China’s Fosun International wins approval for ClubMed Hong Kong spin-off

Aug 31 (Reuters) – Fosun International has received approval from the Hong Kong Stock Exchange to proceed with the proposed spin-off and separate listing of its resort-operator unit ClubMed Lifestyle, it said late on Friday.

Details of the initial public offering (IPO) are yet to be finalised, the Chinese conglomerate said in an exchange filing.

Fosun’s shares were up 0.6% at 0233 GMT after gaining as much as 0.9% earlier in the session on Monday.

Reuters had reported earlier that the share sale could raise more than $500 million and could ​take place as early as the end ⁠of this year, or in early 2027.

Founded in 1950, ClubMed runs more than 60 beach and mountain resorts in 25 countries, according to ⁠its ​website. It is known for ​all-inclusive holidays that cover rooms, meals, drinks and activities.

Fosun bought ClubMed in February 2015 for about €917 million ($1.06 billion), according ​to previous ⁠filings.

($1 = 0.8627 euros)

(Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Subhranshu Sahu)

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