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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82
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泰州市(姜堰区、海陵区、高港区、泰兴市、兴化市、靖江市)

  来源:中新经纬

  同程旅行24.97亿元吞并万达酒管引发资本市场波动。

  4月22日,万达酒店发展(0169.HK)盘中涨超20%,同程旅行(0780.HK)一度跌超11%。

  变卖核心资产

  万达酒店发展近日披露公告,4月17日,公司、同程旅行与万达酒店管理(香港)有限公司(简称“万达酒管”)订立买卖协议,公司已有条件同意出售而同程旅行已有条件同意购买待售股份(即万达酒管全部已发行股本),初步代价约为人民币24.97亿元。

  来源:万达酒店发展公告

  交割后,万达酒店发展将不再持有万达酒管任何权益,且万达酒管财务业绩将不再合并入账。

  资料显示,万达酒店发展主要业务包括酒店业务(包括:酒店营运及管理服务、酒店设计及建设管理服务)和物业业务(包括:投资物业租赁、于海外买卖及租赁之物业)。其中酒店业务由此次出售的万达酒管经营。

  2024年,万达酒店发展收益9.91亿港元,其中酒店营运及管理服务收益7.24亿港元,酒店设计及建设管理服务收益1.68亿港元,剩余不足1.5亿港元收益来自物业业务。这意味着万达酒管是万达酒店发展最核心的资产。

  截至2024年末,万达酒管管理的酒店网络有204家酒店及超过40200间客房,另有376家已签约管理正在开发中尚未开业的酒店。

  万达酒管目前管理的主要酒店品牌包括万达瑞华、万达文华、万达嘉华、万达锦华、万达颐华与万达安柏,另外还有万达美华、万达悦华与万达安悦。

  来源:万达酒店发展2024年业绩公告

  2024年,万达酒管所有酒店入住率53.9%,平均每日房价456元。相比较来看,文旅部披露的2024年第三季度全国星级旅游饭店统计调查报告显示,五星级饭店平均出租率60.73%,平均房价599.72元/间夜;星级酒店(1星至5星)平均出租率52.96%,平均房价375.1元/间夜。

  来源:文旅部网站

  价值方面,万达酒管集团在2024年末之未经审核净资产约为13.48亿港元。业绩表现上,万达酒管2024年溢利净额(除税后)为2156.3万港元。

  对交易影响,万达酒店发展表示,预期出售事项将产生收益约17.31亿港元,公司有意将投资业务多元化,以涵盖文化及旅游业并寻找及物色合适的国内外投资机会。

  值得注意的是,万达酒店发展还提到,预期出售事项将为集团提供估计所得款项净额约24.01亿港元(经扣除交易相关费用及开支以及相关税项)。于交割后,集团预期在保留有关款项作为一般营运资金及/或未来投资后,在适用法律允许之情况下,将建议以股息的方式向股东分派全部或大部分所得款项净额。

  来源:Wind

  Wind数据显示,万达商业地产海外有限公司(简称“万达海外”)持有万达酒店发展65.04%股份,王健林、王思聪父子通过大连万达商业管理集团股份有限公司间接持有万达海外股份。

  这意味着,万达酒店24亿港元到账后,或将通过股息方式输送进入王健林、王思聪父子口袋。

  各取所需

  对于收购万达酒管,同程旅行似乎颇为满意。

  同程旅行表示,万达酒管拥有许多完善的高端酒店品牌组合,其在国内市场具有高影响力。此外,万达酒管集团的管理团队经验丰富并拥有深厚的行业专业知识。这些都将增强公司在高端酒店的竞争力,从而进一步巩固其于行业内的地位。另一方面,公司相信,通过输出其深厚的行业洞察力、市场营销经验及酒店运营管理实力,将为万达酒管集团增强实力。因此,同程旅行相信股权转让将为本集团及万达酒管集团带来巨大的协同效益。

  万达酒管管理酒店以三种模式运营,分别为租赁与经营酒店;管理酒店;特许经营酒店。

  根据租赁与经营酒店模式,万达酒管集团向酒店业主租赁酒店并管理及经营该等酒店,并承担所有相关费用。该公司负责招聘,培训和监督酒店经理和员工,支付与这些酒店的建造和翻新有关的租赁和费用,并购置所有用品和其他必需的设备。

  根据管理酒店模式,万达酒管将相关品牌许可授予酒店业主,通过万达酒管任命的现场酒店管理团队来管理此类酒店,并向酒店业主收取管理费用。万达酒管准许酒店业主使用其品牌名称,徽标,操作手册和程序的权利。这些酒店将按照万达酒管的品牌标准运营,包括在万达酒管的监督下改造酒店物业以符合相应品牌产品的标准设计和布局,使用万达酒管的中央预订系统和酒店管理IT系统,并纳入其消耗品采购系统。

  在特许经营酒店模式下,万达酒管将相关品牌许可授予酒店业主(与管理酒店模式类似),但万达酒管为加盟酒店提供培训,预订和技术支持服务,并向特许经营商收取费用,而不委任现场酒店管理人员。

  另外,这些酒店将按照万达酒管的品牌标准进行运营,包括在万达酒管的监督下使酒店物业符合万达酒管品牌的相应标准。对于万达酒管的特许经营酒店,准许酒店业主使用万达酒管的品牌名称,徽标,操作手册和程序的权利,并根据品牌标准改造特许经营酒店。然而相对于现场委任酒店经理以管理酒店,万达酒管只向酒店员工给予培训,向特许经营酒店提供预订和技术支持服务。

  值得注意的是,万达酒管的运营模式与同程旅行旗下酒店业务有大量融合的机会。

  2021年,同程旅行成立艺龙酒店科技。通过内部孵化、战略投资,艺龙酒店科技平台已形成多元化的酒管品牌矩阵,入驻平台的企业有艺程酒管、珀林酒管、启程酒管、美豪酒管、安程酒管、清藤易家酒管、爱电竞酒管、吉程酒管、日本艺丽酒管等多家酒管公司,以及同驿科技、旅智科技等住宿赋能中台。

  未来,万达酒管将与同程旅行以何种形式合作,万达酒管会否将其品牌名称、徽标、管理标准等嵌入同程旅行仍有待观察。

  (文中观点仅供参考,不构成投资建议,投资有风险,入市需谨慎。)

  封面、导语图来源:“万达酒店及度假村Wanda”微博

  据知情人士透露,北京核桃编程教育科技有限公司是一家提供帮助儿童学习编程服务的公司,尽管市场动荡,它仍是考虑在美国进行首次公开募股(IPO)的几家中国公司之一。

  知情人士称,北京核桃编程教育科技有限公司(即核桃编程)可能会寻求在美国上市,筹集约1亿美元资金。由于相关讨论是私密的,这些人士要求不具名。

  知情人士还表示,其他在探索上市机会的公司包括计算基础设施提供商深圳云天空科技有限公司,以及软件服务平台载慧和中和集团。它们也可能各自寻求筹集约1亿美元资金。

  即便面临可能被美国摘牌的威胁,这些首次公开募股计划仍在推进。

  知情人士称,目前这些公司尚未就股票发行做出最终决定,它们也可能决定不推进上市计划。

  核桃编程的代表拒绝置评,该公司的投资方包括私募股权公司KKR集团(KKR)和高瓴投资。载慧、中和集团和云天空科技未回应置评请求。

  美国市场的高流动性对中国公司颇具吸引力,而且投资银行在美股发行中赚取的费用要高于在香港等其他市场。

  

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