华住酒店集团美股招股说明书(2023-01-11版)

424B51tm2233768-8_424b5.htm424B5 TABLEOFCONTENTS FiledPursuanttoRule424(b)(5) RegistrationNo.333-269169ProspectusSupplementtoProspectusdatedJanuary10,2023 6,190,000AmericanDepositaryShares HWorldGroupLimited Representing61,900,000OrdinaryShares Weareoffering6,190,000AmericanDepositaryShares,orADSs,eachrepresentingtenordinaryshares,parvalueUS$0.00001pershare,ofHWorldGroupLimited. OurADSsarelistedontheNASDAQGlobalSelectMarketunderthesymbol“HTHT.”ThelastreportedsalepriceoftheADSsonJanuary10,2023wasUS$44.19perADS.OurordinarysharesarelistedonTheStockExchangeofHongKongLimited(the“HongKongStockExchange”)pursuanttoChapter19C(SecondaryListingsofQualifyingIssuers)oftheHongKongListingRulesunderthestockcode“1179.” HWorldGroupLimitedisnotaChineseoperatingcompanybutaholdingcompanyincorporatedintheCaymanIslands.Asaholdingcompanywithnomaterialoperationsofitsown,HWorldGroupLimitedconductssubstantiallyallofitsbusinessthroughitssubsidiaries,andforsomebusinessesthedirectholdingofwhichisrestrictedbyPRClaw,throughtheConsolidatedAffiliatedEntities(definedbelow).WhilewedonothaveanyequityownershipoftheConsolidatedAffiliatedEntities,thecontractualarrangementswehavewiththeConsolidatedAffiliatedEntitiesenablesustodirecttheactivitiesthatmostsignificantlyaffecttheeconomicperformanceoftheConsolidatedAffiliatedEntities,aswellasreceivetheeconomicbenefitsfromtheConsolidatedAffiliatedEntities.Inaddition,wealsohaveoneConsolidatedFund(definedbelow,andtogetherwiththeConsolidatedAffiliatedEntities,the“VIEs”),andtheConsolidatedFundhastwosubsidiaries,whichprimarilyoperatehotelbusinessesandinvestincompaniesinthehotelindustry. WhilewehaveminorityequityownershipintheConsolidatedFund,thepartnershiparrangementenablesustodirecttheactivitiesthatmostsignificantlyaffectitseconomicperformance,aswellasreceiveitssignificanteconomicbenefits. Becauseofthesearrangements,wehavecontroloverandaretheprimarybeneficiaryoftheVIEsforaccountingpurposesand,therefore,haveconsolidatedthefinancialresultsoftheVIEsinourconsolidatedfinancialstatementsinaccordancewithU.S.GAAP.AnyreferencestocontrolorbenefitsthataccruetousbecauseoftheVIEsinthisprospectusarelimitedto,andaresubjecttoconditionsforconsolidationof,theVIEsunderU.S.GAAP.Investorsinoursecuritiesdonot ownequityinterestinouroperatingentities,includingoursubsidiaries,theConsolidatedAffiliatedEntitiesandtheConsolidatedFundinChina,butinsteadownequityinterestintheCaymanIslandsholdingcompany.OursecuritiesthatarelistedonthestockexchangesaresecuritiesofourCaymanIslandsholdingcompany,notofouroperatingsubsidiariesortheVIEs.Asusedinthisprospectus,“we,”“us,”“ourcompany,”“our”or“Huazhu”referstoHWorldGroupLimited(formerlyknownasHuazhuGroupLimitedandChinaLodgingGroup,Limited),aCaymanIslandsexemptedcompanywithlimitedliability,itspredecessorentitiesanditssubsidiariesand,inthecontextofdescribingouroperationsandconsolidatedfinancialinformation,theVIEs;the“ConsolidatedAffiliatedEntities”referstoTianjinMengguangInformationTechnologyCo.,Ltd.,HuanmeiInformationTechnology(Shanghai)Co.,Ltd.anditswhollyownedsubsidiaryHuanmeiInternationalTravelAgency(Shanghai)Co.,Ltd.,andNingboFutingEnterpriseManagementCo.,Ltd.,eachofwhichisaConsolidatedAffiliatedEntity;andthe“ConsolidatedFund”referstoNingboHongtingInvestmentManagementCenter(LLP)anditssubsidiaries. ThecontractualarrangementsunderlyingourVIEmodel,includingourarrangementswiththeConsolidatedAffiliatedEntitiesandConsolidatedFund,havenotbeentestedincourt.ThereisnoentryrestrictiononforeigninvestmentinthebusinessoperatedbytheConsolidatedFund.However,theSpecialAdministrativeMeasuresforAccessofForeignInvestment,ortheNegativeList(2021Edition) TABLEOFCONTENTS (asissuedbytheNationalDevelopmentandReformCommission,ortheNDRC,andtheMinistryofCommerce,orMOFCOM,andamendedfromtimetotime),andotherapplicablePRClawsandregulations(includingtheRegulationsonTravelAgencies(Revisedin2020)),prohibitdirectforeigninvestmentincertaininternationaltravelagencybusinessesandrestrictdirectforeigninvestmentincertaininternet-basedbusinesses.Duetotheseregulatoryrestrictionsondirectforeigninvestment,weconductrelevantoperationsthroughcontractualarrangementswiththeConsolidatedAffiliatedEntities,whichholdthelicenses,permitsandapprovalsthatarenecessaryforoperatingrelevantrestrictedbusinessesinthePRC. TheVIEsinaggregatecontributedaninsignificantportion(lessthan1%)ofourtotalrevenuesandtotalnetprofit(loss)ineachoftheyearsendedDecember31,2019,2020and2021andtheninemonthsendedSeptember30,2022,andtheimpactoftheVIEstoourconsolidatedbalancesheetsasofDecember31,2019,2020and2021andSeptember30,2022werealsoimmaterial(inaggregatecontributinglessthan1%ofourtotalassetsasoftheserespectivedates).IfthePRCgovernmentdeemsthatanyofourbusinessoperationscarriedoutthroughtheVIEsdonotcomplywithPRCregulatoryrestrictions,inparticularrestrictionsonforeigninvestmentintherelevantindustries,oriftherelevantregulationsortheirinterpretationchangeinthefuture,thePRCregulatoryauthoritiescoulddisallowtheVIEstructure,whichcouldresultinusbeingsubjecttopenalties,beingforcedtorelinq