corresp
March 15, 2010
VIA EDGAR
Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E.
Mail Stop 3010
Washington, D.C. 20549
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Attention: |
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Jennifer Gowetski, Senior Counsel
Kevin Woody, Accounting Branch Chief
Erin Martin, Attorney-Advisor
Howard Efron, Staff Accountant |
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Re: |
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China Lodging Group, Limited
Registration Statement on Form F-1 |
Dear Ms. Gowetski:
On behalf of our client, China Lodging Group, Limited, a corporation organized under the laws
of the Cayman Islands (the Company), enclosed herewith please find 10 copies of (i) Amendment No.
2 to the Registration Statement on Form F-1 (the Amendment No. 2)
marked to show changes to Amendment No. 1 to the Registration
Statement on Form F-1 filed with the Commission on
March 12, 2010, (ii) Amendment No. 2 marked to show
changes to the Registration Statement on Form F-1 filed with the
Commission on March 5, 2010, and (iii) an issuer free writing
prospectus publicly filed on March 15, 2010. On behalf of the Company, we wish to thank you and other
members of the staff of the Commission (the Staff) for your prompt response to the Companys
request for comments.
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Set forth below are the Companys responses to the comments contained in the letter dated
March 12, 2010 from the Staff. The Company has responded to all of the Staffs comments by
revising the Registration Statement to comply with the comments. The Staffs comments are repeated
below, followed by the Companys response to the comments as well as a summary of the responsive
actions taken. We have included page numbers to refer to the location in the Registration
Statement where the language addressing a particular comment appears. The Company respectfully
advises the Staff that responses to the Staffs comments have been addressed in Amendment No. 1 to
the Registration Statement on Form F-1 filed on March 12, 2010. The Amendment No. 2 is being filed
to revise the artwork in response to the Staffs comment.
Per a request from Ms. Erin Martin in an e-mail message to my colleague Li He dated March 12,
2010, the Company would also like to confirm with the Staff the following: On March 10, 2010, the
Asian Wall Street Journal published an advertisement regarding the IPO of Company. Nasdaq and the
Company were in the process of preparing the advertisement with a view to publishing it after the
Companys IPO. Nasdaq confirms that it did not notify the Company, its management or employees of
an intention to publish the advertisement on March 10, 2010 prior to its actual publication in the
Asian Wall Street Journal. Nasdaq confirms that it inadvertently published the advertisement,
although neither the Company nor any of its management or employees authorized the release on or
before March 10, 2010 of the advertisement that appeared in the Asian Wall Street Journal on that
date.
General
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We note your disclosure on page ii that you commissioned the October 2009 Inntie Report. We
further note your response in your letter dated December 8, 2009 that the report was
commissioned for a fee that was more than nominal. Please revise your disclosure to include
this information and file a consent from Shanghai Inntie Hotel Management Consultant Co. Ltd. |
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In response to the Staffs comment, the Company has revised the Registration Statement on page
ii to disclose that the report was commissioned for a fee that was more than nominal.
Furthermore, the Company respectfully advises the Staff that it has previously filed as Exhibit
23.5 to the Registration Statement a consent from Shanghai Inntie Hotel Management Consultant
Co., Ltd. (Shanghai Inntie) regarding research data and information prepared by Shanghai
Inntie. Please see Annex A for the revised page in the Amendment No. 2 marked against
the Registration Statement on Form F-1 publicly filed with the Commission on March 5, 2010. |
Proposed Artwork
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We note your statement No. 2 Revenue. To put this statement in perspective, please also
briefly describe your net income (loss) and earnings (loss) per share. In |
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this regard, we note you had net losses attributable to your company in 2007 and 2008. In
addition, please include similar disclosure in the first paragraph of the summary and briefly
describe how you calculate net revenue. |
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In response to the Staffs comment, the Company has revised the artwork to take out the
reference to the statement No. 2 Revenue and the related footnote. The Company has also
revised the Registration Statement on pages 1, 44 and 78 to take out the similar disclosure.
Please see Annex B for the revised pages in the Amendment No. 2 marked against the
Registration Statement on Form F-1 publicly filed with the Commission on March 5, 2010. |
Exhibit Index, page 11-8
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Please file final, executed legality and tax opinions. |
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In response to the Staffs comment, the Company has filed on March 12, 2010 the final, executed
legality and tax opinions from Conyers Dill & Pearman, the Companys Cayman Islands counsel, as
Exhibit 5.1 and Exhibit 8.1 to the Registration Statement, respectively. |
* * * *
If it would facilitate the Staffs review of the Registration Statement, we would be pleased
to provide an electronic version in PDF format.
Should any questions arise, please do not hesitate to contact me at +86-10-8567-5002 or my
colleague, Li He, at +86-10-8567-5005.
Please acknowledge receipt of the submission by stamping the enclosed copy of this letter and
returning it to our messenger who has been instructed to wait.
Thank you for your time and attention.
Yours sincerely,
/s/
Howard Zhang
Howard Zhang
Enclosures
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cc: |
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Tuo (Matthew) Zhang, Chief Executive Officer
Min (Jenny) Zhang, Chief Financial Officer
China Lodging Group, Limited
John Wilde, Partner
Bonnie Zhang, Partner
Deloitte Touche Tohmatsu CPA Ltd.
Chris Lin, Partner
Simpson Thacher & Bartlett LLP |