| | | | 34 | | |
|
民事责任的可执行性
|
| | | | 44 | | |
|
TAXATION
|
| | | | 46 | | |
|
SELLING SHAREHOLDERS
|
| | | | 47 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 48 | | |
|
LEGAL MATTERS
|
| | | | 51 | | |
|
EXPERTS
|
| | | | 52 | | |
|
您可以在此处找到有关美国的更多信息
|
| | | | 53 | | |
|
通过引用合并文件
|
| | | | 54 | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||
| | |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(US$)
|
| ||||||||||||||||||||||||
| | |
(In millions)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||||||||
Total revenues
|
| | | | 11,212 | | | | | | 10,196 | | | | | | 12,785 | | | | | | 9,437 | | | | | | 10,156 | | | | | | 1,428 | | |
Total operating costs and
expenses(1) |
| | | | 9,236 | | | | | | 11,925 | | | | | | 13,607 | | | | | | 9,742 | | | | | | 10,631 | | | | | | 1,496 | | |
Income (loss) from operations
|
| | | | 2,108 | | | | | | (1,686) | | | | | | 164 | | | | | | 126 | | | | | | (200) | | | | | | (29) | | |
公允价值未实现收益(亏损)
权益类证券变更 |
| | | | 316 | | | | | | (265) | | | | | | (96) | | | | | | 120 | | | | | | (499) | | | | | | (70) | | |
Foreign exchange (loss) gain
|
| | | | (35) | | | | | | 175 | | | | | | (317) | | | | | | (204) | | | | | | (822) | | | | | | (116) | | |
所得税前收入(亏损)
|
| | | | 2,565 | | | | | | (2,279) | | | | | | (408) | | | | | | (2) | | | | | | (1,679) | | | | | | (238) | | |
Net income (loss)
|
| | | | 1,761 | | | | | | (2,204) | | | | | | (480) | | | | | | (17) | | | | | | (1,722) | | | | | | (244) | | |
H World Group Limited的净收益(亏损)
|
| | | | 1,769 | | | | | | (2,192) | | | | | | (465) | | | | | | (7) | | | | | | (1,697) | | | | | | (240) | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||
| | |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(US$)
|
| ||||||||||||||||||||||||
| | |
(In millions)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||||||||
基于股份的薪酬费用
|
| | | | 110 | | | | | | 122 | | | | | | 109 | | | | | | 94 | | | | | | 77 | | | | | | 11 | | |
| | |
As of December 31,
|
| | | | | | | | | | | | | |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
As of September 30, 2022
|
| ||||||||||||||||||
| | |
(RMB)
|
| |
(RMB)
|
| |
(US$)
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||
Cash and cash equivalents
|
| | | | 3,234 | | | | | | 7,026 | | | | | | 5,116 | | | | | | 5,177 | | | | | | 728 | | |
Restricted cash
|
| | | | 10,765 | | | | | | 64 | | | | | | 25 | | | | | | 40 | | | | | | 6 | | |
Property and equipment, net
|
| | | | 5,854 | | | | | | 6,682 | | | | | | 7,056 | | | | | | 6,804 | | | | | | 957 | | |
Intangible assets, net
|
| | | | 1,662 | | | | | | 5,945 | | | | | | 5,385 | | | | | | 5,240 | | | | | | 737 | | |
经营性租赁使用权资产
|
| | | | 20,875 | | | | | | 28,980 | | | | | | 29,942 | | | | | | 28,610 | | | | | | 4,022 | | |
Long-term investments
|
| | | | 1,929 | | | | | | 1,923 | | | | | | 1,965 | | | | | | 1,865 | | | | | | 262 | | |
Goodwill
|
| | | | 2,657 | | | | | | 4,988 | | | | | | 5,132 | | | | | | 5,069 | | | | | | 713 | | |
Total assets
|
| | | | 52,983 | | | | | | 65,155 | | | | | | 63,269 | | | | | | 61,387 | | | | | | 8,631 | | |
Short-term debt
|
| | | | 8,499 | | | | | | 1,142 | | | | | | 6,232 | | | | | | 5,144 | | | | | | 723 | | |
Accounts payable
|
| | | | 1,176 | | | | | | 1,241 | | | | | | 968 | | | | | | 810 | | | | | | 114 | | |
经营租赁负债,流动
|
