China Lodging Group LTD China Lodging Group, Limited

China Lodging Group LTD
China Lodging Group, Limited

(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrants name into English)
CAYMAN ISLANDS
(Jurisdiction of incorporation or organization)
Peoples Republic of China
(86) 21 6195-2011
(Address of principal executive offices)
Shanghai 200336
Peoples Republic of China
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
TABLE OF CONTENTS
Page
CERTAIN CONVENTIONS 1
PART I 2
ITEM 1. IDENTITY OF DIREC 2
ITEM 2. OFFER STATISTICS A 2
ITEM 3. KEY INFORMATION 2
3.A. Selected Financial Data 2
3.B. Capitalization and Indebt 4
3.C. Reason for the Offer and 4
3.D. Risk Factors 4
ITEM 4. INFORMATION ON TH 27
4.A. History and Development 27
4.B. Business Overview 29
4.C. Organizational Structure 49
4.D. Property, Plants and Equ 51
ITEM 4A. UNRESOLVED STAF 51
ITEM 5. OPERATING AND FIN 51
5.A. Operating Results 51
5.B. Liquidity and Capital Reso 71
5.C. Research and Development, Patents 74
and Licenses, etc.
5.D. Trend Information 74
5.E. Off-Balance Sheet Arrang 74
5.F. Tabular Disclosure of Cont 74
5.G. Safe Harbor 75
ITEM 6. DIRECTORS, SENIOR 76
6.A. Directors and Senior Ma 76
6.B. Compensation 78
6.C. Board Practices 80
6.D. Employees 82
6.E. Share Ownership 82
ITEM 7. MAJOR SHAREHOLDER 84
7.A. Major Shareholders 84
7.B. Related Party Transactions 84
7.C. Interests of Experts and C 86
ITEM 8. FINANCIAL INFORMAT 86
8.A. Consolidated Statements 86
8.B. Significant Changes 87
ITEM 9. THE OFFER AND LISTI 87
9.A. Offering and Listing Detail 87
9.B. Plan of Distribution 87
9.C. Markets 88
9.D. Selling Shareholders 88
9.E. Dilution 88
9.F. Expenses of the Issue 88
ITEM 10. ADDITIONAL INFOR 88
10.A. Share Capital 88
10.B. Memorandum and Article 88
10.C. Material Contracts 88
10.D. Exchange Controls 88
10.E. Taxation 88
10.F. Dividends and Paying Age 94
10.G. Statement by Experts 94
10.H. Documents on Display 94
10.I. Subsidiary Information 94
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A. Debt Securities
12.B. Warrants and Rights
12.C. Other Securities
12.D. American Depositary Shares
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
ITEM 15. CONTROLS AND PROCEDURES
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
ITEM 16B. CODE OF ETHICS
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
ITEM 16F. CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT
ITEM 16G. CORPORATE GOVERNANCE
ITEM 16H. MINE SAFETY DISCLOSURE
PART III
ITEM 17. FINANCIAL STATEMENTS
ITEM 18. FINANCIAL STATEMENTS
ITEM 19. EXHIBITS
94
95
95
95
95
95
98
98
98
98
99
99
99
100
100
100
100
100
101
101
101
101
KEY INFORMATION
2013
(RMB)
Selected Consolidated Statement of Comprehensive Income Data:

Net revenues 4,168,629
Operating costs and expenses(1) 3,815,835
Income from operations 380,544
Income before income taxes 388,515
Net income 283,695
Less: net income (loss) attributable to noncontrolling interest 3,837
Net income attributable to China Lodging Group, Limited 279,858
Earnings per share:
Basic 1.14
Diluted 1.12
Earnings per ADS(2):
Basic 4.57
Diluted 4.49
Weighted average number of shares used in computation:
Basic 245,187
Diluted 249,486
Year Ended December 31,
2014 2015 2016 2017
(RMB) (RMB) (RMB) (RMB)
(In thousands, except per share and per ADS data)
4,964,728 5,774,624 6,538,631 8,170,196

4,593,915 5,204,734 5,650,292 6,803,858
389,364 601,154 870,899 1,437,513
413,631 638,805 1,077,445 1,608,388
302,391 439,380 796,482 1,236,647
(4,957) 2,780 (8,133) (555)
307,348 436,600 804,615 1,237,202
1.23 1.74 2.92 4.43

1.21 1.70 2.84 4.24
4.94 6.97 11.70 17.72

4.86 6.82 11.38 16.95
248,958 250,533 275,139 279,272

253,004 256,104 282,889 293,074
2017
(US$)
1,255,736
1,045,734
220,942
247,205
190,069
(86)
190,155
0.68
0.65
2.72
2.60
279,272
293,074
Year Ended Dece
2013 2014
(RMB) (RMB)
(In thousan
Share-based compensation expenses 30,468 31,937
2015 2016 2017
(RMB) (RMB) (RMB) (US$)
(In thousands)
52,535 55,436 66,367 10,200
As o
2013 2014
(RMB) (RMB)
(I
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents 397,435 808,865
Restricted cash 3,317
Prepaid rent 363,581 385,158
Property and equipment, net 3,634,039 3,907,343
Intangible assets, net 101,845 104,537
Long- term investments 90,517 223,865
Goodwill 64,842 64,654
Total assets 5,185,052 6,182,906
Accounts payable 677,305 640,691
Long-term debt
Deferred rent long-term 653,831 830,414
Deferred revenue 416,102 669,663
Total liabilities 2,357,261 2,964,193
Total equity 2,827,791 3,218,713
As of December 31,
2015 2016 2017
(RMB) (RMB) (RMB) (US$)
(In thousands)
1,237,838 3,235,007 3,474,719 534,054

360,500 500 481,348 73,982
429,588 446,127 659,973 101,436
3,805,886 3,710,468 4,522,878 695,154
144,812 342,694 1,643,972 252,674
344,242 1,064,321 2,361,969 363,028
108,344 171,504 2,264,758 348,087
7,693,521 9,993,364 17,427,442 2,678,549
585,347 584,731 766,565 117,819
4,921,774 756,463
945,192 1,023,843 1,380,484 212,177
886,468 916,756 1,003,756 154,273
4,252,773 4,577,207 10,953,162 1,683,470
3,440,748 5,416,157 6,474,280 995,079
2013
(RMB)
Selected Consolidated Statement of Cash Flow Data:

Net cash provided by operating activities 1,084,752
Net cash provided by (used in) investing activities (1,152,248)
Net cash provided by (used in) financing activities 16,063
2014 2015 2016 2017
(RMB) (RMB) (RMB) (RMB) (US$)
(In thousands)
1,465,712 1,762,511 2,066,301 2,452,596 376,955

(1,063,186) (1,550,357) 183,762 (6,716,254) (1,032,268)
9,986 219,443 (266,194) 4,536,103 697,186
Exchange Rate Information
Noon Buying Rate
Period Period End Average(1) Low
(RMB per US$1.00)
2013 6.05 6.14 6.24
2014 6.20 6.17 6.26
2015 6.48 6.29 6.49
2016 6.94 6.65 6.96
2017 6.51 6.74 6.96
October 6.63 6.63 6.65
November 6.61 6.62 6.64
December 6.51 6.59 6.62
2018
January 6.28 6.42 6.53
February 6.33 6.32 6.35
March 6.27 6.32 6.36
April (through April 13, 2017) 6.27 6.29 6.30
te
High
00)
6.05
6.04
6.19
6.45
6.48
6.57
6.60
6.51
6.28
6.26
6.27
6.27
INFORMATION ON THE COMPANY
Leased and
Owned Hotels
Shanghai, Beijing, Guangzhou, Shenzhen and Hangzhou 222
Other cities 449
Total 671
Manachised Franchised
Hotels Hotels
773 56
2,101 145
2,874 201
Leased and
Owned Hotels
Under
Development(1)
18
19
37
Manachised and
Franchised
Hotels Under
Development(1)
117
542
659
Pre-conversion
Period(1)
Leased and owned hotels 5
Manachised and franchised hotels 258
Total 263
Conversion
Period(2) Total
32 37
401 659
433 696
Leased and owned hotels
Number of
Leases
2018 24
2019 24
2020 45
2021 49
2022 72
2023-2025 167
2026-2028 178
2029 and onward 105
Total 664
Franchised hotels
2008 2009 2010

Leased and owned hotels 145 173 243
Manachised hotels 22 63 195
Franchised hotels
Total 167 236 438
As of December 31,
2011 2012 2013 2014
344 465 565 611
295 516 835 1,376
54 25 8
639 1,035 1,425 1,995
2015 2016 2017
616 624 671
2,067 2,471 2,874
80 174 201
2,763 3,269 3,746
JI
Major Subsidiaries
China Lodging Holdings (HK) Limited
China Lodging Holdings Singapore Pte. Ltd.
Shanghai HanTing Hotel Management Group, Ltd.1
HanTing Xingkong (Shanghai) Hotel Management Co., Ltd.1
HanTing (Tianjin) Investment Consulting Co., Ltd.
Yiju (Shanghai) Hotel Management Co., Ltd.1
HanTing Technology (Suzhou) Co., Ltd.
HanTing (Shanghai) Enterprise Management Co., Ltd.
Starway Hotels (Hong Kong) Limited
Starway Hotel Management (Shanghai) Co., Ltd.
HuaZhu Hotel Management Co., Ltd.2
Jizhu Information Technology (Shanghai) Co., Ltd.3
Mengguang Information Technology Co., Ltd.
ACL Greater China Limited
Ibis China Investment Limited
TAHM Investment Limited
Yagao Meihua Hotel Management Co., Ltd.
Crystal Orange Hotel Holdings Limited
Orange Hotel Hong Kong Limited
Orange Hotel Management (China) Co., Ltd.
Beijing Crystal Orange Hotel Management Consulting Co., Ltd.
Date of
Percentage of Ownership Incorporation/Acquisition
100% October 22, 2008
100% April 14, 2010
100% November 17, 2004
100% March 3, 2006
100% January 16, 2008
100% April 12, 2007
100% December 3, 2008
100% December 14, 2010
100% May 1, 2012
100% May 1, 2012
100% August 16, 2012
100% February 26, 2014
100% November 7, 2013
100% May 9, 2016
100% April 22, 2016
100% August 4, 2016
100% February 16, 2015
100% May 25, 2017
100% May 25, 2017
100% May 25, 2017
100% May 25, 2017
Place of Incorporation
Hong Kong
Singapore
PRC
PRC
PRC
PRC
PRC
PRC
Hong Kong
PRC
PRC
PRC
PRC
Hong Kong
Hong Kong
Hong Kong
PRC
BVI
Hong Kong
PRC
PRC
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
As of December 31,
2015 2016
Total hotels in operation 2,763 3,269
Leased and owned hotels 616 624
Manachised hotels 2,067 2,471
Franchised hotels 80 174
Total hotel rooms in operation 278,843 331,347
Leased and owned hotels 75,436 78,160
Manachised hotels 196,737 237,094
Franchised hotels 6,670 16,093
Total hotel room-nights available for sale 88,384,653 ###
Leased and owned hotels 27,093,439 28,346,421
Manachised hotels 60,244,011 80,161,362
Franchised hotels 1,047,203 4,429,879
Number of cities 352 367
December 31,
2017
3,746
671
2,874
201
379,675
85,018
275,065
19,592
###
30,198,307
92,582,541
5,980,890
378
RevPAR
RevPAR (1) (in RMB)

Manachised hotels
Franchised hotels
Total hotels in operation
Average daily room rate (1) (in RMB)
Manachised hotels
Franchised hotels
Occupancy rate (as a percentage)
Manachised hotels
Franchised hotels
Weight of hotel room-nights available for sale contributed by leased and owned hotels less than 6 months (as a percentage
2015 2016 2017
172 179 211

145 151 171
124 125 158
153 157 180
198 208 237

170 177 191
177 182 216
179 185 203
87 86 89
85 85 89
70 69 73
85 85 88
percentage) 3 3 8
March 31, June 30,
2016 2016
RevPAR (in RMB):
Leased and owned hotels 159 182
Manachised hotels 133 150
Franchised hotels 105 128
Total hotels in operation 139 157
For the Three Months Ended
September December March 31,

30, 2016 31, 2016 2017
195 181 174

166 152 147
144 123 118
173 158 152
June 30, September December
2017 30, 2017 31, 2017
211 238 219

171 192 170
151 186 167
179 203 181
Same-hotel RevPAR change
March 31,
2016
Number of hotels in operation for at least 18 months 1,783
RevPAR (RMB) 142
Same-hotel RevPAR change (as a percentage) 0
For the Three Months Ended
June 30, September December

2016 30, 2016 31, 2016
1,899 2,050 2,205
159 172 157
-1 1 2
Three Months Ended
March 31, June 30, September

