China's Btg Hotels (Group) has closed the privatization purchase deal of Home Inns, which will subsequently become a wholly-owned subsidiary of Btg Hotels.
Home Inns already completed its merger with Btg Hotels Group (Cayman) on April 1, 2016, and as the surviving entity of this merger, Home Inns has become a subsidiary of Btg Hotels. At the same time, Home Inns' ADS has stopped transactions on Nasdaq.
Home Inns is a private economy hotel chain and it was listed on Nasdaq on October 25, 2006. After listing for nearly ten years, the company is finally delisted. Nasdaq has lost many Chinese companies to privatizations in recent years as Chinese investors fear the transparency of the Western markets.
Home Inns announced in June 2015 that its board of directors received a non-binding acquisition and privatization proposal co-signed by six organizations and individuals, including Btg Hotels (Group), Poly Victory Investments, Ctrip, Shen Nanpeng, Liang Jianzhang, and Sun Jian. Poly Victory Investments is a subsidiary of Btg Hotels (Group); Shen Nanpeng is founder and co-chairman of Home Inns; Liang Jianzhang is founder and director of Home Inns and chairman and CEO of Ctrip; and Sun Jian is CEO and director of Home Inns Group.