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Choice Hotels offers nearly $8B for rival Wyndham Hotels & Resorts as travel booms_我的网站

A |     Choice Hotels International is asking shareholders of rival chain Wyndham Hotels & Resorts to sign off on a buyout worth nearly $8 billion after Wyndham broke off negotiations, the company said Tuesday. “A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents, said Choice CEO Patrick Pacious. ”We were therefore surprised and disappointed that Wyndham decided to disengage. While we would have preferred to continue discussions with Wyndham in private, following their unwillingness to proceed, we feel there is too much value for both companies’ franchisees, shareholders, associates, and guests to not continue pursuing this transaction."Wyndham did not immediately respond to a request for comment early Tuesday. Choice, based in Rockville, Maryland, is offering $49.50 in cash and 0.324 shares of Choice common stock for each Wyndham share they own, a 20% premium to Wyndham's last closing price. Choice's proposal allows Wyndham shareholders to choose either cash, stock, or a combination of cash and stock. The proposal also includes giving Wyndham two seats on the combined company’s board. The deal has a total value of about $7.8 billion. When including debt, it's valued at approximately $9.8 billion. Choice first approached Wyndham in April, offering $80.00 per share, with 40% of that cash and 60% Choice stock, but was rejected, Choice said. It bumped the offer to $85 per share, then to $90 per share as the board chairs and CEOs of each company met. But, according to Choice, Wyndham voiced concerns about regulatory approval in September and also the value of Choice stock. Choice operates about 7,500 hotels in 46 countries. It's seeking to absorb a much larger chain in Wyndham, which operates nearly 9,300 hotels under a host of brands including Days Inn, Howard Johnson, La Quinta, Ramada, Super 8 and Travelodge. Wyndham, based in Parsippany, New Jersey, posted a profit of $355 million last year with revenue of $1.5 billion. Like most hotels, it has benefited from booming travel in recent years. The uptick in travel has lead to snarled airports and pilot shortages. That has cooled a bit this year as people become more cost conscious about their trips due to inflation and after spending more freely for more than a year. Wyndham's shares are up more than 170% since it stock price tumbled close to $25 each at the start of the pandemic. Shares of Wyndham Hotels & Resorts Inc. jumped more than 15% before the opening bell Tuesday, to $82.40. Shares of Choice Hotels International Inc. fell more than 2%.。

B |     Wave of listings highlights new growth engines     Chinese humanoid robot maker Unitree Robotics opened subscriptions for its initial public offering on the Shanghai Stock Exchange's sci-tech innovation board, or STAR Market, on Monday, as the market witnessed a broader economic shift with future industries expected to power the country's next wave of economic growth.     President Xi Jinping, who is also general secretary of the Communist Party of China Central Committee, said in an article published in June in the Qiushi Journal, a flagship magazine of the CPC Central Committee, that cultivating and developing future industries are of great significance for seizing the development initiative, developing new quality productive forces and improving people's quality of life.    Efforts should be made to vigorously foster first-class scientific, technological and high-tech enterprises that excel in core technologies and possess strong innovation capacities, Xi said.    For decades, China's economic expansion was powered largely by traditional industries, infrastructure investment and manufacturing scale. But the next wave of growth is increasingly expected to come from future industries, including embodied intelligence, future energy, quantum technology, brain-computer interfaces and 6G, which have been highlighted as key areas in China's 15th Five-Year Plan (2026-30).    Since leading semiconductor firm ChangXin Memory Technologies debuted on the STAR Market in late July, a number of companies including artificial intelligence chip developer Enflame Technology, semiconductor manufacturer Can-Semi Technology, commercial rocket maker LandSpace and AI chip company Kunlunxin have been moving toward potential listings.    Behind the wave of listings is not just a reshuffle of capital market preferences, but a transformation in the sources of future economic growth.    Hu Yongjun, secretary-general of future industries and platform economy research center under the State Information Center, said: "Developing future industries is a key move in driving industrial transformation and upgrade. Technologies that appear to be in an exploratory stage today could become engines of economic growth over the next decade or more."    He said that future industries will fuel China's economic growth through new trillion-yuan-level industries that will come about as emerging technologies transform into commercial applications, and traditional industries are upgraded by integrating technologies such as AI, digitalization and low-carbon solutions.    "More importantly, future industries are not simply about developing several new products. They could accelerate upgrades across an entire industrial chain, from core components to end-user applications," he said.    A humanoid robot illustrates this ecosystem effect. Behind a single robot are dozens of interconnected sectors, including AI models, chips, sensors, precision reducers, motors, batteries, new materials, industrial software and intelligent manufacturing equipment.    China's electric vehicle industry offers a similar example. Over the past decade, the rise of new energy vehicles has reshaped the global auto industry while driving rapid growth in power batteries, energy storage materials, intelligent driving technologies and automotive chips.    In addition, the Unitree IPO and other upcoming listings represent a broader reallocation of capital toward technologies that may require years of investment before generating large-scale commercial returns.    Xi also stressed efforts to improve fiscal and taxation policies, vigorously develop technology finance, and optimize government procurement and talent cultivation, introduction and utilization to foster a robust environment that encourages innovation.    Tian Xuan, dean of Peking University's Guanghua School of Management, said: "China is transiting from factor-driven growth toward innovation-driven development. Capital is moving beyond its traditional role of financing capacity expansion in mature industries and increasingly taking on the earlier-stage, longer-term uncertainty involved in building future industries."    As of June 2026, the STAR Market had attracted 609 hard technology companies, with total funds raised through IPOs and refinancing exceeding 1.37 trillion yuan ($203 billion). More than 40 listed companies on the market have also entered cutting-edge fields such as quantum technology, 6G and biomanufacturing.    The China Securities Regulatory Commission has also introduced a regular "green channel" mechanism for IPO financing and mergers and acquisitions involving technology companies in strategically important core technology areas.    For instance, Unitree Robotics moved rapidly through the listing process, taking less than four months to go from the application acceptance stage to approval, marking the fastest review under the STAR Market's preliminary review mechanism since its implementation.    "Amid the rapid development of AI, rising geopolitical tensions and a growing emphasis on strategic security, China needs to build a financial system better aligned with the development of new quality productive forces," Tian said.    "This requires expanding the supply of patient capital, improving market structures, enhancing policy predictability and reducing resource misallocation, thereby providing sustained and solid financial support for innovation," he added.                    。

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