Fosun has picked banks for Hong Kong IPO of Club Med holiday resort chain: sources

[SHANGHAI] Fosun International has picked banks for a planned Hong Kong initial public offering of holiday resort operator Club Med SAS, according to people familiar with the matter. 

BNP Paribas, HSBC Holdings and JPMorgan Chase & Co are working on the IPO, which could raise at least US$500 million, the people said, asking not to be identified discussing private information. 

Deliberations are ongoing and details such as the size of the share sale might change, while more banks may also be added to work on the deal, they added. 

Fosun didn’t respond to requests for comment. Representatives for BNP, HSBC and JPMorgan declined to comment. 

Fosun, backed by billionaire Guo Guangchang, owns Club Med through Fosun Tourism Group.

The chain is known for its all-inclusive packages that include food and drinks and many leisure activities. Founded in Mallorca in 1950, Club Med operates about 70 resorts globally covering sun and ski destinations. 

Fosun acquired what was then Club Mediterranee in 2015, leading a consortium in a deal valued at 939 million euros (S$1.41 billion) and beating out Italian investor Andrea Bonomi in a bidding war that lasted more than a year. 

Fosun Tourism was listed in Hong Kong in 2018 but took itself private at the start of 2025 as a slowing Chinese economy impacted tourism.

Bloomberg News reported in March that Club Med was looking at Hong Kong for a potential IPO.

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The resort operator’s chief executive officer Stephane Maquaire also said in an interview with Le Figaro that month that an IPO might happen at the end of this year or in 2027, potentially in Hong Kong or Amsterdam. 

Hong Kong’s IPO market is having a buoyant year, with more than US$20 billion raised through first-time share sales so far, compared with about US$3.2 billion over the same stretch in 2025, data compiled by Bloomberg show. BLOOMBERG