2017 2017 30, 2017
2,380 2,513 2,603
151 175 193
6 8 10
December
31, 2017
2,729
172
6
Revenues
2015
(RMB) %
(In
Revenues:
Leased and owned hotels 4,986,872 81.60
Manachised and franchised hotels 1,123,979 18.40
Others
Total revenues 6,110,851 100.00
Less: Business tax and related taxes(1) 336,227 5.50
Net revenues 5,774,624 94.50
2016 2017
(RMB) % (RMB) (US$) %
(In thousands except percentages)
5,212,405 78.30 6,343,279 974,944 77.60

1,411,156 21.20 1,786,660 274,605 21.90
31,219 0.50 40,257 6,187 0.50
6,654,780 100.00 8,170,196 1,255,736 100.00
116,149 1.70
6,538,631 98.30 8,170,196 1,255,736 100.00
Operating Costs and Expenses
Ye
2015
(RMB) %
(In tho
Net revenues 5,774,624 100.00
Operating costs and expenses
Hotel operating costs:
Rents 1,804,532 31.20
Utilities 341,620 5.90
Personnel costs 919,555 15.90
Depreciation and amortization 645,058 11.20
Consumables, food and beverage 485,099 8.40
Others 316,283 5.50
Total hotel operating costs 4,512,147 78.10
Other operating costs
Selling and marketing expenses 179,568 3.10
General and administrative expenses 403,008 7.00
Pre-opening expenses 110,011 1.90
Total operating costs and expenses 5,204,734 90.10
2016 2017
(RMB) % (RMB) (US$) %
6,538,631 100.00 8,170,196 1,255,736 100.00
1,870,879 28.60 2,058,954 316,455 25.20

345,615 5.30 365,100 56,115 4.40
1,088,380 16.60 1,388,284 213,376 17.00
676,996 10.30 773,202 118,839 9.50
494,764 7.60 550,513 84,612 6.70
455,539 7.00 538,098 82,704 6.60
4,932,173 75.40 5,674,151 872,101 69.40
7,606 0.10 17,324 2,663 0.20
146,525 2.20 214,959 33,039 2.60
492,141 7.50 690,970 106,200 8.50
71,847 1.10 206,454 31,731 2.50
5,650,292 86.30 6,803,858 1,045,734 83.20
Pre-opening Expenses
2015 2016 2017
(RMB) (RMB) (RMB)
(In thousands)
Rents 95,977 67,277 191,502
Personnel cost 5,903 1,560 6,221
Others 8,131 3,010 8,731
Total pre-opening expenses 110,011 71,847 206,454
er 31,
2017
(US$)
29,433
956
1,342
31,731
2015
(RMB) %
(In
Hotel operating costs 8,835 16.80
Selling and marketing expenses 907 1.70
General and administrative expenses 42,793 81.50
Total share-based compensation expenses 52,535 100.00
2016 2017
(RMB) % (RMB) (US$) %
13,603 24.50 19,725 3,031 29.70
811 1.50 1,530 235 2.30
41,022 74.00 45,112 6,934 68.00
55,436 100.00 66,367 10,200 100.00
EBITDA and Adjusted EBITDA
2015 2016 2017
(RMB) (RMB) (RMB)
(In thousands)
Non-GAAP Financial Data
EBITDA(1) 1,271,675 1,730,319 2,361,087
Adjusted EBITDA (1) 1,324,210 1,785,755 2,427,454
er 31,
2017
(US$)
362,894
373,094
For the Year Ended December 31,
2015 2016
(RMB) (RMB)
(In thousands)
Net income attributable to our company 436,600 804,615
Interest income (26,712) (67,366)
Interest expense 3,854 11,056
Income tax expense 196,529 287,120
Depreciation and amortization 661,404 694,894
EBITDA (Non-GAAP) 1,271,675 1,730,319
Adjusted EBITDA (Non-GAAP) 1,324,210 1,785,755
ar Ended December 31,
2017
(RMB) (US$)
n thousands)
1,237,202 190,155
(112,645) (17,313)
87,320 13,421
359,958 55,325
789,252 121,306
2,361,087 362,894
66,367 10,200
2,427,454 373,094
Results of Operations
2015
RMB
Consolidated Statement of Comprehensive Income Data:

Revenues:
Leased and owned hotels 4,986,872
Manachised and franchised hotels 1,123,979
Others
Total revenues 6,110,851
Less: Business tax and related taxes 336,227
Net revenues 5,774,624
Operating costs and expenses(1):
Hotel operating costs 4,512,147
Selling and marketing expenses 179,568
General and administrative expenses 403,008
Pre-opening expenses 110,011
Total operating costs and expenses 5,204,734
Other operating income (expense), net 31,264
Income from operations 601,154
Interest income 26,712
Interest expenses 3,854
Other income, net 6,979
Foreign exchange gain (loss) 7,814
Income before income taxes 638,805
Income tax expense 196,529
Income (loss) from equity method investments (2,896)
Net income 439,380
Less: net income (loss) attributable to noncontrolling interest 2,780
Net income attributable to China Lodging Group, Limited 436,600
2015 2016 2017
% RMB % (RMB)
86.30 5,212,405 79.70 6,343,279

19.50 1,411,156 21.60 1,786,660
31,219 0.50 40,257
105.80 6,654,780 101.80 8,170,196
5.80 116,149 1.80
100.00 6,538,631 100.00 8,170,196
78.10 4,932,173 75.40 5,674,151

7,606 0.10 17,324
3.10 146,525 2.20 214,959
7.00 492,141 7.50 690,970
1.90 71,847 1.10 206,454
90.10 5,650,292 86.30 6,803,858
0.50 (17,440) (0.40) 71,175
10.40 870,899 13.30 1,437,513
0.50 67,366 1.00 112,645
0.00 11,056 0.20 87,320
0.00 133,755 2.10 163,678
0.10 16,481 0.30 (18,128)
11.00 1,077,445 16.50 1,608,388
3.40 287,120 4.40 359,958
(0.00 6,157 0.10 (11,783)
7.60 796,482 12.20 1,236,647
0.00 (8,133) (0.10) (555)
7.60 804,615 12.30 1,237,202
2017
(US$) %
974,944 77.60
274,605 21.90
6,187 0.50
1,255,736 100.00

1,255,736 100.00
872,101 69.40
2,663 0.20
33,039 2.60
106,200 8.50
31,731 2.50
1,045,734 83.20
10,940 0.80
220,942 17.60
17,313 1.40
13,421 1.10
25,157 2.00
(2,786) (0.20)
247,205 19.70
55,325 4.50
(1,811) (0.10)
190,069 15.10
(86) (0.00
190,155 15.10
2015 2016
(RMB) (RMB)
(In thousands)
nded December 31,
2017
(RMB) (US$)
n thousands)
66,367 10,200
Net Revenues
2016 2017
(RMB) (RMB)
(In thousands)
Revenues
Leased and owned hotels 5,212,405 6,343,279
Manachised and franchised hotels 1,411,156 1,786,660
Others 31,219 40,257
Total revenues 6,654,780 8,170,196
Less: business tax and related surcharges(1) (116,149)
Net revenues 6,538,631 8,170,196
Net revenues from leased and owned hotels 5,121,431 6,343,279
Net revenues from manachised and franchised hotels 1,386,526 1,786,660
Others 30,674 40,257
ded December 31,
2017
(US$)
n thousands)
974,944
274,605
6,187
1,255,736

1,255,736
974,944
274,605
6,187
Outstanding Indebtedness
Year En
2015
(RMB)
(In
Net cash provided by operating activities 1,762,511
Net cash provided by (used in) investing activities (1,550,357)
Net cash provided by (used in) financing activities 219,443
Effect of exchange rate changes on cash and cash equivalents (2,624)
Net increase in cash and cash equivalents 428,973
Cash and cash equivalents at the beginning of the year 808,865
Cash and cash equivalents at the end of the year 1,237,838
2016 2017
(RMB) (RMB) (US$)
(In thousands)
2,066,301 2,452,596 376,955
183,762 (6,716,254) (1,032,268)
(266,194) 4,536,103 697,186
13,300 (32,733) (5,031)
1,997,169 239,712 36,842
1,237,838 3,235,007 497,212
3,235,007 3,474,719 534,054
Capital Expenditures
2015 2016 2017
(RMB) (RMB) (RMB)
(In thousands,
except per share data)
Aggregate amount 41,288 27,224 24,424
Per share effectbasic 0.16 0.10 0.09
Per share effectdiluted 0.16 0.10 0.08
5.F. Tabular Disclosure of Contractual Obligations
P
Total
Operating Lease Obligations 25,088

Purchase Obligations 160
Long-term Debt Obligations, with Principal and Interest 2,044
Convertible Senior Notes with Principal and Interest 3,162
Total 30,454
Payment Due in the Year Ending December 31,
2018 2019 2020 2021 2022
(In RMB millions)
1,824 2,539 2,518 2,414 2,284
160
66 60 1,918
12 12 12 12 3,114
2,062 2,611 4,448 2,426 5,398
Payment Due
Thereafter
13,509