| | | | 3,082 | | | | | | 3,406 | | | | | | 3,628 | | | | | | 3,732 | | | | | | 525 | | |
Long-term debt
|
| | | | 8,084 | | | | | | 10,856 | | | | | | 3,565 | | | | | | 6,091 | | | | | | 856 | | |
非流动经营租赁负债
|
| | | | 18,496 | | | | | | 27,048 | | | | | | 28,012 | | | | | | 27,216 | | | | | | 3,826 | | |
Deferred revenue
|
| | | | 1,738 | | | | | | 1,934 | | | | | | 2,151 | | | | | | 2,102 | | | | | | 296 | | |
Total liabilities
|
| | | | 45,483 | | | | | | 53,723 | | | | | | 52,225 | | | | | | 52,624 | | | | | | 7,398 | | |
Total equity
|
| | | | 7,500 | | | | | | 11,432 | | | | | | 11,044 | | | | | | 8,763 | | | | | | 1,233 | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||
| | |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(US$)
|
| ||||||||||||||||||||||||
| | |
(In millions)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||||||||
经营活动提供的现金净额
|
| | | | 3,293 | | | | | | 609 | | | | | | 1,342 | | | | | | 473 | | | | | | 520 | | | | | | 72 | | |
Net cash used in investing
activities |
| | | | (285) | | | | | | (8,101) | | | | | | (1,402) | | | | | | (899) | | | | | | (670) | | | | | | (94) | | |
融资活动提供(使用)的现金净额
|
| | | | 6,045 | | | | | | 883 | | | | | | (1,801) | | | | | | (1,202) | | | | | | 6 | | | | | | 2 | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||
| | |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(US$)
|
| ||||||||||||||||||
| | |
(In millions)
|
| |||||||||||||||||||||||||||||||||
H World Group Limited的净收益(亏损)
|
| | | | 1,769 | | | | | | (2,192) | | | | | | (465) | | | | | | (7) | | | | | | (1,697) | | | | | | (240) | | |
Interest income
|
| | | | (160) | | | | | | (119) | | | | | | (89) | | | | | | (64) | | | | | | (60) | | | | | | (8) | | |
Interest expense
|
| | | | 315 | | | | | | 533 | | | | | | 405 | | | | | | 313 | | | | | | 292 | | | | | | 41 | | |
Income tax expense (benefit)
|
| | | | 640 | | | | | | (215) | | | | | | 12 | | | | | | (3) | | | | | | 4 | | | | | | 1 | | |
折旧及摊销
|
| | | | 991 | | | | | | 1,362 | | | | | | 1,503 | | | | | | 1,082 | | | | | | 1,096 | | | | | | 154 | | |
EBITDA (Non-GAAP)
|
| | | | 3,555 | | | | | | (631) | | | | | | 1,366 | | | | | | 1,321 | | | | | | (365) | | | | | | (52) | | |
基于股份的薪酬费用
|
| | | | 110 | | | | | | 122 | | | | | | 109 | | | | | | 94 | | | | | | 77 | | | | | | 11 | | |
股权证券公允价值变动的未实现(收益)损失
|
| | | | (316) | | | | | | 265 | | | | | | 96 | | | | | | (120) | | | | | | 499 | | | | | | 70 | | |
Adjusted EBITDA (Non-GAAP)
|
| | | | 3,349 | | | | | | (244) | | | | | | 1,571 | | | | | | 1,295 | | | | | | 211 | | | | | | 29 | | |
| | |
As of
December 31, 2019 |
| |
As of
December 31, 2020 |
| |
As of
December 31, 2021 |
| |
As of
September 30, 2022 |
| ||||||||||||||||||||||||||||||
| | |
Legacy
Huazhu(1) |
| |
Legacy
DH(2) |
| |
Legacy
Huazhu(1) |
| |
Legacy
DH(2) |
| |
Legacy
Huazhu(1) |
| |
Legacy
DH(2) |
| ||||||||||||||||||||||||
Total hotels in operation
|
| | | | 5,618 | | | | | | 6,669 | | | | | | 120 | | | | | | 7,706 | | | | | | 124 | | | | | | 8,276 | | | | | | 126 | | |
Leased and owned hotels
|
| | | | 688 | | | | | | 681 | | | | | | 72 | | | | | | 662 | | | | | | 76 | | | | | | 631 | | | | | | 79 | | |
Manachised hotels
|
| | | | 4,519 | | | | | | 5,718 | | | | | | 28 | | | | | | 6,797 | | | | | | 27 | | | | | | 7,433 | | | | | | 26 | | |
Franchised hotels
|
