Club Med is being readied for a listing on the Hong Kong stock exchange.

The French all-inclusive resort operator’s Chinese conglomerate owner Fosun International is looking to raise up to $700 million through a float of its Fosun Tourism Group arm.

Fosun International, a 13% shareholder in Thomas Cook, acquired Club Med three years ago following a lengthy takeover battle.

The funds from the float of the tourism business, which also includes a luxury resort in the southern Chinese city of Sanya, are expected to be used to expand Club Med and to re-pay debt.

Club Med operates in more than 40 countries and has resorts in more than 26 countries and regions.

According to the draft listing prospectus, Fosun Tourism’s loss narrowed to 135 million yuan ($20 million) in the first half of 2018, from 189 million yuan in the same period a year earlier.

Revenue at its resorts business — which includes Club Med — rose 9% to 11.8 billion yuan in 2017, the latest full year reported by the firm.

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