13,509
Termination of the Amended and Restated 2007 and 2008 Plans and the Amended 2009 Plan
Ordinary Shares
Underlying Options
Name Awarded
Qi Ji 400,000
436,348
Tong Tong Zhao 100,000
John Jiong Wu 100,000
Min (Jenny) Zhang 1,470,000
300,000
207,784
Hui Jin *
*
*
*
Other individuals as a group 16,979,237
Exercise Price
(US$/Share) Date of Grant
1.53 October 1, 2009
2.75 July 17, 2012
1.53 October 1, 2009
1.53 October 1, 2009
1.40 October 1, 2007
1.53 November 20, 2009
2.75 July 17, 2012
0.50 February 4, 2007
4.27 March 31, 2011
5.42 May 13, 2014
4.93 March 31, 2015
0.50-5.415 February 4, 2007 April 1, 2015
Date of Expiration
October 1, 2019
July 17, 2018
October 1, 2019
October 1, 2019
October 1, 2017
November 20, 2019
July 17, 2018
February 4, 2017
March 31, 2017
May 13, 2020
March 31, 2021
February 4, 2017 April 1, 2021
Name
Qi Ji
Shangzhi Zhang
Min (Jenny) Zhang
Hui Jin
Jian Shang
Teo Nee Chuan
Other individuals as a group
Ordinary Shares
Underlying Restricted
Stocks Awarded
200,000
897,880
1,697,187
1,098,224
*
*
*
*
313,944
73,188
1,697,187
1,098,224
*
*
*
*
*
*
*
10,950,690
Date of Grant
August 6, 2011
July 17, 2012
March 17, 2015
March 26, 2015
January 18, 2012
January 10, 2013
December 10, 2014
March 13, 2017
July 17, 2012
March 16, 2015
March 17, 2015
March 26, 2015
March 31, 2011
July 2, 2012
July 1,2013
July 17, 2014
March 26, 2015
May 5, 2014
January 15, 2016
February 7, 2011 December 31, 2017
Compensation Committee
Ordinary Shares Beneficially Owned(1)
Number %
Directors and Executive Officers:
Qi Ji ### (2) 34.50
Tong Tong Zhao 26,374,652 (3) 9.00
John Jiong Wu 8,753,145 (4) 3.00
Xiaofan Wang
Shangzhi Zhang * *
Jian Shang * *
Sébastien Bazin
Gaurav Bhushan
Min (Jenny) Zhang * *
Hui Jin * *
Teo Nee Chuan * *
All Directors and Executive Officers as a Group ### (5) 38.00
Principal Shareholders:
Winner Crown Holdings Limited 73,144,905 (6) 25.10
Accor 29,875,543 (7) 10.30
East Leader International Limited 26,274,652 (8) 9.00
OppenheimerFunds, Inc. 24,745,396 (9) 8.50
Ctrip.com International, Ltd. 22,049,446 (10) 7.60
8.A. Consolidated Statements and Other Financial Information
High Low
2010 (from March 26, 2010) US$ 27.50 US$
2011 24.47 12.00
2012 17.55 10.51
2013 32.29 14.75
2014 31.25 19.99
2015 33.00 15.35
2016 54.23 25.42
First quarter 38.49 25.42
Second quarter 39.19 31.71
Third quarter 47.72 35.17
Fourth quarter 54.23 41.69
2017 146.25 47.72
Second quarter 88.08 57.89
Third quarter 126.29 76.52
Fourth quarter 146.25 102.67
October 142.80 117.06
November 138.25 102.67
December 146.25 106.06
2018 (through April 19, 2018) 166.19 122.80
Second quarter (through April 19, 2018) 138.93 126.31
January 166.19 130.00
February 160.90 128.60
March 157.67 122.80
April (through April 19, 2018) 138.93 126.31
Low
13.49
12.00
10.51
14.75
19.99
15.35
25.42
25.42
31.71
35.17
41.69
47.72
47.72
57.89
76.52
102.67
117.06
102.67
106.06
122.80
122.80
126.31
130.00
128.60
122.80
126.31
PRINCIPAL ACCOUNTANT FEES AND SERVICES
2016 2017
US$ US$
(In thousands)
Audit Fees(1) 1,160 1,180
Audit-Related Fees(2) 484
Tax Fees
All Other Fees(3) 338
Total 1,498 1,664
EXHIBITS
Exhibit
Number
1.10
1.20
1.30
2.10
2.20
2.30
4.10
4.20
4.30
4.40
4.50
4.60
Description of Document
Amended and Restated Memorandum and Articles of Association of the Registrant. (Incorporated by reference to Exhibits 3
Amendment to the Amended and Restated Articles of Association of the Registrant, adopted by the shareholders of the Reg
Amendment to the Amended and Restated Articles of Association of the Registrant, adopted by the shareholders of the Reg
Registrants Specimen American Depositary Receipt (included in Exhibit 2.3).
Registrants Specimen Certificate for Ordinary Shares. (Incorporated by reference to Exhibit 4.2 from our Registration Statem
Form of Deposit Agreement among the Registrant, the Depositary and all Holders and Beneficial Owners of the American D
Amended and Restated 2007 Global Share Plan, amended and restated as of December 12, 2007. (Incorporated by referenc
Amended and Restated 2008 Global Share Plan, amended and restated as of October 31, 2008. (Incorporated by reference
Amended and Restated 2009 Share Incentive Plan, amended and restated as of October 1, 2009. (Incorporated by referenc
Amendment to the Amended and Restated 2009 Share Incentive Plan, amended as of August 26, 2010. (Incorporated by re
Amendment to the Amended and Restated 2009 Share Incentive Plan, amended as of March 26, 2015. (Incorporated by ref
Form of Indemnification Agreement with the Registrant s Directors. (Incorporated by reference to Exhibit 10.4 from our Reg
to Exhibits 3.2 from the Amendment No. 1 to our Registration Statement on Form F-1 (file no. 333-165247) filed with the Securities an
rs of the Registrant on November 21, 2012. (Incorporated by reference to Exhibit 1.2 from our annual report on Form 20-F filed with th
rs of the Registrant on December 16, 2015 and effective on January 25, 2016. (Incorporated by reference to Exhibit 1.3 from our annua
ration Statement on Form F-1 (file no. 333-165247) filed with the Securities and Exchange Commission on March 5, 2010.)
American Depositary Shares issued thereunder. (Incorporated by reference to Exhibits 4.3 from the Amendment No. 1 to our Registrati
d by reference to Exhibit 10.1 from our Registration Statement on Form F-1 (file no. 333-165247) filed with the Securities and Exchange
by reference to Exhibit 10.2 from our Registration Statement on Form F-1 (file no. 333-165247) filed with the Securities and Exchange Co
by reference to Exhibit 10.3 from our Registration Statement on Form F-1 (file no. 333-165247) filed with the Securities and Exchange C
orated by reference to Exhibit 99.2 from our report on Form 6-K (file no. 333-34656) filed with the Securities and Exchange Commission
orated by reference to Exhibit 99.2 from our report on Form 6-K filed with the Securities and Exchange Commission on March 27, 2015.)
from our Registration Statement on Form F-1 (file no. 333-165247) filed with the Securities and Exchange Commission on March 5, 2010
7) filed with the Securities and Exchange Commission on March 12, 2010.)
ort on Form 20-F filed with the Securities and Exchange Commission on April 23, 2013.)
o Exhibit 1.3 from our annual report on Form 20-F filed with the Securities and Exchange Commission on April 20, 2016.)
March 5, 2010.)
dment No. 1 to our Registration Statement on Form F-1 (file no. 333-165247) filed with the Securities and Exchange Commission on Ma
the Securities and Exchange Commission on March 5, 2010.)
he Securities and Exchange Commission on March 5, 2010.)
the Securities and Exchange Commission on March 5, 2010.)
es and Exchange Commission on July 15, 2010.)
mmission on March 27, 2015.)
Commission on March 5, 2010.)

April 20, 2016.)
Exchange Commission on March 12, 2010.)

AND 2017
Reports of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2016 and 2017
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2015, 2016 and 2017
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2015, 2016 and 2017
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2016 and 2017
Notes to the Consolidated Financial Statements
Financial Statement Schedule I Financial Information for Parent Company
Financial Statement Schedule II Valuation and Qualifying Accounts

F-2
F-4
F-5
F-6
F-7
F-8
F-43
F-47
CONSOLIDATED BALANCE SHEETS
ASSETS
Current assets:
Cash and cash equivalents
Restricted cash
Short-term investments measured at fair value
Accounts receivable, net of allowance of RMB11,424 and RMB10,277 as of December 31, 2016 and 2017, respectively
Loan receivables
Amounts due from related parties
Prepaid rent
Inventories
Other current assets
Total current assets
Property and equipment, net
Intangible assets, net
Land use rights
Long-term investments, including marketable securities measured at fair value of RMB204,945 and RMB907,716 as of Dece
Goodwill
Loan receivables
Other assets
Deferred tax assets
Total assets
LIABILITIES AND EQUITY

Current liabilities:
Short-term debt
Accounts payable
Amounts due to related parties
Salary and welfare payables
Deferred revenue
Accrued expenses and other current liabilities
Income tax payable
Total current liabilities
Long-term debt
Deferred rent
Deferred revenue
Other long-term liabilities
Deferred tax liabilities
Total liabilities
Commitments and contingencies (Note 22)
Equity:
Ordinary shares (US$0.0001 par value per share; 8,000,000,000 shares authorized; 281,379,130 and 294,040,234 shares issu
Treasury shares (3,096,764 and 3,096,764 shares as of December 31 2016 and 2017, respectively)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive (loss) income
Total China Lodging Group, Limited shareholders equity
Noncontrolling interest
Total equity
Total liabilities and equity
As of December 31,
2016 2017 2017
US$000
(Note 2)
3,235,007 3,474,719 534,054

500 481,348 73,982
129,911 19,967
141,649 162,910 25,039
22,410 380,580 58,494
98,453 118,537 18,219
446,127 659,973 101,436
21,606 24,006 3,690
208,929 329,140 50,588
4,174,681 5,761,124 885,469
3,710,468 4,522,878 695,154
342,694 1,643,972 252,674
145,521 140,108 21,534
6 as of December 31, 2016
1,064,321
and 2017, respectively2,361,969 363,028
171,504 2,264,758 348,087
7,269 42,330 6,506
200,492 364,660 56,047
176,414 325,643 50,050
9,993,364 17,427,442 2,678,549
298,291 130,815 20,106

584,731 766,565 117,819
11,058 36,890 5,670
274,259 427,070 65,640
749,793 832,021 127,879
895,837 1,264,902 194,412
152,112 218,238 33,542
2,966,081 3,676,501 565,068
4,921,774 756,463
1,023,843 1,380,484 212,177
166,963 171,735 26,394
323,991 380,578 58,494
96,329 422,090 64,874
4,577,207 10,953,162 1,683,470
34 shares issued as of December204

31, 2016 and 2017, and212
278,282,366 and 280,518,358 shares
33 outstanding as of December 31, 2016 and
(107,331) (107,331) (16,496)
3,699,056 3,624,135 557,019
1,812,174 2,753,715 423,238
(4,503) 167,965 25,816
5,399,600 6,438,696 989,610
16,557 35,584 5,469
5,416,157 6,474,280 995,079
9,993,364 17,427,442 2,678,549
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Revenues:
Manachised and franchised hotels
Others
Total revenues
Less: Business tax and related taxes
Net revenues
Operating costs and expenses:
Hotel operating costs
Selling and marketing expenses
General and administrative expenses
Pre-opening expenses
Total operating costs and expenses
Other operating income (expenses), net
Income from operations
Interest income
Interest expense
Other income (expense), net
Foreign exchange gain (loss)
Income before income taxes
Income tax expense
Income (loss) from equity method investments
Net income
Less: net income (loss) attributable to noncontrolling interest
Net income attributable to China Lodging Group, Limited
Other comprehensive income

Unrealized securities holding gains, net of tax of 7,151, (1,810) and (7,965) for 2015, 2016 and 2017
Reclassification of realized gains to net income, net of tax
Foreign currency translation adjustments, net of tax of nil for 2015, 2016 and 2017
Comprehensive income
Comprehensive income (loss) attributable to the noncontrolling interest
Comprehensive income attributable to China Lodging Group, Limited
Earnings per share:

Basic
Diluted
Weighted average number of shares used in computation:
Basic
Diluted
Years Ended December 31,
2015 2016 2017 2017
US$000
(Note 2)
4,986,872 5,212,405 6,343,279 974,944

1,123,979 1,411,156 1,786,660 274,605
31,219 40,257 6,187
6,110,851 6,654,780 8,170,196 1,255,736
336,227 116,149
5,774,624 6,538,631 8,170,196 1,255,736
4,512,147 4,932,173 5,674,151 872,101

7,606 17,324 2,663
179,568 146,525 214,959 33,039
403,008 492,141 690,970 106,200
110,011 71,847 206,454 31,731
5,204,734 5,650,292 6,803,858 1,045,734
31,264 (17,440) 71,175 10,940
601,154 870,899 1,437,513 220,942
26,712 67,366 112,645 17,313
3,854 11,056 87,320 13,421
6,979 133,755 163,678 25,157
7,814 16,481 (18,128) (2,786)
638,805 1,077,445 1,608,388 247,205
196,529 287,120 359,958 55,325
(2,896) 6,157 (11,783) (1,811)
439,380 796,482 1,236,647 190,069
2,780 (8,133) (555) (86)
436,600 804,615 1,237,202 190,155
68,069 16,449 868 133

(67,921) (5,282) (812)
3,535 (12,627) 176,882 27,186
510,984 732,383 1,409,115 216,576
2,780 (8,133) (555) (86)
508,204 740,516 1,409,670 216,662
1.74 2.92 4.43 0.68

1.70 2.84 4.24 0.65
### ### ### 279,272,140

### ### ### 293,073,978
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Balance at January 1, 2015

Issuance of ordinary shares upon exercise of options and vesting of restricted stocks
Share-based compensation
Excess tax benefit from share-based compensation
Noncontrolling interest recognized in connection with acquisitions
Net income
Unrealized securities holding gains, net of tax
Dividends paid to noncontrolling interest holders
Capital contribution from noncontrolling interest holders
Repurchase of shares
Cash dividends declared
Foreign currency translation adjustments
Balance at December 31, 2015
Issuance of ordinary shares for acquisition
Excess tax benefit from share-based compensation
Net income
Dispose of noncontrolling interest for deconsolidation
Issuance of ordinary shares under ADS lending arrangement
Capped Call options in connection with issuance of convertible senior notes
ADS lending arrangement in connection with issuance of convertible senior notes
Noncontrolling interest recognized in connection with acquisitions
Net income
Cash dividends paid
Noncontrolling interest recognized from partial disposal
Acquisition of noncontrolling interest
Disposal of noncontrolling interest for deconsolidation
Ordinary Shares
Issued Outstanding
shares shares Amount
250,747,255 250,747,255 184
3,231,068 3,231,068 2

(3,096,764)

253,978,323 250,881,559 186
2,505,264 2,505,264 2
24,895,543 24,895,543 16

281,379,130 278,282,366 204
2,235,992 2,235,992 1

10,425,112 7

294,040,234 280,518,358 212
Treasury Shares
Additional Paid-in
Share Amount Capital
2,381,568
23,158
52,535
12,838

3,096,764 (107,331)

3,096,764 (107,331) 2,470,099
10,581
1,143,505
55,436
18,645

790

3,096,764 (107,331) 3,699,056
9,301
66,367

(177,476)
26,499

388

3,096,764 (107,331) 3,624,135
Accumulated Other
Comprehensive (Loss)
Retained Earnings Income
847,220 (12,008)

436,600
68,069

(276,261)
3,535
1,007,559 59,596

804,615
16,449
(67,921)

(12,627)
1,812,174 (4,503)

1,237,202
(295,661)
868
(5,282)

