SHANGHAI, Jan. 18, 2019 /PRNewswire/ -- GreenTree
Hospitality Group Ltd. (NYSE: GHG) ("GreenTree" or the "Company"),
a leading franchised hotel operator in China, today announced that it has closed a
HK$40 million investment
to acquire 27,776,000 ordinary shares in the Hong Kong Stock
Exchange ("HKSE") initial public offering of China Gingko Education
Group Company Limited ("Gingko"). Gingko is a pioneer
in developing and providing higher education services for the
hospitality industry in China.
Gingko was founded in 2002 by Mr. Gongyu Fang, a visionary
entrepreneur in this field. With nearly 10,000 students on campus,
Gingko is currently ranked as China's number one hospitality university by
the "Gaosan Web Association", an authoritative website with
introductions to and rankings of universities in China.
Mr. Fang, Chairman and CEO of Gingko, welcomed GreenTree's
investment. "We are pleased to have GreenTree as our investor. This
transaction is part of both companies' larger plan to cultivate
professional talents for the hospitality industry in China. It is a truly win-win cooperation that
combines Gingko's deep expertise in education with industry
experience from GreenTree, a leading player." Mr. Alex Xu, Chairman and CEO of GreenTree, echoed,
"Mr. Fang has done a tremendous job of building Gingko's superior
educational platform. We feel privileged to work together with him
and his team as part of our strategy to further enhance and develop
talents for our companies and for China's hospitality industry generally."
About GreenTree Hospitality Group Ltd.
GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company")
(NYSE: GHG) is a leading franchised hotel operator in China. As of September
30, 2018, GreenTree had 2,558 hotels, among which 2,528 are
franchised and managed hotels. The Company had the highest
proportion of franchised-and-managed hotels among the top four
economy to mid-scale hotel networks in China. In 2017, GreenTree was the fourth
largest economy to mid-scale hotel group in China in terms of number of hotels according
to China Hospitality Association. The Company has built a strong
suite of brands including its flagship "GreenTree Inns" brand as a
result of its long-standing dedication to the hospitality industry
in China and consistent quality of
its services, signature hotel designs, broad geographic coverage
and convenient locations. GreenTree has positioned its brands to
appeal to value-and-quality-conscious business travelers and
leisure travelers.
For more information on GreenTree, please visit
http://ir.998.com.
About China Gingko Education Group Company Limited
China Gingko Education Group Company Limited ("Gingko") (HKEX:
01851) is a higher education services provider in Sichuan Province focusing on cultivating
professional talents for the hospitality industry in China. Gingko started to provide higher
education services in 2002. For the 2017/2018 school year, Gingko
enrolled nearly 10,000 students, among which 1,222 students
enrolled in the hospitality management program. According to the
Frost & Sullivan Report, by the end of 2017, among all 746
private higher education institutions in China, only 225 institutions offered
hospitality management programs. Among such 225 institutions,
Gingko's hospitality management program ranked second based on the
number of students enrolled in the hospitality management program
in the 2017/2018 school year. In a comprehensive assessment
conducted in 2017 by Chinese Universities Alumni Association
("CUAA") of programs offered by all independent colleges in
China, 24 out of Gingko's 25
bachelor's degree programs were named star-rated programs, among
which its hospitality management program was named a six-star
program, representing CUAA's highest award for undergraduate
hospitality management programs offered by independent colleges in
China.
For more information on Gingko, please visit
http://www.chinagingkoedu.com/.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, these forward-looking
statements can be identified by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to,"
"confident," "future," or other similar expressions. GreenTree may
also make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about or based
on GreenTree's current beliefs, expectations, assumptions,
estimates and projections about us and our industry, are
forward-looking statements that involve known and unknown factors,
risks and uncertainties that may cause our actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. Such
factors and risks include, but not limited to the following:
GreenTree's goals and growth strategies; its future business
development, financial condition and results of operations; trends
in the hospitality industry in China and globally; competition in our
industry; fluctuations in general economic and business conditions
in China and other regions where
we operate; the regulatory environment in which we and our
franchisees operate; and assumptions underlying or related to any
of the foregoing. You should not place undue reliance on these
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided, including the forward-looking statements
made, in this press release are current as of the date of the press
release. Except as required by law, GreenTree undertakes no
obligation to update any such information or forward-looking
statements to reflect events or circumstances after the date on
which the information is provided or statements are made, or to
reflect the occurrence of unanticipated events.
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-21-3617-4886 ext. 7999
E-mail: ir@998.com
Mr. Nicky Zheng
Phone: +86-21-3617-4886 ext. 6708
E-mail: ir@998.com
Christensen
In Shanghai
Ms. Constance Zhang
Phone: +86-138-1645-1798
E-mail: czhang@christensenIR.com
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: khui@christensenIR.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: lbergkamp@ChristensenIR.com
View original
content:http://www.prnewswire.com/news-releases/greentree-closed-investment-in-hkse-ipo-of-gingko-education-300780940.html
SOURCE GreenTree Hospitality Group Ltd.