Home Inns Named '2006 IPO of the Year' by Renaissance Capital
Home Inns is the first non-U.S. company to receive this award from Renaissance Capital.
JANUARY 17, 2007. Home Inns & Hotels Management Inc. (NASDAQ:HMIN) , a leading economy hotel chain in China, today announced that it was recently named ''2006 IPO of the Year'' by Renaissance Capital's IPO research committee. Home Inns is the first non-U.S. company to receive this award from Renaissance Capital.
Selected from a pool of the 198 companies that went public in 2006, Home Inns was chosen based on its aggressive expansion, consistent provision of affordable quality lodging under a unified brand name, strong profitability and robust occupancy rates.
''It is an honor for Home Inns to be recognized as '2006 IPO of the year' by Renaissance Capital,'' said Mr. David Sun, Home Inns' Chief Executive Officer. ''China's travel industry is rapidly expanding, and we hope to build on our successes by continuing to provide the growing number of business and leisure travelers with clean, comfortable and convenient lodging.''
''Home Inns has impressed us with its ability to capitalize on its first mover advantage in the Chinese lodging industry,'' Renaissance Capital's President Mr. William K. Smith remarked. ''Home Inns is well positioned for phenomenal growth in a nascent market, which distinguishes it from the rest of this year's pack.''
As of September 30, 2006, the Home Inns hotel chain consisted of 78 leased-and-operated hotels and 29 franchised-and-managed hotels in operation, with an additional 33 leased-and-operated hotels and 23 franchised-and-managed hotels under development, covering 45 cities in China. The average number of rooms per hotel in operation was 119.
Home Inns completed its Nasdaq IPO in October 2006, receiving approximately US$72.8 million net proceeds from the offering.
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