176,882
2,753,715 167,965
Noncontrolling
Interest Total Equity
1,749 3,218,713
23,160
52,535
12,838
8,264 8,264
2,780 439,380
68,069
(4,604) (4,604)
2,450 2,450
(107,331)
(276,261)
3,535
10,639 3,440,748
10,583
1,143,521
55,436
18,645
(8,133) 796,482
16,449
(67,921)
(3,677) (3,677)
44,814 45,604
(27,086) (27,086)
(12,627)
16,557 5,416,157
9,302
66,367
7
(177,476)
26,499
4,206 4,206
(555) 1,236,647
(295,661)
868
(5,282)
(2,810) (2,810)
25,575 25,575
237 237
(4,138) (3,750)
(3,488) (3,488)
176,882
35,584 6,474,280
CONSOLIDATED STATEMENTS OF CASH FLOWS
Operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
Amortization of issuance cost of convertible senior notes
Deferred taxes
Bad debt expenses
Deferred rent
(Gain) loss from disposal of property and equipment
Impairment loss
Loss (Income) from equity method investments
Investment (income) loss
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable
Prepaid rent
Inventories
Amounts due from related parties
Other assets
Accounts payable
Amounts due to related parties
Salary and welfare payables
Deferred revenue
Income tax payable
Other long-term liabilities
Net cash provided by operating activities
Investing activities:
Purchases of property and equipment for hotels in operation and headquarters
Purchases of property and equipment for hotels under development
Purchases of intangibles
Amount received as a result of government zoning
Acquisitions, net of cash received
Proceeds from disposal of subsidiary and branch, net of cash disposed
Purchase of long-term investments
Proceeds from maturity/sale of long-term investments
Payment for shareholder loan to equity investees
Collection of shareholder loan from equity investees
Purchases of short-term investments
Proceeds from maturity/sale of short-term investments
Payment for the origination of loan receivables
Proceeds from collection of loan receivables
(Increase) decrease in restricted cash
Net cash (used in) provided by investing activities
Financing activities:
Net proceeds from issuance of ordinary shares upon exercise of options
Payment of share repurchase
Proceeds from short-term bank borrowings
Repayment of short-term bank borrowings
Proceeds from long-term bank borrowings
Repayment of long-term bank borrowings
Funds advanced from noncontrolling interest holders
Repayment of funds advanced from noncontrolling interest holders
Acquisitions of noncontrolling interest
Contribution from noncontrolling interest holders
Dividends paid
Proceeds from issuance of convertible senior notes, net of issuance cost and capped call option
Direct financing costs paid
Proceeds from ADS lending
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized
Income taxes paid
Supplemental schedule of non-cash investing and financing activities:
Purchases of property and equipment included in payables
Consideration payable for business acquisition
Purchase of intangible assets included in payables
Reimbursement of government zoning included in receivables
Proceeds from disposal of subsidiary and branch included in receivables
Acquisition of noncontrolling interest included in payables
Issuance of ordinary shares for acquisition of AccorHotels (Note 3)
2015 2016 2017 2017
US$000
(Note 2)
439,380 796,482 1,236,647 190,069
52,535 55,436 66,367 10,200

661,404 694,894 789,252 121,306
2,598 399
(50,149) 33,446 (76,237) (11,717)
1,997 1,082 2,446 376
130,301 103,322 209,074 32,134
(5,519) 9,333 12,884 1,980
95,608 153,741 169,213 26,008
2,896 (6,157) 11,783 1,811
(2,767) (116,763) (159,974) (24,588)
(5,749) (46,211) 4,207 647

(44,430) (25,380) (188,653) (28,995)
5,952 3,923 2,766 425
(9,314) (31,151) (4,788)
(15,518) (40,813) (76,320) (11,730)
1,787 (5,046) (54,411) (8,363)
14,194 59,129 8,141 1,251
1,250 7,489 3,093 475
24,532 60,669 133,142 20,464
216,805 19,529 4,016 617
121,502 202,351 288,185 44,293
56,019 64,087 44,688 6,868
60,481 51,072 50,840 7,813
1,762,511 2,066,301 2,452,596 376,955
(315,117) (296,353) (405,166) (62,273)

(325,105) (206,783) (414,357) (63,685)
(8,818) (13,557) (7,854) (1,207)
6,721 2,099 2,593 399
(19,153) 131,501 (3,745,588) (575,686)
5,000 (20,668) 13,684 2,103
(105,707) (293,125) (1,327,508) (204,034)
14,410 14,842 128,174 19,700
(1,386) (39,387) (113,206) (17,399)
1,522 9,285 119,855 18,421
(434,811) (95,802) (14,724)
526,443
(53,000) (36,420) (445,892) (68,532)
45,587 45,885 55,662 8,554
(360,500) 360,000 (480,849) (73,905)
(1,550,357) 183,762 (6,716,254) (1,032,268)
22,619 12,206 9,073 1,394

(107,331)
589,376 281,719 136,488 20,978
(283,516) (332,555) (294,677) (45,291)
3,633,174 558,409
(1,650,917) (253,741)
5,432 11,453 83,573 12,845
(900) (600) (8,730) (1,342)
(4,083) (4,083) (3,750) (576)
2,450 45,604 25,575 3,931
(4,604) (3,677) (2,810) (432)
(276,261) (306,343) (47,084)
2,925,203 449,595
(9,763) (1,501)
7 1
219,443 (266,194) 4,536,103 697,186
(2,624) 13,300 (32,733) (5,031)
428,973 1,997,169 239,712 36,842
808,865 1,237,838 3,235,007 497,212
1,237,838 3,235,007 3,474,719 534,054
3,854 9,415 186,648 28,687

190,660 184,414 380,272 58,447
513,168 453,281 612,503 94,140

113,458 172,813 118,242 18,173
7,646 7,267 6,015 924
2,099 2,700 2,068 318
300 46
4,083
1,143,521
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended
December 31, Description
2016 Long-term available-for-sale securities
2017 Short-term trading securities
2017 Long-term available-for-sale securities
Fair Valu
Quoted Prices in Active
Markets for Identical
Assets
Fair Value (Level 1)
247,085 204,945
129,911 129,911
1,253,786 907,716
Fair Value Measurements at Reporting Date Using
Significant Other
Observable Inputs
(Level 2)
42,140
346,070
Significant
Unobservable
Inputs
(Level 3)
Years Ended
December 31, Description
2015 Property and equipment
2015 Goodwill
2016 Long-term investments
Fair Value for
Years Ended
December 31
21,879

20,706

51,750
Quoted Prices
in Active Fair Value Measurement
Markets for
Identical
Assets
(Level 1)
Significant
Fair Value Measurements at Reporting Date Using
Other
Observable
Inputs
(Level 2)
Significant
Unobservable Total
Inputs Loss for
(Level 3) the Year
21,879 93,163
2,445
20,706 150,533
3,208
51,750 169,213
2015 2016
Hotel operating costs 8,835 13,603
Selling and marketing expenses 907 811
General and administrative expenses 42,793 41,022
Total 52,535 55,436
mber 31,
2017
19,725
1,530
45,112
66,367
ACQUISITIONS
2015
Pro forma net revenue 5,955,538
Pro forma net income 478,770
2016
6,548,083
806,921
2016 Amortization Period
Current assets 207,396
Property and equipment 311,045 5-30 years
Favorable leases 3,009 remaining lease terms
Master brand agreement 192,000
Land use rights 149,668 remaining contracts terms
Long-term investments 417,604
Goodwill 63,160
Other noncurrent assets 1,664
Current liabilities (38,634)
Deferred tax liabilities (42,952)
Total 1,263,960
2016 2017
Pro forma net revenue 7,473,851 8,571,372
Pro forma net income 858,012 1,275,788
2017 Amortization Period
Current assets 137,314
Property and equipment 842,102 3-20 years
Favorable leases 90,704 remaining lease terms
Franchise agreement 58,691 remaining contract terms
Brand Name 1,141,793 indefinite life
Goodwill 2,093,254
Other noncurrent assets 130,813
Current liabilities (222,205)
Noncurrent liabilities (179,985)
Deferred tax liabilities (322,797)
Noncontrolling interest (4,206)
Total 3,765,478
2015 2016 2017

Current assets 3,382 5,330 8,018
Property and equipment 74,222 28,412 33,965
Favorable leases 41,283 5,004 31,508
Deferred tax assets 515
Franchise agreements 3,300
Goodwill 46,135
Other noncurrent assets 663
Current liabilities (22,864) (34,495) (65,614)
Deferred tax liabilities (11,146) (1,251) (7,877)
Noncontrolling interest (8,264)
Total 127,226 3,000
Amortization Period
5-10 years
remaining lease terms
remaining contracts terms

LOAN RECEIVABLES
As of December 31,
2016 2017
Loan receivables, current portion
Loan receivables from franchisees 14,649 29,754
Loan receivables from other entities 7,761 350,826
Total 22,410 380,580
Loan receivables, non-current portion
Loan receivables from franchisees 7,269 31,534
Loan receivables from other entities 10,796
Total 7,269 42,330
PROPERTY AND EQUIPMENT, NET
As of December 31,
2016 2017
Cost:
Buildings 255,646 247,406
Leasehold improvements 5,563,815 6,452,472
Furniture, fixtures and equipment 925,174 1,033,941
Motor vehicles 820 820
6,745,455 7,734,639
Less: Accumulated depreciation (3,196,496) (3,706,856)
3,548,959 4,027,783
Construction in progress 161,509 495,095
Property and equipment, net 3,710,468 4,522,878
INTANGIBLE ASSETS, NET AND UNFAVORABLE LEASE
As of December 31,
2016 2017
Intangible assets with indefinite life:
Brand name (Note 3) 28,600 1,170,393
Master brand agreement (Note 3) 192,000 192,000
Intangible assets with definite life:
Franchise agreements 11,000 69,691
Non-compete agreement 400 400
Favorable lease agreements 135,874 255,657
Purchased software 55,101 64,694
Total 422,975 1,752,835
Less: Accumulated amortization (80,281) (108,863)
Total 342,694 1,643,972
As of December 31,
2016 2017
Unfavorable lease agreements 3,924 3,924
Unfavorable lease agreements, net 822 692
Amortization for
Intangible Assets
2018 33,404
2019 31,885
2020 30,830
2021 29,490
2022 27,440
Thereafter 128,530
Total 281,579
Amortization for
Unfavorable Lease Net Amortization
(130) 33,274
(130) 31,755
(130) 30,700
(130) 29,360
(130) 27,310
(42) 128,488
(692) 280,887
LAND USE RIGHTS
As of December 31,
2016 2017
Land use rights (Note 3) 149,668 149,668
Total 145,521 140,108
LONG-TERM INVESTMENTS
As of December 31,
2016
Ownership% Amount
Available-for-sale securities:
Quanjude 159,305
Tang Palace 18,856
Banyan Tree 26,784
Hotel Group B
Cjia 42,140
CREATER
Cost-method investments:
UBOX/BJ UBOX 3% 48,220
BJ GOOAGOO/GOOAGOO 19% 60,000
Founder Service 11% 45,000
Qingpu 10% 17,143
Mobike
Blossom Hill
OYO
Other investments 2,208
Equity-method investments:
Sheen Star 20% 20,862
Distrii 39% 28,562
AAPC LUB 28% 446,100
China Young 37% 43,054
CREATER 20% 100,000
Hitone
Hanmo
Other investments 6,087
Total 1,064,321
of December 31,
2017
Ownership% Amount
127,444

780,272
246,070
100,000
2% 33,822
19% 60,000
11% 45,000
5% 17,143
Less than 1% 66,288
11% 60,194
1% 66,467
6,803
20% 20,864
18% 45,156
28% 477,560
37% 40,811
20% 102,709
20% 30,300
60% 26,000
9,066
2,361,969
GOODWILL
Gross
Amount
Balance at January 1, 2015 66,650
Increase in goodwill related to acquisitions 46,135
Impairment losses recognized
Balance at December 31, 2015 112,785
Increase in goodwill related to acquisitions 63,160
Balance at December 31, 2016 175,945
Increase in goodwill related to acquisitions 2,093,254
Balance at December 31, 2017 2,269,199
Accumulated Net
Impairment Loss Amount
(1,996) 64,654
46,135
(2,445) (2,445)
(4,441) 108,344
63,160
(4,441) 171,504
2,093,254
(4,441) 2,264,758
DEBT
As of December 31,
2016 2017
Short-term debt:
Long-term bank borrowings, current portion 131
Short-term bank borrowings 298,291 130,684
Total 298,291 130,815
Long-term debt:
Long-term bank borrowings, non-current portion 1,894,722
Convertible senior notes 3,027,052
Total 4,921,774
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
As of December 31,
2016 2017
Payable for business acquisitions 171,484 117,617
Accrual for customer loyalty program 121,066 156,092
Payable to noncontrolling interest holders 34,791 86,896
Payable to franchisees 212,242 418,293
Other payables 170,944 262,086
Accrued rental 66,804 84,423
Accrued utilities 46,379 61,748
Deferred rent, current 37,648 49,857
Other accrued expenses 34,479 27,890
Total 895,837 1,264,902
HOTEL OPERATING COSTS
2015 2016 2017
Rents 1,804,532 1,870,879 2,058,954
Utilities 341,620 345,615 365,100
Personnel costs 919,555 1,088,380 1,388,284
Depreciation and amortization 645,058 676,996 773,202
Consumable, food and beverage 485,099 494,764 550,513
Others 316,283 455,539 538,098
Total 4,512,147 4,932,173 5,674,151
PRE-OPENING EXPENSES
2015 2016 2017
Rents 95,977 67,277 191,502
Personnel costs 5,903 1,560 6,221
Others 8,131 3,010 8,731
Total 110,011 71,847 206,454
SHARE-BASED COMPENSATION
2015
Suboptimal exercise factor 4.16
Risk-free interest rate 1.49 to 1.74%
Volatility 38.88 to 39.25%
Dividend yield
Life of option 6 years
Share options outstanding at January 1, 2017
Forfeited
Exercised
Share options outstanding at December 31, 2017
Share options vested or expected to vest at December 31, 2017
Share options exercisable at December 31, 2017
Number of Weighted Average
Options Exercise Price
US$
2,656,244 2.15
(2,296) 1.82
(609,224) 2.25
2,044,724 2.12
2,026,971 2.09
1,969,391 2.01
Weighted Average
Remaining Aggregate Intrinsic
Contractual Life Value
Years US$000
1.45 69,500
1.44 68,950
1.38 67,148
Nonvested restricted stocks outstanding at January 1, 2017

