Mediterranean Resort Group has submitted its listing application to the main board of the Hong Kong Stock Exchange, with BNP Paribas, HSBC, and J.P. Morgan serving as joint sponsors. According to CIC Consulting data, Club Med ranked as the world's largest resort brand by 2025 revenue, and also claimed the title of the largest all-inclusive resort brand globally, holding market shares of 1.1% and 5.3%, respectively.

According to the prospectus, Mediterranean Resort Group is a global high-quality resort lifestyle company. Centered on the Club Med brand, the company operates premium all-inclusive resorts and provides asset-light resort scene services, delivering exceptional vacation experiences to clients worldwide. Founded in 1950, Club Med pioneered and leads the premium all-inclusive resort segment, standing as one of the few high-end all-inclusive brands with true global reach. With over 75 years of brand equity and international operating expertise, the company leverages sales networks spanning more than 40 countries across six continents to develop and manage a diverse portfolio of premium resort products, from mountain ski destinations to sunny beach locations. As of the latest practicable date, the company operates 69 premium resorts globally.

Based on CIC Consulting data, Club Med is the world's largest resort brand by 2025 revenue, the largest resort brand in the Europe-Middle East-Africa and Asia-Pacific regions, and a top-five resort brand in the Americas. It also ranks as the world's largest all-inclusive resort brand by resort count and revenue for 2025, and the largest mountain ski resort brand globally, as well as the leading all-inclusive mountain ski resort brand by resort count for the same year.

Mediterranean Resort Group operates Club Med-branded premium all-inclusive resorts and offers asset-light resort scene services. Each business segment is detailed as follows:

Club Med Resort Operations. The company operates premium all-inclusive resorts worldwide, offering accommodation, fine dining, premium beverages, sports and recreational activities, childcare services, local cultural experiences, and transportation support where applicable. As of the latest practicable date, the company maintains sales and marketing teams across more than 40 countries and regions on six continents, operating 69 resorts, including mountain ski and sunny beach properties throughout the Europe-Middle East-Africa, Americas, and Asia-Pacific regions. The company runs resorts under three operating models: owned, leased, and managed contracts, selecting the appropriate approach based on specific circumstances to expand its global resort network in a capital-efficient manner.

Resort Scene Services. The company also delivers diversified, integrated asset-light services to property owners, developers, and other business partners. Leveraging its brand strength, operational expertise, and customer engagement capabilities, it provides operations, management, branding, sales and marketing, design, and supporting services for resort and lifestyle destinations. In 2026, Club Med was named to TIME Magazine's "TIME100 Most Influential Companies" list, becoming the only hotel and resort brand recognized that year. This honor underscores Club Med's pioneering role in creating the all-inclusive model, guiding the industry's premium evolution, and extending the concept to a broader range of resort settings.

Financial Highlights. Revenue for the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, reached approximately EUR 1.862 billion, EUR 1.923 billion, EUR 1.949 billion, and EUR 1.083 billion, respectively. Gross profit for the same periods was approximately EUR 539 million, EUR 561 million, EUR 590 million, and EUR 376 million, with corresponding gross margins of 28.9%, 29.2%, 30.3%, and 34.7%. Profit for the years/periods amounted to approximately EUR 68.768 million, EUR 29.604 million, EUR 10.917 million, and EUR 57.125 million, respectively.

Industry Overview. The global resort and lifestyle industry encompasses services and products focused on vacation, leisure, and entertainment, designed to meet consumer demand for holiday and lifestyle experiences. Key offerings include leisure-oriented accommodation, transportation, attractions, and other recreation-related travel services. The sector benefits from a structural shift toward higher-quality lifestyle spending and continues to grow steadily. By revenue, the global resort and lifestyle market is projected to expand from USD 2,528.3 billion in 2025 to USD 3,491.4 billion by 2030, reflecting a compound annual growth rate of 6.7%.

