What happened
Fosun International said on Aug. 28 that it has applied to the Hong Kong Exchange for approval to spin off its subsidiary ClubMed Lifestyle Group and list it on the Main Board. ClubMed Lifestyle Group submitted its listing application the same day, with BNP Paribas, HSBC and JPMorgan as joint sponsors.
The move brings Fosun's tourism business back to the public market. Club Med was founded in France in 1950, taken private by a Fosun-led consortium that launched a tender offer in September 2014 and completed delisting from Euronext Paris in March 2015. The Club Med business was later listed under Fosun Tourism Culture Group in December 2018, but that company was privatized and delisted on March 17, 2025, about a year and a half before this new filing.
According to the prospectus, ClubMed Lifestyle Group operates 69 high-end resorts across more than 40 countries and regions. Revenue rose from EUR 1.862 billion in 2023 to EUR 1.923 billion in 2024 and EUR 1.949 billion in 2025, while net profit fell from EUR 68.768 million to EUR 29.604 million and then EUR 10.917 million over the same period. The company cites higher tax expenses and financing costs above EUR 100 million a year as key drags on profitability.
Why it matters
The filing is another attempt to list the same tourism assets that Fosun took private just a year and a half ago. Club Med's operating metrics are improving — gross margin and adjusted EBITDA margins have held up — but net profit has fallen sharply because of a higher tax burden and persistent financing costs. Investors will likely focus on that gap when assessing the spin-off's valuation.
The IPO is tied to a plan to grow the resort network to about 85 properties by 2030 and to invest in AI and digitalization. Fosun also wants to use the proceeds to optimize capital structure, which may help address leverage that rose to 64.1% of total assets in the first half of 2026. A successful listing would give the group a new vehicle to fund expansion and reduce debt.
Key facts
ClubMed Lifestyle Group filed its Hong Kong IPO application on Aug. 28 with BNP Paribas, HSBC and JPMorgan as joint sponsors.
Club Med was founded in France in 1950 and was taken private by a Fosun-led consortium in a deal completed with delisting from Euronext Paris in March 2015.
The group's revenue grew from EUR 1.862 billion in 2023 to EUR 1.949 billion in 2025, while net profit fell from EUR 68.768 million to EUR 10.917 million in the same period.
What to watch next
Whether the Hong Kong Exchange approves the spin-off and how the market prices a resort operator with rising revenue but sharply lower net profit.
The group's ability to execute its plan to operate about 85 resorts by 2030, and whether it can manage leverage that reached 64.1% of total assets in the first half of 2026.
Early results from the 'Happy Digitalization' AI strategy, including the partnership with an AI technology solutions company signed in July 2026.