Granted
Forfeited
Vested
Adjusted
Nonvested restricted stocks outstanding at December 31, 2017
Weighted Average Grant
Number of Restricted Date
Stocks Fair Value
US$
13,540,557 5.20
493,972 21.78
(174,984) 6.43
(1,626,768) 4.99
259,793 5.11
12,492,570 5.86
EARNINGS PER SHARE
Net income attributable to ordinary shareholders basic

Eliminate the dilutive effect of interest expense of convertible senior notes
Net income attributable to ordinary shareholders diluted
Weighted average ordinary shares outstanding basic
Incremental weighted-average ordinary shares from assumed exercise of share options and nonvested restricted stocks usin
Dilutive effect of convertible senior notes
Weighted average ordinary shares outstanding diluted
Basic earnings per share
Diluted earnings per share
2015 2016 2017
436,600 804,615 1,237,202
4,549
436,600 804,615 1,241,751
### ### ###
ed stocks using the tr 5,570,963 7,750,424 12,202,369
1,599,469
### ### ###
1.74 2.92 4.43
1.70 2.84 4.24
PRC
2015 2016 2017
Current Tax 246,678 253,674 436,195
Deferred Tax (50,149) 33,446 (76,237)
Total 196,529 287,120 359,958
PRC statutory tax rate

Tax effect of other expenses that are not deductible in determining taxable profit
Effect of different tax rate of group entities operating in other jurisdictions
Effect of change in valuation allowance
Effect of tax holiday
Effect of cash dividends
Effect of disposal of subsidiary
Effect of excess tax benefit of rewards
Effective tax rate
2015 2016 2017
25% 25% 25%
3% 3% 1%
(1 )% 1%
5% 1%
(7 )% (3 )% (1 )%
5% 3% (1 )%
(1 )%
(3 )%
31% 27% 22%
2015 2016 2017
Aggregate amount 41,288 27,224 24,424
Per share effectbasic 0.16 0.10 0.09
Per share effectdiluted 0.16 0.10 0.08
As of December 31,
2016
Deferred tax assets:
Net loss carryforward 97,219
Deferred revenue 71,517
Deferred rent 2,968
Long-term assets 51,579
Bad debt provision 2,856
Accrual for customer loyalty program 30,267
Accrued payroll 3,588
Other accrued expenses 17,688
Share-based compensation 10,978
Others 2,379
Valuation allowance (114,625)
Total deferred tax assets 176,414
Deferred tax liabilities:
Favorable lease, building and land use rights-fair value adjustment 67,167
Capitalized interest 3,519
Unrealized gain for investment 14,826
Others 10,817
Total deferred tax liabilities 96,329
As of December 31,
2017
139,650
78,788
8,763
130,112
4,437
37,298
14,155
20,706
13,447
1,425
(123,138)
325,643
398,761
2,929
6,861
13,539
422,090
2015 2016 2017
Balance at January 1 8,345 14,755 19,787
Addition for tax positions 6,410 5,032 6,623
Balance at December 31 14,755 19,787 26,410
As of December 31,
2016 2017
Sheen Star 37,060 39,172
Accor 4,052 2,040
Cjia 50,365 15,460
Ctrip 3,203 31,754
CREATER 26,979
Others 3,773 3,132
Total 98,453 118,537
As of December 31,
2016 2017
Ctrip 3,291 28,651
Accor 6,019 6,684
Others 1,748 1,555
Total 11,058 36,890
(b) Related party transactions
Years End
2015
Commission expenses to Ctrip 17,740
Brand use fee, reservation fee and other related service fee to Accor
Marketing and training fee from Ctrip
Service fee from Accor
Goods sold and service provided to Cjia
Interest income from Sheen Star
Loan payment to Sheen Star
Loan payment to Cjia
Loan payment to CREATER
2016 2017
44,119 76,792
6,019 10,786
12,667 23,659
4,052 7,729
353 8,486
2,060
35,000
84,950
26,979
COMMITMENTS AND CONTINGENCIES
Year Ending December 31,
2018 1,823,626
2019 2,539,224
2020 2,518,195
2021 2,413,641
2022 2,284,216
Thereafter 13,508,772
Total 25,087,674
BALANCE SHEETS
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Total current assets
Other assets
Investment in subsidiaries
Long-term investments
Total assets
Liabilities and equity
Current liabilities:
Short-term debt
Amount due to related parties
Total current liabilities
Long-term debt
Total liabilities
Equity:
Ordinary shares(US$0.0001 par value per share; 8,000,000,000 shares authorized; 281,379,130 and 294,040,234 shares issu
Treasury shares (3,096,764 and 3,096,764 shares as of December 31 2016 and 2017, respectively)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive (loss) income
Total equity
Total liabilities and equity
As of December 31,
2016 2017 2017
US$000
374,036 556,604 85,548

129,911 19,967
173 37,030 5,691
374,209 723,545 111,206
32,916 5,059
5,512,131 10,302,818 1,583,514
45,640 780,272 119,926
5,931,980 11,839,551 1,819,705
298,291 130,815 20,106

222,402 312,871 48,087
11,687 35,395 5,439
532,380 479,081 73,632
4,921,774 756,463
532,380 5,400,855 830,095
4 shares issued as of December 204

31, 2016 and 2017, and
212
278,282,366 and 280,518,358
33 shares outstanding as of December 31, 2016 and
(107,331) (107,331) (16,496)
3,699,056 3,624,135 557,019
1,812,174 2,753,715 423,238
(4,503) 167,965 25,816
5,399,600 6,438,696 989,610
5,931,980 11,839,551 1,819,705
ADDITIONAL FINANCIAL INFORMATION — FINANCIAL STATEMENTS SCHEDULE I CHINA LODGING GROUP, LIMITED FINANC
Operating costs and expenses:

Selling and marketing expenses
General and administrative expenses
Total operating costs and expenses
Loss from operations
Interest income
Interest expense
Foreign exchange gain (loss)
Other income, net
Income in investment in subsidiaries
Net income attributable to China Lodging Group, Limited
Other comprehensive income

Unrealized securities holding gains, net of tax of 7,151, (1,810) and (7,965) for 2015, 2016 and 2017
Foreign currency translation adjustments, net of tax of nil for 2015, 2016 and 2017
Comprehensive income
TED FINANCIAL INFORMATION FOR PARENT COMPANY
2015 2016 2017 2017
US$000
157
59,236 60,075 68,720 10,561
59,393 60,075 68,720 10,561
(59,393) (60,075) (68,720) (10,561)
30 273 1,606 247
3,198 10,453 86,570 13,306
7,477 14,750 (14,382) (2,210)
2,488 69,919 43,666 6,711
489,196 790,201 1,361,602 209,274
436,600 804,615 1,237,202 190,155
68,069 16,449 868 133

(67,921) (5,282) (812)
3,535 (12,627) 176,882 27,186
508,204 740,516 1,409,670 216,662
ADDITIONAL FINANCIAL INFORMATION — FINANCIAL STATEMENTS SCHEDULE I CHINA LODGING GROUP, LIMITED FINANC
Operating activities:
Net income
Adjustments to reconcile net income to net cash used in operating activities:
Income in investment in subsidiaries
Investment income
Amortization of issuance cost of convertible notes
Changes in operating assets and liabilities:
Deferred revenue
Other assets
Salary and welfare payable
Net cash provided by (used in) operating activities
Investing activities:
Investment in subsidiaries
Receipt of investment in subsidiaries
Purchase of long-term investments
Proceeds from sale of long-term investments
Purchase of short-term investments
Proceeds from sale of short-term investment
Net cash (used in) provided by investing activities
Financing activities:
Net proceeds from issuance of ordinary shares upon exercise of option
Payment of share repurchase
Proceeds of advances from subsidiaries
Proceeds from short-term bank borrowings
Repayment of short-term bank borrowings
Proceeds from long-term bank borrowings
Repayment of long-term bank borrowings
Proceeds from issuance of convertible senior notes, net of issuance cost and capped call option
Debt financing costs paid
Proceeds from ADS lending
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
ITED FINANCIAL INFORMATION FOR PARENT COMPANY
2015 2016 2017 2017
US$000
436,600 804,615 1,237,202 190,155
52,535 55,436 66,367 10,200

(489,196) (790,201) (1,361,602) (209,274)
(51,123) (40,822) (6,274)
2,598 399
(364)
2,312 776 (25,946) (3,988)
(32,916) (5,059)
(86) (25)
15,463 (16,618) 23,710 3,644
17,264 2,860 (131,409) (20,197)
(168,709) (3,251,346) (499,723)

236,238
(47,859) (760,215) (116,843)
3,845 58,264 8,955
(271,630) (95,802) (14,724)
337,189
(440,339) 529,413 (4,049,099) (622,335)
22,619 12,206 9,073 1,394

(107,331)
222,403 90,468 13,905
489,376 281,719 135,488 20,824
(183,516) (332,555) (293,677) (45,137)
3,633,174 558,409
(1,650,917) (253,741)
2,925,203 449,595
(9,763) (1,501)
7 1
(276,261) (306,343) (47,084)
443,551 (314,891) 4,532,713 696,665
5,800 35,629 (169,637) (26,073)
26,276 253,011 182,568 28,060
94,749 121,025 374,036 57,488
121,025 374,036 556,604 85,548
VALUATION AND QUALIFYING ACCOUNT S
Allowance for doubtful accounts of accounts receivables and other receivables:

2015
2016
2017
Valuation allowance for deferred tax assets
2015
2016
2017
Balance at
Beginning of Charge to Costs and
Year Expenses
(Renmi
6,477 1,997
6,059 1,082
11,924 2,446
62,868 47,122
92,527 55,757
114,625 59,929
Addition Due to Charge Taken
Acquisition Against Allowance
(Renminbi in thousands)

7,151

(15,508)
11,724 (17,064)
2,963 (46,903)
Balance at
Write off End of Year
(2,415) 6,059
(2,368) 11,924
(3,593) 10,777
(1,955) 92,527
(28,319) 114,625
(7,476) 123,138
SCHEDULE I
Initial Purchaser
Deutsche Bank Securities Inc.
J.P. Morgan Securities LLC
Morgan Stanley & Co. International plc
UBS Securities LLC
Total:
Principal Amount of
Notes to be Purchased
$ 363,072,000
$ 43,714,000
$ 14,571,000
$ 3,643,000
$ 425,000,000
Exhibit 4.25
Deutsche Bank
Deutsche Bank AG, London Branch

Winchester house
1 Great Winchester St,
London EC2N 2DB
Telephone: 44 20 7545 8000
c/o Deutsche Bank Securities Inc.

