|
Price US$
|
| |
PER ADS
|
|
| | |
Per ADS
|
| |
Total
|
| ||||||
Initial price to public
|
| | | 美元 | | | | | | 美元 | | | |
Underwriting discount(1)
|
| | | 美元 | | | | | | 美元 | | | |
未扣除費用的收益給我們
|
| | | 美元 | | | | | | 美元 | | | |
| Goldman Sachs | | |
UBS Investment Bank
|
|
|
關於本招股説明書副刊
|
| | | | S-iii | | |
|
有關前瞻性陳述的警示聲明
|
| | | | S-v | | |
|
招股説明書補充摘要
|
| | | | S-1 | | |
|
THE OFFERING
|
| | | | S-11 | | |
|
選定的歷史合併財務和運營數據
|
| | | | 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與美國存託憑證之間的換算
|
| | | | S-52 | | |
|
TAXATION
|
| | | | S-55 | | |
|
LEGAL MATTERS
|
| | | | S-63 | | |
|
EXPERTS
|
| | | | S-64 | | |
|
您可以在哪裏找到更多信息
|
| | | | S-65 | | |
|
通過引用合併文件
|
| | | | S-66 | | |
|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
前瞻性陳述
|
| | | | 3 | | |
|
OUR COMPANY
|
| | | | 4 | | |
|
RISK FACTORS
|
| | | | 19 | | |
|
USE OF PROCEEDS
|
| | | | 25 | | |
|
股本説明
|
| | | | 26 | | |
|
美國存托股份説明
|
| | | | 34 | | |
|
民事責任的可執行性
|
| | | | 44 | | |
|
TAXATION
|
| | | | 46 | | |
|
SELLING SHAREHOLDERS
|
| | | | 47 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 48 | | |
|
LEGAL MATTERS
|
| | | | 51 | | |
|
EXPERTS
|
| | | | 52 | | |
|
您可以在此處找到有關美國的更多信息
|
| | | | 53 | | |
|
通過引用合併文件
|
| | | | 54 | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||
| | |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(US$)
|
| ||||||||||||||||||||||||
| | |
(In millions)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||||||||
Total revenues
|
| | | | 11,212 | | | | | | 10,196 | | | | | | 12,785 | | | | | | 9,437 | | | | | | 10,156 | | | | | | 1,428 | | |
Total operating costs and
expenses(1) |
| | | | 9,236 | | | | | | 11,925 | | | | | | 13,607 | | | | | | 9,742 | | | | | | 10,631 | | | | | | 1,496 | | |
Income (loss) from operations
|
| | | | 2,108 | | | | | | (1,686) | | | | | | 164 | | | | | | 126 | | | | | | (200) | | | | | | (29) | | |
公允價值未實現收益(虧損)
權益類證券變更 |
| | | | 316 | | | | | | (265) | | | | | | (96) | | | | | | 120 | | | | | | (499) | | | | | | (70) | | |
Foreign exchange (loss) gain
|
| | | | (35) | | | | | | 175 | | | | | | (317) | | | | | | (204) | | | | | | (822) | | | | | | (116) | | |
所得税前收入(虧損)
|
| | | | 2,565 | | | | | | (2,279) | | | | | | (408) | | | | | | (2) | | | | | | (1,679) | | | | | | (238) | | |
Net income (loss)
|
| | | | 1,761 | | | | | | (2,204) | | | | | | (480) | | | | | | (17) | | | | | | (1,722) | | | | | | (244) | | |
H World Group Limited的淨收益(虧損)
|
| | | | 1,769 | | | | | | (2,192) | | | | | | (465) | | | | | | (7) | | | | | | (1,697) | | | | | | (240) | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||
| | |
(RMB)
|
| |
(RMB)
|
| |
(RMB)
|
| |
(US$)
|
| ||||||||||||||||||||||||
| | |
(In millions)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||||||||
基於股份的薪酬費用
|
| | | | 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 | | |
經營性租賃使用權資產
|
| | | | 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 | | |
經營租賃負債,流動
|
| | | | 3,082 | | | | | | 3,406 | | | | | | 3,628 | | | | | | 3,732 | | | | | | 525 | | |
Long-term debt
|
| | | | 8,084 | | | | | | 10,856 | | | | | | 3,565 | | | | | | 6,091 | | | | | | 856 | | |
非流動經營租賃負債
|
| | | | 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)
|
| |||||||||||||||
經營活動提供的現金淨額
|
| | | | 3,293 | | | | | | 609 | | | | | | 1,342 | | | | | | 473 | | | | | | 520 | | | | | | 72 | | |
Net cash used in investing
activities |
| | | | (285) | | | | | | (8,101) | | | | | | (1,402) | | | | | | (899) | | | | | | (670) | | | | | | (94) | | |
融資活動提供(使用)的現金淨額
|
| | | | 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的淨收益(虧損)
|
| | | | 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 | | |
折舊及攤銷
|
| | | | 991 | | | | | | 1,362 | | | | | | 1,503 | | | | | | 1,082 | | | | | | 1,096 | | | | | | 154 | | |
EBITDA (Non-GAAP)
|
| | | | 3,555 | | | | | | (631) | | | | | | 1,366 | | | | | | 1,321 | | | | | | (365) | | | | | | (52) | | |
基於股份的薪酬費用
|
