Chinese hotel chain Atour is said to seek second listing in Hong Kong

Its American depositary receipts have more than tripled since, valuing the company at about US$4.8 billion

Published Wed, Aug 6, 2025 · 12:26 PM

Hotel chain Atour Lifestyle Holdings is considering a second float in Hong Kong, according to sources familiar with the matter, the latest US-listed Chinese firm to weigh such a move amid concern about delisting risks in America.

The Shanghai-based chain is working with advisers on a share sale to potentially raise several hundred million US dollars, the sources said, asking not to be named because the information is not public.

Deliberations are ongoing and details such as the size of the deal have not been decided, the sources added.

Atour did not respond to a request for comment.

Established in 2013, Atour has a network that includes about 1,600 hotels in more than 200 Chinese cities. The company, which generated US$993 million in net revenue last year, went public in late 2022 on the Nasdaq Global Select Market.

Its American depositary receipts have more than tripled since, valuing the company at about US$4.8 billion.

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A 2020 US law empowered the Securities and Exchange Commission to order the delisting of Chinese firms if the regulator was unable to inspect their audits for two consecutive years. The legislation was passed after the accounting practices of US-listed companies headquartered in mainland China and Hong Kong became a flash point during the first Trump presidency.

The concerns were considered resolved in 2022 after US officials said that they’d gained sufficient access to review audit documents. But the delisting threat has resurfaced since US President Donald Trump’s return to the White House this year, with his administration seeking to determine if Chinese firms are meeting auditing standards covered by the Holding Foreign Companies Accountable Act.

Atour would join lidar maker Hesai Group and autonomous-driving firm Pony AI in seeking additional listings in Hong Kong, a trend that’s giving an extra boost to the city’s now sizzling market.

An even bigger candidate could be waiting in the wings. Temu parent PDD Holdings has switched to a Hong Kong-based auditor, which some analysts suggest could indicate that the Chinese e-commerce firm may be preparing to apply for a second listing too. BLOOMBERG

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