60 Wall Street
New York, NY 10005
Telephone: 212-250-2500
DATE: October 26, 2017
TO: China Lodging Group, Limited

ATTENTION: Teo Nee Chuan
TELEPHONE: +86-21-61952011
FROM: Deutsche Bank AG, London Branch
SUBJECT: Base Capped Call Transaction
REFERENCE NUMBER(S): 754,142

Exhibit 4.26

TELEPHONE: +86-21-61952011
FROM: JPMorgan Chase Bank, National As

London Branch
25 Bank Street
Canary Wharf
London E14 5JP
England
REFERENCE NUMBER(S): [ ]

Exhibit 4.27

TELEPHONE: +86-21-61952011
FROM: Morgan Stanley & Co. LLC

1585 Broadway, 5th Floor
New York, NY 10036

Contact information.
To: Morgan Stanley & Co. LLC

New York, NY 10036
Attn: Global Capital Markets
Telephone: +1 212 761-9363, +852 3963-0262
Facsimile: +1 212 404-9481, +852 3748-1315
Email: nycd-notices@morganstanley.com, asiaced@morganstanley.com
With a copy to: Morgan Stanley & Co. LLC

1221 Avenue of the Americas, 34th Floor
New York, NY 10020
Telephone: +1 212 761-9363, +852 3963-0262
Facsimile: +1 212 404-9481, +852 3748-1315
Exhibit 4.28
Deutsche Bank
Deutsche Bank AG, London Branch

Winchester house
1 Great Winchester St,
London EC2N 2DB
Telephone: 44 20 7545 8000
c/o Deutsche Bank Securities Inc.

60 Wall Street
New York, NY 10005
Telephone: 212-250-2500

TELEPHONE: +86-21-61952011
FROM: Deutsche Bank AG, London Branch
SUBJECT: Additional Capped Call Transaction
REFERENCE NUMBER(S): 754,154

Exhibit 4.29

TELEPHONE: +86-21-61952011
FROM: JPMorgan Chase Bank, National Association

London Branch
25 Bank Street
Canary Wharf
London E14 5JP
England

Agreement
General:
Trade Date: October 31, 2017.

Effective Date:
Option Style:
Option Type:
Seller:
Buyer:
Shares:
Underlying Shares:
Underlying Shares Issuer:

Convertible Notes:
The closing date for the issuance of the Convertible Notes issued pursuant to the initial purchasers option in accordance
Modified American, as described below under Procedure for Exercise .
Note Hedging Units.
Dealer.
Counterparty.
The American Depositary Shares issued under the Deposit Agreement (as defined below) (Symbol: HTHT ), each representi
The ordinary shares of Counterparty, nominal value USD 0.0001 per share.
Counterparty
0.375% Convertible Senior Notes due 2022 of Counterparty, offered pursuant to an Offering Memorandum to be dated as
accordance with the Purchase Agreement dated as of October 26, 2017 (the Purchase Agreement) between Counterparty and the I
ch representing as of the date hereof four Underlying Shares.
o be dated as of October 26, 2017 (the Offering Memorandum) and issued pursuant to the indenture to be dated on or about Novem
tween Counterparty and the Initial Purchasers (as defined therein).
be dated on or about November 3, 2017, by and between Counterparty and Wilmington Trust, N.A., as trustee (the Indenture). Re
trustee (the Indenture). References herein to the Indenture refer to the draft of the Indenture most recently reviewed by the partie
ecently reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of the Indenture are changed, a
the Indenture are changed, added or renumbered upon execution of the Indenture, the parties will amend this Confirmation in good f
nd this Confirmation in good faith to preserve the economic intent of the parties. Subject to the foregoing, references herein to the I
ng, references herein to the Indenture shall be to the Indenture as executed, without giving effect to any amendment, supplement or
amendment, supplement or modification thereto other than an amendment, supplement or modification that does not constitute an
on that does not constitute an Amendment Event (as defined below) (a Permitted Amendment ), subject to the provision set forth u
ct to the provision set forth under Settlement Amount below relating to Counterparty Determinations, a Merger Supplemental Inde
a Merger Supplemental Indenture (as defined below). If any amendment or supplement is made to the Indenture following executi
e Indenture following execution thereof (other than pursuant to a Merger Supplemental Indenture or a Permitted Amendment) (x) the
ermitted Amendment) (x) the Calculation Agent shall determine the relevant Settlement Amount and Settlement Date for any Note H
ettlement Date for any Note Hedging Unit exercised thereafter in accordance with this Confirmation by referring to the relevant provis
eferring to the relevant provisions of the Indenture without giving effect to such amendment or supplement, and (y) such supplemen
ent, and (y) such supplement or amendment shall be disregarded for all other purposes hereunder. Terms in quotation marks that a
ms in quotation marks that are not otherwise defined in this Confirmation shall have the
Number of Note Hedging Units:
Note Hedging Unit Entitlement:
Strike Price:
Cap Price:
Applicable Percentage:
Premium:
Premium Payment Date:
Exchange:
Related Exchanges:
Calculation Agent:
Procedure for Exercise:
Potential Exercise Dates:
Conversion Date:
meanings set forth in the Indenture, unless the context requires otherwise.
50,000, as reduced by any Note Hedging Units exercised hereunder.
5.4869.
USD1,000 divided by the Note Hedging Unit Entitlement, which equals approximately USD182.2523.
USD221.3060.
70%.
As provided in Annex A to this Confirmation.
The Effective Date.
The NASDAQ Global Select Market.
All Exchanges.
Dealer; provided that, following the occurrence and during the continuance of an Event of Default of the type described in Se
Each Conversion Date.
Each Conversion Date (other than in respect of an Early Conversion); provided that, in respect of any Note Hedging Units no
scribed in Section 5(a)(vii) of the Agreement with respect to Dealer, Counterparty shall have the right to designate a nationally recognize
ging Units not previously exercised, a conversion and a Conversion Date shall be deemed to have occurred on the last day permitted unde
esignate a nationally recognized independent equity derivatives dealer to replace Dealer as the Calculation Agent, and the parties shall w
on the last day permitted under the Indenture.

Agent, and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Age
h replacement Calculation Agent. Following any determination, adjustment or calculation by the Calculation Agent hereunder, upon a re
n Agent hereunder, upon a request by Counterparty, the Calculation Agent shall promptly (but in any event within three Scheduled Tradin
within three Scheduled Trading Days) provide to Counterparty by e-mail to the e-mail address provided by Counterparty in such request a
Counterparty in such request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in r
financial data) displaying in reasonable detail the basis for such determination, adjustment or calculation (including any assumptions use
including any assumptions used in making such determination, adjustment or calculation), it being understood that the Calculation Agen
ood that the Calculation Agent shall not be obligated to disclose any proprietary or confidential models used by it for such determination
ed by it for such determination, adjustment or calculation or any information that it may be subject to contractual, legal or regulatory ob
actual, legal or regulatory obligations not to disclose.
Required Exercise on Conversion Dates:
Expiration Date:
Multiple Exercise:
Automatic Exercise:
Settlement Terms:
Settlement:
Certificated Shares or Underlying Shares:

On each Conversion Date (other than any Conversion Date occurring prior to the 52nd Scheduled Trading Day prior to the
November 1, 2022.
Applicable, as provided under Required Exercise on Conversion Dates .
Applicable, as provided under Required Exercise on Conversion Dates .
Underlying Shares. Share Settlement means settlement of a Note Hedging Unit pursuant to Settlement Amount
below, and Share Settled has a meaning correlative thereto.
Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares or Underl
prior to the Maturity Date (any such related conversion, an Early Conversion ), to which the provisions of clause (b) under Additiona
res or Underlying Shares required to be delivered to Counterparty hereunder in certificated form in lieu of delivery through the Clearanc
of clause (b) under Additional Termination Events below shall apply), a number of Note Hedging Units equal to (i) the number of Co
delivery through the Clearance System. With respect to such certificated Shares or Underlying Shares, the Representation and
equal to (i) the number of Convertible Notes in denominations of USD 1,000 principal amount with respect to which a Conversion Dat
Representation and
ct to which a Conversion Date has occurred minus (ii) the number of Note Hedging Units that are or are deemed to be automatically
deemed to be automatically exercised in respect of such Conversion Date under the Base Capped Call Transaction Confirmation dated
ansaction Confirmation dated October 26, 2017 between Dealer and Counterparty (the Base Capped Call Confirmation), shall be exe
l Confirmation), shall be exercised automatically; provided that in no event will the number of Note Hedging Units exercised or deem
ging Units exercised or deemed exercised hereunder exceed the Number of Note Hedging Units.
Daily VWAP:
Settlement Amount:
Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision aft
For any Trading Day, the per Share volume-weighted average price as displayed under the heading Bloomberg VWAP on

In addition, and notwithstanding anything to the contrary herein:
e provision after the word encumbrance in the fourth line thereof; provided that, in the event Counterparty uses such certificated Share
rg VWAP on Bloomberg page HTHT <equity> AQR (or its equivalent successor if such page is not available) in respect of the period fr
rty uses such certificated Shares or Underlying Shares to settle its obligations with respect to Convertible Notes, Dealer shall reimburse Co
ble) in respect of the period from the scheduled open of trading until the scheduled close of trading of the regular trading session on suc
tes, Dealer shall reimburse Counterparty for any reasonable costs or expenses as they are incurred.
regular trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one Share on
market value of one Share on such Trading Day determined, using a volume-weighted average method, by the Calculation Agent). For th
the Calculation Agent). For the avoidance of doubt, Daily VWAP will be determined without regard to after-hours trading or any other tra
-hours trading or any other trading outside of the regular trading session trading hours.
Settlement Date:
Settlement Currency:
Share Adjustments:
Adjustment Event:
Section 6.3(a) of the Equity Definitions is hereby amended by deleting the remainder of clause (ii) thereof following the
words at any time.
In respect of an Exercise Date, the date that falls one Settlement Cycle following the end of the Deemed Conversion Period
USD.
referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of
Section 14.04(c) of the
rsion Period (or, following the occurrence of a Cash Merger, the date that falls on the fifth Business Day following the applicable Exerc
ollowing the applicable Exercise Date).
Method of Adjustment:
Indenture or the fourth sentence of Section 14.04(d) of the Indenture.
Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, which Section sh
h Section shall not apply for purposes of the Transaction except as expressly provided herein, upon any Adjustment Event (excluding, for
justment Event (excluding, for the avoidance of doubt, any Fundamental Change Adjustment or Discretionary Adjustment), the Calculati
ry Adjustment), the Calculation Agent shall make (i) an adjustment corresponding to the adjustment to be made pursuant to the Indent
e made pursuant to the Indenture to any one or more of the Strike Price, the Note Hedging Unit Entitlement, the composition of the Shar
, the composition of the Shares and any other variable relevant to the exercise, settlement, payment or other terms of the Transaction (o
her terms of the Transaction (other than the Number of Note Hedging Units and the Cap Price and subject to the provisions set forth unde
o the provisions set forth under Settlement
Amount above in respect of any Counterparty Determination); provided that, notwithstandin
provided that, notwithstanding the foregoing, if any Adjustment Event occurs during the Deemed Conversion Period but no adjustment
on Period but no adjustment was made to any Convertible Note under the Indenture because the relevant Holder
(as
such term is defin
Holder
(as
such term is defined in the Indenture) was deemed to be a record owner of the underlying Shares on the related Conversion

res on the related Conversion
Date, then
the Calculation Agent shall make an adjustment, as determined by it based on the adjustment
by it based on the adjustment that would have otherwise applied under the Indenture, to the terms hereof in order to account for such A
n order to account for such Adjustment Event and (ii) a proportionate adjustment to the Cap Price to the extent any adjustment is ma
e extent any adjustment is made to the Strike Price pursuant to clause (i) above; provided that, upon the occurrence of any Adjustment E
ccurrence of any Adjustment Event and/or any Potential Adjustment Event, the Calculation Agent may, but without duplication of any a
without duplication of any adjustment pursuant to clause (i) and (ii) above, make any further adjustment to the Cap Price consistent wi
to the Cap Price consistent with the Calculation Agent Adjustment set forth in Section 11.2(c) of the Equity Definitions (as modified he
ty Definitions (as modified hereby) to preserve the fair value of the Transaction to the parties after taking into account such Adjustment E
nto account such Adjustment Event and/or Potential Adjustment Event; provided, further, that the Cap Price shall not be adjusted so that
e shall not be adjusted so that it is less than the Strike Price. In addition, if any Adjustment Event, or the effective date, expiration date
ective date, expiration date (as used in the Indenture) or Ex-Dividend Date for such event, occurs during the Deemed Conversion Per
g the Deemed Conversion Period, the Calculation Agent may make such further adjustments as it determines appropriate to the Settleme
es appropriate to the Settlement Amount for the relevant Note Hedging Units. Counterparty shall (x) reasonably promptly, but in any ev
onably promptly, but in any event within two Business Days, after the occurrence of any Adjustment Event and/or Merger Event, notify th
nd/or Merger Event, notify the Calculation Agent of such Adjustment Event and/or Merger Event, (y) give Dealer written notice, prompt
Dealer written notice, promptly following its determination thereof, of the section or sections of the Indenture and, if applicable, the for
ure and, if applicable, the formula therein, pursuant to which any adjustment is expected to be made to the Convertible Securities in con
e Convertible Securities in connection with any Adjustment Event or Merger Event and (z) once the adjustments to be made to the term
ments to be made to the terms of the Indenture and the Convertible Securities in respect of such Merger Event and/or Adjustment Event h
ent and/or Adjustment Event have been determined, reasonably promptly, but in any event with two Business Days, notify the Calculation
ess Days, notify the Calculation Agent in writing of the details of such adjustments.
Extraordinary Events:
Merger Events:
Notice of Merger Consideration:
Consequences of Merger Events:

