{"id":4030,"date":"2018-03-23T09:27:16","date_gmt":"2018-03-23T13:27:16","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=4030"},"modified":"2018-03-23T09:40:38","modified_gmt":"2018-03-23T13:40:38","slug":"greentree-hospitality-group-ltd-ipo-preview-ghg","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/greentree-hospitality-group-ltd-ipo-preview-ghg\/","title":{"rendered":"GreenTree Hospitality Group Ltd. #IPO Preview ($GHG)"},"content":{"rendered":"

\"GreenTree\"<\/a><\/p>\n

Company: GreenTree Hospitality Group Ltd.<\/strong>
\nSymbol: GHG
\nDescription: They are the leading pure play franchised hotel operator in China as franchised-and-managed hotels represent almost all of the hotels in their hotel network.
\nTrade Date: 3\/27
\nShares: 19.4 million
\nPrice Range: $16.00-$18.00
\nUnderwriter(s): Morgan Stanley, BofA Merrill Lynch, UBS Investment Bank
\nTerms Added: 3-15-18<\/p>\n

Link to S-1\/A Prospectus<\/a><\/strong><\/p>\n

Link to Retail Roadshow<\/a><\/strong><\/p>\n

Business<\/strong>: In 2016, they were the fourth largest economy to\u00a0mid-scale\u00a0hotel group in China in terms of number of hotel rooms according to China Hospitality Association. As of December\u00a031, 2017, they\u00a0had the highest proportion of franchised-and-managed hotels among the top four economy to\u00a0mid-scale\u00a0hotel networks in China, with 98.9% of hotels in our network as of those dates being franchised-and-managed hotels. As of December 31, 2017, their\u00a0hotel network comprised 2,289 hotels with 190,807 rooms in China, covering all four centrally-administrated municipalities and 263 cities throughout all 27 provinces and autonomous regions in China, as well as an additional 306 hotels with 23,157 rooms that were contracted for or under development. Out of those 306 hotels, 129 hotels were contracted for, and the remaining 177 hotels were under development and are expected to commence operation by June 2018.<\/p>\n

Financials: <\/strong>They have adjusted EBITDA of RMB323.1 million, RMB338.5 million and RMB440.8 million (US$67.8 million), Adjusted EBITDA margin of 50.9%, 52.3% and 56.6%, net income of RMB235.7 million, RMB265.8 million and RMB285.1 million (US$43.8 million), net margin of 37.1%, 41.0% and 36.6% and return on equity of 34.5%, 29.5% and 32.4% for 2015, 2016 and 2017, respectively. They have also been able to grow their network substantially and generate strong cash flow consistently since inception in 2004 with minimal debt and equity financing. In 2015, 2016 and 2017, they generated net operating cash inflow of RMB357.3 million, RMB443.6\u00a0million and RMB476.7 million (US$73.3 million) and did not have any outstanding indebtedness as of December\u00a031, 2017.<\/p>\n

\"GreenTree.Financials\"<\/a><\/p>\n

Book-Building Status<\/strong>: The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.<\/p>\n

IPO Boutique subscription clients receive daily updates on this critical information.<\/span><\/a><\/p>\n

Conclusion<\/strong>: IPO Boutique provides ratings, daily commentary and a forecast for how this IPO will open vs. its offering price. We have kept a\u00a0track record<\/span><\/a>\u00a0with our performance for last 12 years at our website. Additionally, here’s a 2017 recap of our performance<\/a>\u00a0to showcase the value of IPO Boutique’s service.<\/p>\n

Indicate with confidence,\u00a0<\/b>SUBSCRIBE<\/b><\/a>\u00a0today.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Company: GreenTree Hospitality Group Ltd. Symbol: GHG Description: They are the leading pure play franchised hotel operator in China as franchised-and-managed hotels represent almost all of the hotels in their hotel network. Trade Date: 3\/27 Shares: 19.4 million Price Range: $16.00-$18.00 Underwriter(s): Morgan Stanley, BofA Merrill Lynch, UBS Investment Bank Terms Added: 3-15-18 Link to[…]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[24],"tags":[1485],"class_list":["post-4030","post","type-post","status-publish","format-standard","hentry","category-ipo","tag-ghg"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=4030"}],"version-history":[{"count":3,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4030\/revisions"}],"predecessor-version":[{"id":4035,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4030\/revisions\/4035"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=4030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=4030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=4030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}