Chinese language resort chain Atour seeks $2 billion IPO itemizing within the US
Shanghai-based Atour hopes to benefit from a rebound in tourism in China as it prepares for an IPO in the US.
Wang Gang | Visual China Group | Getty Images
GUANGZHOU, China – Chinese hotel chain Atour is currently considering an IPO in the US that could be worth $ 2 billion, one knowledgeable person told CNBC.
The U.S. listing is expected to take place on the New York Stock Exchange, and the company is aiming to raise approximately $ 200 to $ 300 million, the person said.
Atour could go public “very soon,” said the source, who was not empowered to speak publicly.
The company, headquartered in Shanghai, has a variety of hotel brands at different prices, from upscale to cheaper deals. According to its website, the company has opened more than 600 hotels in 170 cities in China.
An Atour representative did not immediately respond to a request for comment when contacted by CNBC.
Atour hopes to take advantage of the travel recovery in China after the coronavirus outbreak closed the country for several weeks in early 2020. With the pandemic largely under control in China, domestic tourism has steadily recovered.
Atour will compete with China’s major domestic hotel chains like Huazhu Group, which went public in Hong Kong last year, as well as international hotel operators like Marriott International.
Chinese companies still view the US as an attractive listing destination. On Tuesday, CNBC reported that the Chinese trucking start-up Full Truck Alliance could publicly apply for a US listing this week.