the reasonable costs (including, but not limited to, hedging mismatches and market losses) and reasonable expenses
incurred by Dealer in connection with its hedging activities as a result of such Adjustment Event Change.
Notwithstanding Section 12.1(b) of the Equity Definitions, except for purposes of the provisions set forth under Consequen
In respect of any Merger Event, Counterparty shall notify the Calculation Agent of, if applicable, the weighted average of th
Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent shall
Consequences of Announcement Event and Announcement Event below, a Merger Event means the occurrence of any event or c
average of the kind and amounts of consideration to be received by the holders of Shares and Underlying Shares in any Merger Event
Agent shall make the

e occurrence of any event or condition set forth in Section 14.07(a) of the Indenture.
ng Shares in any Merger Event who affirmatively make such an election, reasonably promptly, but in any event within two Business Da
event within two Business Days, upon determination thereof (and in any event prior to the effective date of the Merger Event), and C
of the Merger Event), and Counterparty shall deliver to Dealer a copy of any supplemental indenture effecting such adjustments (a M
ffecting such adjustments (a Merger Supplemental Indenture ) as reasonably as practicable prior to execution thereof.
cution thereof.
Consequences of Announcement Events:
corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Share
If an Announcement Event occurs, the Calculation Agent will determine the cumulative economic effect of the Announcemen
of the Shares, the Strike Price, the Note Hedging Unit Entitlement, the Settlement Date and any other variable relevant to the exercise
nnouncement Event on the theoretical value of the Transaction (i) on a date occurring a commercially reasonable period of time after t
riable relevant to the exercise, settlement or payment or other terms of the Transaction (other than the Number of Note Hedging Uni
asonable period of time after the date of announcement of the relevant Announcement Event and (ii) on the Valuation Date or any earli
Number of Note Hedging Units and subject to the provisions set forth under Settlement Amount above in respect of any Counterpart
he Valuation Date or any earlier date of termination or cancellation for the Transaction (in each case, which may include, without limitati
in respect of any Counterparty Determination); provided that such adjustment shall be made without regard to any Fundamental Cha
h may include, without limitation, any actual or expected change in volatility, dividends, correlation, stock loan rate or liquidity relevant t
gard to any Fundamental Change Adjustment or any Discretionary Adjustment; provided further that if, with respect to a Merger Even
oan rate or liquidity relevant to the Shares or Underlying Shares or to the Transaction whether prior to or after the Announcement Even
with respect to a Merger Event, (i) the consideration for the Shares or Underlying Shares includes (or, at the option of a holder of Und
after the Announcement Event or for any reasonable period of time), and if, in the case of clause (i) or (ii), such economic effect is mate
the option of a holder of Underlying Shares, may include) shares (or depositary receipts with respect to shares) of an entity or person
such economic effect is material and Dealer so elects in its sole discretion, the Calculation Agent will (x) adjust the Cap Price (but in no
shares) of an entity or person that is not a corporation or entity that is treated as a corporation for U.S. federal income tax purposes o
djust the Cap Price (but in no event to a number lower than the Strike Price) to reflect such economic
ederal income tax purposes organized under the laws of (1) the United States, any State thereof, the District of Columbia or the Caym
trict of Columbia or the Cayman Islands or, (2) to the extent having the Underlying Shares Issuer organized under the laws of the juris
ed under the laws of the jurisdictions in this clause (2) would not have a material adverse effect on Dealer s rights and obligations here
er s rights and obligations hereunder, Dealers hedging activities or the costs of engaging in the foregoing and, provided that Counterp
and, provided that Counterparty negotiates in good faith with Dealer all the necessary and appropriate amendments to this Confirm
amendments to this Confirmation related to the foregoing in this clause (2), including, without limitation, causing its counsel to delive
n, causing its counsel to deliver written legal opinions reasonably requested by Dealer and will reimburse Dealer all of its out-of-pocke
Dealer all of its out-of-pocket costs (including costs of its counsel) reasonably incurred by Dealer, the British Virgin Islands, Bermuda,
tish Virgin Islands, Bermuda, Hong Kong or the United Kingdom (the jurisdictions listed in (1) and, to the extent the requirements list
extent the requirements listed in (2) are satisfied, the jurisdictions listed in (2), Permitted Merger Jurisdictions ); or (ii) Counterpart
sdictions ); or (ii) Counterparty following such Merger Event (A) will not be a corporation or entity that is treated as a corporation for
treated as a corporation for U.S. federal income tax purposes organized under the laws of a Permitted Merger Jurisdiction or (B) will
Merger Jurisdiction or (B) will not be the Underlying Shares Issuer or a subsidiary of the Underlying Shares Issuer following such Merger
s Issuer following such Merger Event, Cancellation and Payment (Calculation Agent Determination) may apply at Dealer s good faith,
apply at Dealer s good faith, commercially reasonable election.
Announcement Event:
Nationalization, Insolvency and Delisting:

effect and (y) determine the effective date of such adjustment; provided that, notwithstanding the foregoing, if the related M
(i) The public statement or announcement by any person or entity of (x) any transaction or event that, if completed, woul
Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(i
the related Merger Date or Tender Offer Date, as the case may be, or any subsequent related Announcement Event, occurs on or prior to
eted, would constitute a Merger Event or Tender Offer, (y) any acquisition by Underlying Shares Issuer or any of its subsidiaries wher
tion 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares a
nt Event, occurs on or prior to the effective date of such adjustment, any further adjustment to the terms of the Transaction with respect
or any of its subsidiaries where the aggregate consideration exceeds 25% of the market capitalization of the Underlying Shares Issuer
United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ
of the Transaction with respect to such Merger Date, Tender Offer Date or Announcement Event pursuant to this Confirmation and/or the
he Underlying Shares Issuer as of the date of such announcement (an Acquisition Transaction ) or (z) the firm intention to enter into
Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are imm
o this Confirmation and/or the Equity Definitions shall take such earlier adjustment into account (and, for the avoidance of doubt, where
he firm intention to enter into a Merger Event or Tender Offer or an Acquisition Transaction, (ii) the public statement or announcemen
essors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quot
he avoidance of doubt, where Cancellation and Payment is applicable, the Determining Party shall take into account such adjustment in d
ic statement or announcement by the Underlying Shares Issuer of an intention to solicit or enter into, or to explore strategic alternativ
ystem, such exchange or quotation system shall thereafter be deemed to be the Exchange.
account such adjustment in determining the Cancellation Amount); provided further that in no event shall the Cap Price be less than the
o explore strategic alternatives or other similar undertakings that may include, a Merger Event or Tender Offer or an Acquisition Tran
l the Cap Price be less than the Strike Price.
r Offer or an Acquisition Transaction or (iii) any subsequent public statement or announcement by any person or entity of a withdraw
erson or entity of a withdrawal, discontinuation, termination or other change to a transaction or intention that is the subject of an an
n that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence; provided that, for the avoidance o
ded that, for the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not
nsaction or intention shall not preclude the occurrence of a later Announcement Event described in clause (iii) above with respect to suc
(iii) above with respect to such transaction or intention. For purposes of this definition of Announcement Event, (A) Merger Event
t Event, (A) Merger Event shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance
tions (but, for the avoidance of doubt, the remainder of the definition of Merger Event in Section 12.1(b) of the Equity Definitions fo
b) of the Equity Definitions following the definition of Reverse Merger therein shall be disregarded) and (B) Tender Offer shall me
d (B) Tender Offer shall mean such term as defined under Section 12.1(d) of the Equity Definitions.
Additional Disruption Events:
Change in Law:
Failure to Deliver:
Insolvency Filing:
Hedging Disruption:
Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth line thereof the word or aft
Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended (i) by inserting the parenthetical (in
Applicable.
Applicable.

(ii) Section 12.9(b)(iii) of the Equity Definitions is hereby
word or after the word official and inserting a comma therefor and (2) inserting at the end of subsection (B) thereof the following wo
nthetical (including, for the avoidance of doubt and without limitation, the effectiveness, adoption or promulgation of new regulations
n (B) thereof the following wording, or, under the laws of the jurisdiction of organization of the Underlying Shares Issuer, any other imp
mulgation of new regulations authorized or mandated by existing statute) at the end of clause (A) thereof, (ii) by the replacement of the
ng Shares Issuer, any other impediment to or restriction on the transferability of any Share arises or becomes applicable including, withou
, (ii) by the replacement of the word Shares with Hedge Positions in clause (X) thereof; (iii) by replacing in the third line thereof the p
es applicable including, without limitation, where (x) any transfer of a Share or alteration of the status of the members of the Issuer wo
g in the third line thereof the phrase the interpretation with or the announcement of the formal or informal interpretation and (iv) im
the members of the Issuer would be void unless a court of the Cayman Islands or any other such jurisdiction orders otherwise or (y) any
mal interpretation and (iv) immediately following the word Transaction in clause (X) thereof, adding the phrase in the manner contem
n orders otherwise or (y) any transfer of a Share not being a transfer with the sanction of a liquidator, and any alteration in the status of
e phrase in the manner contemplated by the Hedging Party on the Trade Date .
any alteration in the status of the Issuer s members, would be void.
Hedging Party:
Determining Party:
Acknowledgements:
Non-Reliance:
Agreements and Acknowledgements

Regarding Hedging Activities:
Additional Acknowledgements:
amended by inserting in the third line thereof, after the words to terminate the Transaction , the words or a portion of th
Dealer for all applicable Additional Disruption Events; provided that, when making any determination or calculation as Hed
Dealer for all applicable Extraordinary Events; provided that, when making any determination or calculation as Determining
Applicable.
Applicable.
Applicable.
portion of the Transaction affected by such Hedging Disruption .
tion as Hedging Party, Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in S
Determining Party, Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Sectio
ulation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if the Hedging Party were the Calculation Ag
on Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if the Determining Party were the Calculation Age
Party were the Calculation Agent. The parties agree that they will comply with the provisions set forth in the second sentence under Ca
Party were the Calculation Agent. The parties agree that they will comply with the provisions set forth in the second sentence under Cal
e second sentence under Calculation Agent above, as if the Hedging Party were the Calculation Agent for purposes thereof.
e second sentence under Calculation Agent above, as if the Determining Party were the Calculation Agent for purposes thereof.
r purposes thereof.
t for purposes thereof.

J.P. Morgan
Securities
LLC, as
agent
JPMS for
JPMorgan
Chase
Bank,
National
Association
By:
Name:
Title:
By:
Name:
Title:
[Signature Page to Additional Capped Call Confirmatio
CHINA LODG
By:
Name:
Title:
Exhibit 4.30

TELEPHONE: +86-21-61952011
FROM: Morgan Stanley & Co. LLC

New York, NY 10036

CEA
To: Morgan Stanley & Co. LLC

New York, NY 10036
Telephone: +1 212 761-9363, +852 3963-0262
Facsimile: +1 212 404-9481, +852 3748-1315
With a copy to: Morgan Stanley & Co. LLC

1221 Avenue of the Americas, 34th Floor
New York, NY 10020
Telephone: +1 212 761-9363, +852 3963-0262
Facsimile: +1 212 404-9481, +852 3748-1315
TABLE OF CONTENTS
ARTICLE 1 Definitions 1
Section 1.01 Definitions 1
Section 1.02 References to Interes 9
ARTICLE 2 Issue, Description, Execution, Registration and 9Exchange of Notes
Section 2.01 Designation and Amo 9

Section 2.02 Form of Notes 9
Section 2.03 Date and Denominatio 10
Section 2.04 Execution, Authenti 11
Section 2.05 Exchange and Regist 12
Section 2.06 Mutilated, Destroyed, 20
Section 2.07 Temporary Notes 21
Section 2.08 Cancellation of Notes 21
Section 2.09 CUSIP Numbers 21
Section 2.10 Additional Notes; R 22
ARTICLE 3 SATISFACTION AND DISCHARGE 22
Section 3.01 Satisfaction and Dis 22
ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY 22
Section 4.01 Payment of Principal 22

Section 4.02 Maintenance of Office 23
Section 4.03 Appointments to Fill 23
Section 4.04 Provisions as to Payin 23
Section 4.05 Existence 24
Section 4.06 Rule 144A Information Requirement
24 and Annual Reports
Section 4.07 Additional Amounts 26
Section 4.08 Stay, Extension and 28
Section 4.09 Compliance Certificat 28
Section 4.10 Further Instruments a 29
ARTICLE 5 LISTS OF HOLDERS AND REPORTS BY THE COMPANY