The industry is divided into three primary source markets: Europe-Middle East-Africa, the Americas, and Asia-Pacific. Europe-Middle East-Africa and the Americas are expected to maintain steady growth, supported by deep-rooted leisure cultures and diverse vacation preferences. In mature markets, particularly Europe and North America, consumers increasingly prioritize high-quality, lifestyle-oriented experiences, as seen in trends like interest-driven exploration, wellness retreats, slow travel, and luxurious experiential tourism offering more personalized and immersive vacations. This momentum is further fueled by rising demand for multi-generational travel, milestone celebrations, outdoor adventures, and wildlife safaris. In emerging markets, including the Middle East, Africa, and Latin America, consumers are allocating larger budgets to lifestyle-enhancing experiences, driving robust growth. The Europe-Middle East-Africa resort and lifestyle market is expected to rise from USD 866 billion in 2025 to USD 1,147 billion by 2030, at a CAGR of 5.8%, while the Americas are projected to grow from USD 835.2 billion to USD 1,100 billion over the same period, at a CAGR of 5.7%.

The Asia-Pacific region is forecast to be the fastest-growing market in the coming years, driven by rising consumer purchasing power, an expanding middle class, and increased leisure travel demand. As vacation preferences continue to evolve, the region's market size is expected to climb from USD 827.1 billion in 2025 to USD 1,244.5 billion by 2030, at a CAGR of 8.5%. China, a major resort and lifestyle market in Asia-Pacific, is projected to grow from USD 361.1 billion in 2025 to USD 549.7 billion by 2030, at a CAGR of 8.8%. Supported by favorable policies and structural shifts in consumer demand, China is expected to outpace the broader Asia-Pacific market. Currently, only about 31% of Chinese travelers prefer vacation-style travel over sightseeing, compared to roughly 80% in North America and Europe. As China's tourism market matures, leisure demand is gradually transitioning from traditional sightseeing models to resort-oriented approaches. According to the China Tourism Association, high-quality and experiential travel has grown in importance as a travel purpose in recent years, surpassing conventional sightseeing. This structural change toward experience-driven tourism is fueling demand for resorts in China. Additionally, a growing preference for deep relaxation and immersive experiences is pushing consumers from occasional trips toward lifestyle spending.

The all-inclusive resort segment integrates accommodation, dining, sports, entertainment, childcare, transportation, and other resort facilities or experiences into a single packaged offering. This model simplifies trip planning and enhances guest convenience while providing industry players with better revenue predictability and higher advance booking rates. The format is especially popular among families who value comprehensive vacation experiences, convenient family services, budget certainty, and quality time together. As a result, the all-inclusive resort model has become a significant service format within the global resort industry. Leading all-inclusive brands are moving beyond traditional hotel offerings, evolving into lifestyle-oriented operators centered on premium leisure and emotional connection. Consequently, the global all-inclusive resort market is expected to grow from USD 47.6 billion in 2025 to USD 68.8 billion by 2030, at a CAGR of 7.6%. This growth reflects increasing consumer acceptance of the all-inclusive concept, driven by rising demand for premium vacations, a preference for hassle-free and transparent pricing, and continued momentum in experiential and emotionally valuable consumption trends.

Board Composition. The board will consist of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors.

Shareholding Structure. As of the latest practicable date, Club Med BVI is wholly owned by Fosun International, which in turn is 72.86% held by Fosun Holdings, a wholly owned subsidiary of Fosun International Holdings. Fosun International Holdings is 85.29% owned by Mr. Guo Guangchang. Under the Securities and Futures Ordinance, Fosun International, Fosun Holdings, Fosun International Holdings, and Mr. Guo are each deemed to have an interest in the shares held by Club Med BVI.

Intermediary Team. Joint sponsors: BNP Paribas Securities (Asia) Limited, HSBC Corporate Finance (Hong Kong) Limited, and J.P. Morgan Securities (Far East) Limited. Sponsors and coordinators: The Hongkong and Shanghai Banking Corporation Limited and J.P. Morgan Securities (Asia Pacific) Limited. Coordinators: BNP Paribas Securities (Asia) Limited, The Hongkong and Shanghai Banking Corporation Limited, and J.P. Morgan Securities (Asia Pacific) Limited. Company legal advisors: Pillsbury Winthrop Shaw Pittman LLP for Hong Kong and U.S. law, Shanghai AllBright Law Offices for PRC law, and Harney Westwood & Riegels for Cayman Islands law. Joint sponsor legal advisors: Slaughter and May for Hong Kong and U.S. law, and Zhong Lun Law Firm for PRC law. Auditors and reporting accountants: Ernst & Young. Industry consultant: CIC Consulting. Transfer pricing advisor: Ernst & Young (China) Advisory Services Limited. Compliance advisor: Somerley Capital Limited.