ClubMed Lifestyle Group, a subsidiary of Fosun International, has submitted an application for an initial public offering on the Hong Kong Stock Exchange, seeking a listing on the Main Board. The transaction is being jointly led by BNP Paribas, HSBC and J.P. Morgan.
The group, whose flagship brand is Club Med, operates premium all-inclusive resorts and is also developing integrated holiday destinations and cultural and tourism complexes through an asset-light model.
A global leader in all-inclusive holidays seeking capital
According to the filing, Club Med was, in 2025, the world’s leading all-inclusive resort brand by revenue, ranking first in both Europe, the Middle East and Africa (EMEA) and Asia-Pacific. The brand also claims the number one global position for mountain and ski resorts, with a presence across all four of the world’s major ski destinations.
The group relies on a commercial network spanning six continents and more than 40 countries, with a portfolio of 69 premium resorts. This position has been built on the back of the strong commercial momentum recorded in the first half of 2025, driven in particular by demand for mountain stays and upmarket experiences.
Steadily improving profitability
ClubMed Lifestyle Group’s revenue rose from €1.86 billion in 2023 to €1.95 billion in 2025, while gross margin climbed from €540 million to €590 million over the same period. Adjusted EBITDA reached €390 million in 2025, taking the adjusted EBITDA margin to 20.2%.
This growth is largely attributable to the completion, in 2024, of the upgrade of the entire Club Med portfolio, with all resorts now falling under the Premium or Exclusive Collection categories. This repositioning continues to generate a favourable pricing effect. In 2026, Club Med was also the only hotel and resort brand featured in TIME’s ranking of the 100 most influential companies in the world.
Tourism, a pillar of Fosun’s financial recovery
The listing application comes just days after the presentation, on 28 August in Hong Kong, of Fosun International’s 2026 half-year results, an event the group had not held in the city for six years. Fosun’s total revenue reached RMB 86.96 billion, around €11.13 billion, for the half-year, while net profit attributable to the group came to RMB 1.72 billion (around €220 million), up 160.3% year-on-year. Revenue generated outside China amounted to RMB 49.16 billion (around €6.29 billion), or 56.5% of the total.
Tourism is one of the group’s four core businesses, alongside Fosun Pharma, Yuyuan and Portuguese insurer Fidelidade, which together contributed 73.5% of Fosun’s total revenue for the period. Guo Guangchang, Chairman of Fosun International, presented these results as the outcome of a consolidation effort carried out in recent years, likening the process to “repairing the roof while the sun is shining,” aimed at strengthening the group’s foundations before accelerating its development.
On the financial side, Gong Ping, Chief Financial Officer of Fosun International, said the group had continued to optimise its balance sheet structure and progressively reduce its debt levels, while maintaining stable credit ratings. Wang Qunbin, Co-President of Fosun International, said the group was aiming to move its credit rating towards investment-grade status. This deleveraging context echoes the questions raised in recent years over Fosun’s financial trajectory and its impact on Club Med, a debate into which the planned separate listing of ClubMed Lifestyle Group now feeds.
Koh Samui, an illustration of the pace of development under way
The group’s development pipeline took a concrete step forward at the end of August with the ground-breaking ceremony for Club Med Koh Samui in Thailand. The ceremony, held on 25 August 2026 with Central Group Capital, comes just months after the management contract was signed. The future 303-room resort, positioned in the Exclusive Collection category, will become the group’s second property in Thailand after Club Med Phuket, which has been operating since 1985, and the third Exclusive Collection resort in the East Asia, South Asia and Pacific region. Located 25 minutes from Koh Samui International Airport and fronting 200 metres of private coastline, it is due to open in late 2028.
This project illustrates the group’s broader strategy of doubling the size of its global resort portfolio by 2030. Other openings are part of the same drive, including Club Med South Africa, operational since July 2026, and Club Med Borneo, in Kota Kinabalu, Malaysia, expected by the end of 2026. Further projects are also planned in Canada, Italy, Oman and Indonesia.
A fast-growing lifestyle holiday market
The IPO filing highlights the evolution of the global lifestyle holiday market, expected to grow from around €2.3 billion in 2025 to €3.2 billion in 2030, driven by a shift in consumer behaviour from sightseeing tourism towards leisure and increasingly experiential consumption, reinforced by the rise of artificial intelligence and digitalisation.
ClubMed Lifestyle Group intends to accelerate its expansion in premium tourist destinations, notably the Alps, the southern Mediterranean, North Africa, North-East Asia, South-East Asia, North America, the Caribbean and South America, while also exploring emerging markets such as the Middle East.
A listing geared towards development and technology
Funds raised through the IPO are to be directed primarily towards developing the group’s global resort network, upgrading its holiday offering, and strengthening its digital and artificial intelligence capabilities. The remaining proceeds are earmarked for optimising the capital structure and funding ongoing operations.
Xu Xiaoliang, Chairman of ClubMed Lifestyle Group and also Co-CEO of Fosun International, said the filing of the Hong Kong listing application marked an important milestone for Fosun’s tourism business in its value-creation trajectory. He added that the group intended to accelerate the global development of upmarket resorts, with Club Med as its central brand.
At a glance by The Hospitality Tribune
ClubMed Lifestyle Group files for Hong Kong IPO as parent Fosun turns the corner
2025 revenue reached €1.95 billion, up from €1.86 billion in 2023
Adjusted EBITDA hit €390 million in 2025, a 20.2% margin
Joint sponsors are BNP Paribas, HSBC and J.P. Morgan
Fosun’s H1 2026 net profit rose 160.3% year-on-year, tourism among its four core segments
Group targets around 85 resorts worldwide by 2030
Club Med Koh Samui, Thailand, broke ground on 25 August 2026
