On the evening of November 11, Beijing time, Legend Capital portfolio company Atour Lifestyle Holdings Limited (Atour) was officially listed on the Nasdaq Stock Exchange in the United States. It has priced its initial public offering of 4,750,000 American Depositary Shares (ADSs) at US$11.0 per ADS.
Founded in 2013, Atour is a leading hospitality and lifestyle company in China with a distinct portfolio of lifestyle hotel brands, such as A.T. HOUSE, Atour S, ZHOTEL, Atour Hotel, Atour X and Atour Light, as well as scenario-based retail brands, including Atour Market. It has further divided its private labels into three product lines – aTOUR PLANET, SAVHE and Z2GO&CO. As of June 30, 2022, Atour has launched a total of 1,967 SKUs, 62.8% of which are private-label products.
According to the prospectus, as of September 30, 2022, Atour has opened 880 hotels, a year-on-year increase of 26%. According to Frost & Sullivan, Atour is the largest upper midscale hotel chain with a diversified brand portfolio in China in terms of room numbers for five consecutive years as of the end of 2021.
As an important institutional investor and close partner of Atour, Legend Capital led the investment in Atour in 2016, and continued to make additional investments in Atour’s subsequent financing rounds in 2017 and 2021. Following the investment, Legend Capital has continuously supported Atour’s development by providing multiple value-added services in terms of development strategy, corporate governance and incentive mechanism, listing work and business resources.
Legend Capital said: ” The past nine years have witnessed Atour’s continuous development since its first hotel opening in 2013. Looking back at the development of China’s hotel industry over the past decade, Atour is the only company with precise positioning and bringing changes to China’s hotel industry. It has brought a new service standard to the industry. It is also a lifestyle consumer brand providing a warm and happy feeling that can be remembered by customers. Atour’s founder and the team are rare talents in the domestic hotel industry. The team is dynamic and young, with over ten years of operating experience in the hotel industry. The listing marks a new milestone for Atour. It is not only an affirmation of the past achievements of Atour, but also an acknowledgment of their tenacity and professionalism. This also reflects the expectation for the future innovation and development of Atour. As Atour’s investor, we are proud to be able to participate in and witness its growth.”
About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, and Seoul, Korea.
It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.
Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.