H World Group in CNY3.35 Billion Senior Unsecured Bonds

Cleary Gottlieb represented H World Group Limited (H World) in its offering of CNY3.35 billion of 2.25% senior unsecured bonds due 2031 in reliance on Regulation S under the United States Securities Act of 1933, as amended.

The offering was priced on September 9, 2026, and closed on September 16, 2026.

H World is a leading and fast-growing multi-brand hotel group with international operations. As of June 30, 2026, H World operated 13,539 hotels in operation in 21 countries. H World’s brands include HanTing Hotel, JI Hotel, Orange Hotel, Crystal Orange Hotel, IntercityHotel, Grand JI Hotel, Hi Inn, Ni Hao Hotel, Elan Hotel, Zleep Hotels, Starway Hotel, CitiGO, Manxin Hotel, Madison Hotel, MAXX Hotel, Blossom House, Joya Hotel, Steigenberger Hotels & Resorts, Jaz in the City, Steigenberger Icons, and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis, and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.

The Cleary U.S. capital markets team included partners Shuang Zhao and Biyuan Zhang, counsel Robert K. Williams and Daisy Yan, and associates Ziyi Yang and Julia Zhu. The Cleary Hong Kong capital markets team included partners Freeman Chan and Miao Zhang, and associates Beverly Lam, Eva Hong, and Norman Luk.