| | | | 110 | | | | | | 122 | | | | | | 109 | | | | | | 94 | | | | | | 77 | | | | | | 11 | | |
股權證券公允價值變動的未實現(收益)損失
|
| | | | (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 | | |
運營中的酒店客房總數
|
| | | | 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-夜間總數
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$
|
| ||||||||||||
| | |
(單位為百萬,不包括每股和每股數據)
|
| |||||||||||||||||||||
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) | | |
新增實收資本
|
| | | | 10,127 | | | | | | 1,424 | | | | | | 11,930 | | | | | | 1,677 | | |
Retained deficit
|
| | | | (1,076) | | | | | | (151) | | | | | | (1,076) | | | | | | (151) | | |
累計其他綜合收益
|
| | | | 70 | | | | | | 10 | | | | | | 70 | | | | | | 10 | | |
Total H World Group Limited股東權益
|
| | | | 8,680 | | | | | | 1,221 | | | | | | 10,483 | | | | | | 1,474 | | |
非控股權益
|
| | | | 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
|
| ||||||
假設公開發行價
|
| | | 美元 | 4.38 | | | | | 美元 | 43.80 | | |
截至2022年9月30日的每股有形賬面淨值
|
| | | 美元 | (0.07) | | | | | 美元 | (0.74) | | |
此次發行後每股有形賬面淨值增加
|
| | | 美元 | 0.08 | | | | | 美元 | 0.82 | | |
本次發行後調整後的每股有形賬面淨值
|
| | | 美元 | 0.01 | | | | | 美元 | 0.08 | | |
本次發行中向新投資者攤薄的有形賬面淨值金額
|
| | | 美元 | 4.37 | | | | | 美元 | 43.72 | | |
| | |
ADSs purchased
|
| |
Total consideration
|
| |
Average
price per ADS |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
(In millions) |
| |
Percent
|
| ||||||||||||||||||
現有股東
|
| | | | 310,926,586 | | | | | | 98.1% | | | | | 美元 | 1,423 | | | | | | 84.6% | | | | | 美元 | 4.58 | | |
New investors
|
| | | | 5,936,073 | | | | | | 1.9% | | | | | 美元 | 260 | | | | | | 15.4% | | | | | 美元 | 43.80 | | |
Total | | | | | 316,862,659 | | | | | | 100.0% | | | | | 美元 | 1,683 | | | | | | 100.0% | | | | | | | | |
Underwriters
|
| |
Number of ADSs
|
| |||
高盛(亞洲)有限責任公司
|
| | | | | | |
瑞銀證券有限責任公司
|
| | | | | | |
Total
|
| | | | | |
Paid by Us
|
| |
No Exercise
|
| |
Full Exercise
|
|
Per ADS(1)
|
| |
US$
|
| |
US$
|
|
Total
|
| |
US$
|
| |
US$
|
|
|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
前瞻性陳述
|
| | | | 3 | | |
|
OUR COMPANY
|
| | | | 4 | | |
|
RISK FACTORS
|
| | | | 19 | | |
|
USE OF PROCEEDS
|
| | | | 25 | | |
|
股本説明
|
| | | | 26 | | |
|
美國存托股份説明
|
| | | | 34 | | |
|
民事責任的可執行性
|
| | | | 44 | | |
|
TAXATION
|
| | | | 46 | | |
|
SELLING SHAREHOLDERS
|
| | | | 47 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 48 | | |
|
LEGAL MATTERS
|
| | | | 51 | | |
|
EXPERTS
|
| | | | 52 | | |
|
您可以在此處找到有關美國的更多信息
|
| | | | 53 | | |
|
通過引用合併文件
|
| | | | 54 | | |
| | |
For the years ended December 31,
|
| |
For the nine
months ended September 30, 2022 |
| ||||||||||||||||||
子公司與VIE之間的現金流
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||
子公司根據合同安排向VIE提供的貸款
|
| | | | 5 | | | | | | 5 | | | | | | — | | | | | | 1 | | |
VIE從子公司收到的現金
services |
| | | | 34 | | | | | | 29 | | | | | | 34 | | | | | | 20 | | |
VIE對子公司的貸款
|
| | | | (8) | | | | | | (14) | | | | | | (21) | | | | | | (2) | | |
子公司償還貸款情況
|
| | | | — | | | | | | 3 | | | | | | 7 | | | | | | 5 | | |
控股公司與子公司之間的現金流(1)
|
| | | | 2019 | | | | | | 2020 | | | | | | 2021 | | | | | | 2022 | | |
Loans to subsidiaries
|
| | | | (1,039) | | | | | | (6,267) | | | | | | (1,050) | | | | | | (34) | | |
子公司償還貸款情況
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | 1,099 | | |
| | |
Taxation
Scenario(1) Statutory Tax and Standard Rates |
| |||
中國子公司/VIE的假設税前收益
|
| | | | 100% | | |
WFOE(2)級收入按25%的法定税率徵税
|
| | | | (25)% | | |
WFOE(2)將作為股息分配給香港或新加坡實體的金額
|
| | | | 75% | | |
按10%(3)的標準税率預繳税款
|
| | | | (7.5)% | | |
在香港實體層面上作為股息分配的金額/新加坡實體
對H世界集團有限公司的級別和淨分配(4) |
| | | | 67.5% | | |
|
Service
|
| |
Fees
|
|
| Issuance of ADSs | | | Up to US$0.05 per ADS issued | |
| Cancelation of ADSs | | | Up to US$0.05 per ADS canceled | |
| 分配現金股利或其他現金分配(例如,出售權利和其他權利) | | | Up to US$0.05 per ADS held | |
| 根據股票分紅、其他免費股票分配或行使購買額外美國存託憑證的權利分配美國存託憑證 | | | Up to US$0.05 per ADS held | |
| 發行美國存託憑證以外的證券或購買額外美國存託憑證的權利 | | | Up to US$0.05 per ADS held | |
| 託管服務 | | |
在託管銀行建立的適用記錄日期持有的美國存托股份最高可達0.05美元
|
|