| | | | 411 | | | | | | 270 | | | | | | 20 | | | | | | 247 | | | | | | 21 | | | | | | 212 | | | | | | 21 | | |
运营中的酒店客房总数
|
| | | | 536,876 | | | | | | 628,135 | | | | | | 24,027 | | | | | | 728,143 | | | | | | 25,073 | | | | | | 772,227 | | | | | | 25,262 | | |
Leased and owned hotels
|
| | | | 87,465 | | | | | | 90,942 | | | | | | 13,371 | | | | | | 91,284 | | | | | | 14,264 | | | | | | 90,034 | | | | | | 14,939 | | |
Manachised hotels
|
| | | | 418,700 | | | | | | 515,338 | | | | | | 5,630 | | | | | | 617,340 | | | | | | 5,390 | | | | | | 666,197 | | | | | | 5,196 | | |
Franchised hotels
|
| | | | 30,711 | | | | | | 21,855 | | | | | | 5,026 | | | | | | 19,519 | | | | | | 5,419 | | | | | | 15,996 | | | | | | 5,127 | | |
可供入住的酒店客房-夜间总数
for sale(3) |
| | | | 171,660,048 | | | | | | 193,819,296 | | | | | | 6,488,185 | | | | | | 234,841,153 | | | | | | 8,203,832 | | | | | | 173,268,776 | | | | | | 6,530,470 | | |
Leased and owned hotels
|
| | | | 32,018,639 | | | | | | 31,286,112 | | | | | | 3,998,572 | | | | | | 32,818,789 | | | | | | 4,933,508 | | | | | | 21,539,520 | | | | | | 3,941,387 | | |
Manachised hotels
|
| | | | 130,860,614 | | | | | | 154,743,646 | | | | | | 1,439,155 | | | | | | 195,076,643 | | | | | | 1,681,517 | | | | | | 147,927,085 | | | | | | 1,280,393 | | |
Franchised hotels
|
| | | | 8,780,795 | | | | | | 7,789,583 | | | | | | 1,050,458 | | | | | | 6,945,721 | | | | | | 1,588,807 | | | | | | 3,802,171 | | | | | | 1,308,690 | | |
| | |
As of September 30, 2022
|
| |||||||||||||||||||||
| | |
Actual
|
| |
As Adjusted(1)
|
| ||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||
| | |
(单位为百万,不包括每股和每股数据)
|
| |||||||||||||||||||||
Long-term debt (non-current)
|
| | | | 6,091 | | | | | | 856 | | | | | | 6,091 | | | | | | 856 | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Treasury stock
|
| | | | (441) | | | | | | (62) | | | | | | (441) | | | | | | (62) | | |
新增实收资本
|
| | | | 10,127 | | | | | | 1,424 | | | | | | 11,930 | | | | | | 1,677 | | |
Retained deficit
|
| | | | (1,076) | | | | | | (151) | | | | | | (1,076) | | | | | | (151) | | |
累计其他综合收益
|
| | | | 70 | | | | | | 10 | | | | | | 70 | | | | | | 10 | | |
Total H World Group Limited股东权益
|
| | | | 8,680 | | | | | | 1,221 | | | | | | 10,483 | | | | | | 1,474 | | |
非控股权益
|
| | | | 83 | | | | | | 12 | | | | | | 83 | | | | | | 12 | | |
Total equity
|
| | | | 8,763 | | | | | | 1,233 | | | | | | 10,566 | | | | | | 1,486 | | |
Total capitalization(2)
|
| | | | 14,854 | | | | | | 2,089 | | | | | | 16,657 | | | | | | 2,342 | | |
| | |
Per ordinary share
|
| |
Per ADS
|
|
假设公开发行价
|
| |
US$4.20
|
| |
US$42.00
|
|
截至2022年9月30日的每股有形账面净值
|
| |
US$(0.07)
|
| |
US$(0.74)
|
|
此次发行后每股有形账面净值增加
|
| |
US$0.08
|
| |
US$0.82
|
|
本次发行后调整后的每股有形账面净值
|
| |
US$0.01
|
| |
US$0.08
|
|
本次发行中向新投资者摊薄的有形账面净值金额
|
| |
US$4.19
|
| |
US$41.92
|
|
| | |
ADSs purchased
|
| |
Total consideration
|
| |
Average
price per ADS |
| |||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
(In millions) |
| |
Percent
|
| ||||||||||||
现有股东
|
| | | | 310,926,586 | | | | | | 98.0% | | | | US$1,423 | | | | | 84.6% | | | | US$4.58 | |
New investors
|
| | | | 6,190,000 | | | | | | 2.0% | | | | US$260 | | | | | 15.4% | | | | US$42.00 | |
Total | | | | | 317,116,586 | | | | | | 100.0% | | | | US$1,683 | | | | | 100.0% | | | | | |
Underwriters
|
| |
Number of ADSs
|
| |||
Goldman Sachs (Asia) L.L.C.
