Last Friday, Club Med Lifestyle Group, the resort business under Fosun International, filed an application for listing on the Hong Kong Stock Exchange. This week, the exchange confirmed that Fosun International may proceed with the proposed spin-off under Practice Note 15 of the Listing Rules.
Reuters previously reported, citing sources, that Club Med could raise more than USD 500 million and may list in Hong Kong in late 2026 or early 2027.
The news, however, did little to excite investors. Fosun International’s shares rose by only about 0.6%, reflecting a rather muted market response.
Behind that calm reaction lies a familiar story: Club Med has not been away from Hong Kong’s capital market for very long.
In March 2025, Fosun Tourism Group—which housed Club Med, Atlantis Sanya and several cultural tourism and property projects—completed its privatization and delisted from the Hong Kong Stock Exchange. Just around a year and a half later, Fosun is once again bringing Club Med back to Hong Kong’s capital market.
During its years as a listed company, Fosun Tourism was long troubled by its weak share price. When it went public in 2018, the company was priced at HKD 15.60（about USD 1.99) per share. By the time the privatization proposal was announced in 2024, its shares had fallen to around HKD 4（about USD 0.51).
Fosun subsequently offered HKD 7.80（about USD 0.99) per share to take the company private, representing a premium of roughly 95% over its share price before trading was suspended. The proposal was eventually approved by shareholders.
Many investors who once bought into Fosun Tourism’s story ultimately left disappointed. Now, as Club Med—the most valuable asset in that story—prepares to return to the public market, the new listing inevitably carries a sense of déjà vu.
This time, however, the asset Fosun is bringing back to Hong Kong looks markedly different from the former Fosun Tourism Group.
Fosun Tourism once tried to tell investors the story of a fully integrated tourism ecosystem. Beyond Club Med, its portfolio included Atlantis Sanya and cultural tourism projects in places such as Taicang and Lijiang. Resort operations and property development were bundled into the same platform, making it difficult for investors to determine whether the company should be valued as a hotel operator, a consumer brand or a tourism property developer.
The new Club Med Lifestyle, by contrast, will focus primarily on operating Club Med resorts, while also offering resort-related services such as brand management, design and marketing.
