China’s Fosun said to be considering Club Med SAS for Hong Kong IPO

Club Med SAS is considering an initial public offering (IPO) and is looking at Hong Kong, according to people familiar with the situation.

The French group — part of China’s Fosun International — is in talks with banks about working on the potential share sale, the people said, asking not to be identified discussing a private matter. Deliberations are ongoing and aren’t guaranteed to result in an IPO in the city, they said.

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A representative for Fosun Tourism Group said the company regularly evaluates strategic options, but there are no definitive capital market plans at present.

Meanwhile, Club Med CEO Stéphane Maquaire said in an interview with Le Figaro on Wednesday that an IPO might happen at the end of this year or in 2027.

Hong Kong, Paris and Amsterdam are being considered as venues, while Shanghai isn’t, Le Figaro added, citing unidentified sources.

Maquaire became CEO and president in July 2026, taking over from Henri Giscard d’Estaing, who said he was pushed out by Fosun due to a disagreement over strategy and governance.

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Giscard d’Estaing, who led Club Med for more than two decades, had suggested a listing in Paris. In 2024, Singapore’s CapitaLand Investment was in talks to buy a 20%-30% stake in Club Med, people familiar with the matter said at the time.

Fosun, backed by billionaire Guo Guangchang, owns Club Med through Fosun Tourism. The resort operator is known for its all-inclusive packages that include food and drinks and many leisure activities. Founded in 1950, Club Med operates about 70 resorts globally covering sun and ski destinations.

A Fosun-led consortium in 2015 bought what was then Club Méditerranée in a deal valued at €939 million ($1.1 billion), beating out Italian investor Andrea Bonomi in a bidding war that lasted more than a year.

More than $13 billion has been raised in Hong Kong listings this year, on track for the highest quarterly proceeds since 2021, according to data compiled by Bloomberg. Bloomberg Intelligence expects the total to top $40 billion in 2026.

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