|
| | | | 4,642,500 | | |
UBS Securities LLC
|
| | | | 1,547,500 | | |
Total
|
| | | | 6,190,000 | | |
Paid by Us
|
| |
No Exercise
|
| |
Full Exercise
|
|
Per ADS(1)
|
| |
US$ 1.05
|
| |
US$ 1.05
|
|
Total
|
| |
US$5,849,550.00
|
| |
US$6,726,982.50
|
|
|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
前瞻性陈述
|
| | | | 3 | | |
|
OUR COMPANY
|
| | | | 4 | | |
|
RISK FACTORS
|
| | | | 19 | | |
|
USE OF PROCEEDS
|
| | | | 25 | | |
|
股本说明
|
| | | | 26 | | |
|
美国存托股份说明
|
| | | | 34 | | |
|
民事责任的可执行性
|
| | | | 44 | | |
|
TAXATION
|
| | | | 46 | | |
|
SELLING SHAREHOLDERS
|
| | | | 47 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 48 | | |
|
LEGAL MATTERS
|
| | | | 51 | | |
|
EXPERTS
|
| | | | 52 | | |
|
您可以在此处找到有关美国的更多信息
|
| | | | 53 | | |
|
通过引用合并文件
|
| | | | 54 | | |
| | |
For the years ended December 31,
|
| |
For the nine
months ended September 30, 2022 |
| ||||||||||||||||||
子公司与VIE之间的现金流
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||
子公司根据合同安排向VIE提供的贷款
|
| | | | 5 | | | | | | 5 | | | | | | — | | | | | | 1 | | |
VIE从子公司收到的现金
services |
| | | | 34 | | | | | | 29 | | | | | | 34 | | | | | | 20 | | |
VIE对子公司的贷款
|
| | | | (8) | | | | | | (14) | | | | | | (21) | | | | | | (2) | | |
子公司偿还贷款情况
|
| | | | — | | | | | | 3 | | | | | | 7 | | | | | | 5 | | |
控股公司与子公司之间的现金流(1)
|
| | | | 2019 | | | | | | 2020 | | | | | | 2021 | | | | | | 2022 | | |
Loans to subsidiaries
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| | | | (1,039) | | | | | | (6,267) | | | | | | (1,050) | | | | | | (34) | | |
子公司偿还贷款情况
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| | | | 9 | | | | | | — | | | | | | — | | | | | | 1,099 | | |
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Taxation
Scenario(1) Statutory Tax and Standard Rates |
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中国子公司/VIE的假设税前收益
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| | | | 100% | | |
WFOE(2)级收入按25%的法定税率征税
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| | | | (25)% | | |
WFOE(2)将作为股息分配给香港或新加坡实体的金额
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| | | | 75% | | |
按10%(3)的标准税率预缴税款
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| | | | (7.5)% | | |
在香港实体层面上作为股息分配的金额/新加坡实体
对H世界集团有限公司的级别和净分配(4) |
| | | | 67.5% | | |
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Service
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Fees
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| Issuance of ADSs | | | Up to US$0.05 per ADS issued | |
| Cancelation of ADSs | | | Up to US$0.05 per ADS canceled | |
| 分配现金股利或其他现金分配(例如,出售权利和其他权利) | | | Up to US$0.05 per ADS held | |
| 根据股票分红、其他免费股票分配或行使购买额外美国存托凭证的权利分配美国存托凭证 | | | Up to US$0.05 per ADS held | |
| 发行美国存托凭证以外的证券或购买额外美国存托凭证的权利 | | | Up to US$0.05 per ADS held | |
| 托管服务 | | |
在托管银行建立的适用记录日期持有的美国存托股份最高可达0.05美元
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