29 AND THE TRUSTEE
Section 5.01 Lists of Holders 29

Section 5.02 Preservation and Dis 29
ARTICLE 6 DEFAULTS AND REMEDIES 29

Section 6.01 Events of Default 29
Section 6.02 Acceleration; Resci 30
Section 6.03 Additional Interest 31
Section 6.04 Payments of Notes on 32
Section 6.05 Application of Monies 33
Section 6.06 Proceedings by Holde 34
Section 6.07 Proceedings by Trust 34
Section 6.08 Remedies Cumulative 34
Section 6.09
Section 6.10
Section 6.11
ARTICLE 7 CONCERNING THE TRUSTEE
Section 7.01
Section 7.02
Section 7.03
Section 7.04
Section 7.05
Section 7.06
Section 7.07
Section 7.08
Section 7.09
Section 7.10
Section 7.11
Section 7.12
ARTICLE 8 CONCERNING THE HOLDERS
Section 8.01
Section 8.02
Section 8.03
Section 8.04
Section 8.05
ARTICLE 9 HOLDERS MEETINGS
Section 9.01
Section 9.02
Section 9.03
Section 9.04
Section 9.05
Section 9.06
Section 9.07
ARTICLE 10 SUPPLEMENTAL INDENTURES
Section 10.01
Section 10.02
Section 10.03
Section 10.04
Section 10.05
ARTICLE 11 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
Section 11.01
Section 11.02
Section 11.03
ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
Section 12.01
Direction of Proceedings and Waiver of Defaults by Majority of Holders 35
Notice of Defaults and Events of Default 35
Undertaking to Pay Costs 35
CERNING THE TRUSTEE 36
Duties and Responsibilities of Trustee 36

Reliance on Documents, Opinions, Etc. 37
No Responsibility for Recitals, Etc. 39
Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes 39
Monies to Be Held in Trust 39
Compensation and Expenses of Trustee 39
Officers Certificate as Evidence 40
Eligibility of Trustee 40
Resignation or Removal of Trustee 40
Acceptance by Successor Trustee 41
Succession by Merger, Etc. 41
Trustees Application for Instructions from the Company 41
CERNING THE HOLDERS 42
Action by Holders 42
Proof of Execution by Holders 42
Who Are Deemed Absolute Owners 42
Company-Owned Notes Disregarded 42
Revocation of Consents; Future Holders Bound 43
DERS MEETINGS 43
Purpose of Meetings 43
Call of Meetings by Trustee 43
Call of Meetings by Company or Holders 43
Qualifications for Voting 44
Regulations 44
Voting 44
No Delay of Rights by Meeting 45
PLEMENTAL INDENTURES 45
Supplemental Indentures Without Consent of Holders 45

Supplemental Indentures with Consent of Holders 45
Effect of Supplemental Indentures 47
Notation on Notes 47
Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee 47
NSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 47
Company May Consolidate, Etc. on Certain Terms 47

Successor Corporation to Be Substituted 48
Opinion of Counsel to Be Given to Trustee 48
MUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 48
Indenture and Notes Solely Corporate Obligations 48

ARTICLE 13 GUARANTOR SUBSIDIARIES GUARANTEES
Section 13.01
ARTICLE 14 CONVERSION OF NOTES
Section 14.01
Section 14.02
Section 14.03
Section 14.04
Section 14.05
Section 14.06
Section 14.07
Section 14.08
Section 14.09
Section 14.10
Section 14.11
Section 14.12
Section 14.13
ARTICLE 15 REPURCHASE OF NOTES AT OPTION OF HOLDERS
Section 15.01
Section 15.02
Section 15.03
Section 15.04
Section 15.05
ARTICLE 16 REDEMPTION ONLY FOR TAXATION REASONS
Section 16.02
Section 16.03
Section 16.03
Section 16.04
Section 16.05
Section 16.06
ARTICLE 17 MISCELLANEOUS PROVISIONS
Section 17.01
Section 17.02
Section 17.03
Section 17.04
Section 17.05
Section 17.06
Section 17.07
Section 17.08
Section 17.09
Section 17.10
Section 17.11
Section 17.12
ARANTOR SUBSIDIARIES GUARANTEES
Future Subsidiary Guarantees
NVERSION OF NOTES
Conversion Privilege
Conversion Procedure; Settlement Upon Conversion
Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Chang
Adjustment of Conversion Rate
Adjustments of Prices
Ordinary Shares to Be Fully Paid
Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares
Certain Covenants
Responsibility of Trustee
Notice to Holders Prior to Certain Actions
Stockholder Rights Plans
Termination of Depositary Receipt Program
U.S. Federal Income Tax Reporting Obligations in Connection with Conversion Rate Adjustments
URCHASE OF NOTES AT OPTION OF HOLDERS
Repurchase at Option of Holders

Repurchase at Option of Holders Upon a Fundamental Change
Withdrawal of Repurchase Notice or Fundamental Change Repurchase Notice
Deposit of Repurchase Price or Fundamental Change Repurchase Price
Covenant to Comply with Applicable Laws Upon Repurchase of Notes
EMPTION ONLY FOR TAXATION REASONS
No Redemption Except for Taxation Reasons

Notice of Tax Redemption
Payment of Notes Called for Tax Redemption for Taxation
Holders Right to Avoid Redemption
Restrictions on Tax Redemption
Withdrawal of Notice of Election to Avoid a Tax Redemption
CELLANEOUS PROVISIONS
Binding on Companys Successors

Official Acts by Successor Corporation
Addresses for Notices, Etc.
Governing Law; Jurisdiction
Submission to Jurisdiction; Service of Process
Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee
Legal Holidays
No Security Interest Created
Benefits of Indenture
Table of Contents, Headings, Etc.
Execution in Counterparts
Severability
49
49
49
49
49
51
53
60
60
60
61
62
62
63
63
63
63
63
65
67
68
68
69
69
69
70
71
71
71
71
71
71
71
72
73
73
74
74
74
74
74
74
Section 17.13 Waiver of Jury Trial 74
Section 17.14 Force Majeure 75
Section 17.15 Calculations 75
Section 17.16 USA PATRIOT Act 75
FATCA
Effective Date $ 130.18 $ 150.00 $ 160.00

November 3, 2017 2.19 1.59 1.35
November 1, 2018 2.19 1.56 1.31
November 1, 2019 2.19 1.52 1.25
November 1, 2020 2.19 1.40 1.14
November 1, 2021 2.19 1.30 1.02
November 1, 2022 2.19 1.18 0.76
ADS Price
$ 170.00 $ 182.25 $ 190.00 $ 200.00 $ 225.00
1.15 0.95 0.84 0.72 0.50
1.11 0.90 0.79 0.67 0.45
1.04 0.83 0.72 0.60 0.39
0.93 0.72 0.62 0.51 0.30
0.79 0.57 0.46 0.35 0.17
0.39 0.00 0.00 0.00 0.00
$ 250.00 $ 300.00 $ 350.00 $ 400.00
0.35 0.17 0.08 0.04
0.31 0.14 0.06 0.03
0.25 0.11 0.04 0.01
0.18 0.06 0.02 0.00
0.08 0.01 0.00 0.00
0.00 0.00 0.00 0.00
$ 500.00
0.00
0.00
0.00
0.00
0.00
0.00
II.
1.10 Starway Hotels (Hong Kong) Limited (Hong Kong)

1.20 Crystal Orange Hotel Holdings Limited (BVI)
1.30 Orange Hotel Hong Kong Limited (Hong Kong)
1.40 ACL Greater China Limited (Hong Kong)
1.50 Ibis China Investment Limited (Hong Kong)
1.60 TAHM Investment Limited (Hong Kong)
1.70 Huazhu Investment I Limited (Hong Kong)
1.80 Huazhu Investment II Limited (Hong Kong)
1.90 City Home Investment Limited (Hong Kong)
1.10 Hanting Technology (Suzhou) Co., Ltd.
1.11 Yagao Meihua Hotel Management Co., Ltd.
1.12 Tianjin Yagao Hotel Management Co., Ltd.
1.13 Starway Hotel Management (Shanghai) Co., Ltd.
1.14 Orange Hotel Management (China) Co., Ltd.
1.15 Beijing Crystal Orange Hotel Management Consulting Co., Ltd.
1.16 Beijing Orange Times Softwares Technology Co., Ltd.
1.17 Yiju (Shanghai) Hotel Management Co., Ltd.
1.18 Shanghai HanTing Hotel Management Group, Ltd.
1.19 HanTing Xingkong (Shanghai) Hotel Management Co., Ltd.
1.20 Huazhu Hotel Management Co., Ltd.
1.21 Hanting (Shanghai) Enterprise Management Co., Ltd.
1.22 Jizhu Information Technology (Shanghai) Co., Ltd.
1.23 Shanghai Shuohong Hotel Management Co., Ltd.
1.24 Xian Anruosi Hotel Management Co., Ltd.
1.25 Xian Yusi Hotel Management Co., Ltd.
1.26 Ibis Xiamen Hotel Limited
1.27 Shanghai Ibis Hotel Management Co., Limited
1.28 Suzhou Ibis Hotel Limited
1.29 Nanjing Yiya Hotel Management Co., Limited
1.30 Tianjin Ibis Hotel Limited
1.31 Chengdu Kehua Ibis Hotel Limited
1.32 Yaan Ibis Hotel Limited
1.33 Chengdu Ibis Hotel Limited
1.34 Wuxi Ibis Hotel Limited
1.35 Beijing Yaoting Hotel Management Co., Ltd.
1.36 Beijing Xiting Hotel Management Co., Ltd.
1.37 Hangzhou HanTing Kuaijie Hotel Management Co., Ltd.
1.38 Shanghai Meiting Hotel Management Co., Ltd.
1.39 Wuxi Yiju Hotel Management Co., Ltd.
1.40 Shanghai Yiju Hotel Management Co., Ltd.
1.41 Chengdu HanTing Hotel Management Co., Ltd.
1.42 Shanghai Songting Hotel Management Co., Ltd.
1.43 Tianjin Yiting Hotel Management Co., Ltd.
1.44 Xian HanTing Fukai Hotel Management Co., Ltd.
1.45 Beijing Duoting Hotel Management Co., Ltd.
1.46 Shanghai Hegao Hotel Management Co., Ltd.
1.47 Shanghai Ningting Hotel Management Co., Ltd.
1.48 Suzhou HanTing Hotel Management Co., Ltd.
1.49 Shanghai Xinting Hotel Management Co., Ltd.
1.50 Shanghai Qinting Hotel Management Co., Ltd.
1.51 Jinan Hanting Hotel Management Co., Ltd.
1.52 Kunming Xiting Hotel Management Co., Ltd.
1.53 Xian Fengting Hotel Management Co., Ltd.
1.54 Baotoushi Anting Hotel Management Co., Ltd.
1.55 Shanghai Lingting Hotel Management Co., Ltd.
1.56 Hangzhou Muting Hotel Management Co., Ltd.
1.57 Guangzhou Xiuting Hotel Management Co., Ltd.
1.58 Shanghai Xinting Hotel Management Co., Ltd.
1.59 Xiamen Jiangting Hotel Co., Ltd.
1.60 Xiamen Wuting Hotel Co., Ltd.
1.61 Guangzhou Chengting Hotel Management Co., Ltd.
1.62 Hangzhou Anting Hotel Management Co., Ltd.
1.63 Shanghai Pengting Hotel Management Co., Ltd.
1.64 Shanghai Luting Hotel Management Co., Ltd.
1.65 Shanghai Haoting Hotel Management Co., Ltd.
1.66 Beijing Zhongting Hotel Management Co., Ltd.
1.67 Guangzhou Shangbin Hotel Co., Ltd.
1.68 Nanchang Yinting Hotel Management Co., Ltd.
1.69 Shanghai Yuyi Hotel Management Co., Ltd.
1.70 Xiamen Tingju Hotel Co., Ltd.
1.71 Taiyuan Ruiting Yingze Hotel Management Co., Ltd.
1.72 Shenzhen Shenting Hotel Management Co., Ltd.
1.73 Shanghai Yangting Hotel Management Co., Ltd.
1.74 Xiamen Xiating Hotel Co., Ltd.
1.75 Shanghai Changting Hotel Management Co., Ltd.
1.76 Wuhan Changting Hotel Management Co., Ltd.
1.77 Guangzhou Mengting Hotel Management Co., Ltd.
1.78 Wuhan HanTing Hotel Management Co., Ltd.
1.79 Nanning HanTing Hotel Management Co., Ltd.
1.80 Dalian Yuanyang Sikelai Hotel Co., Ltd.
1.81 Shanghai Yiting Hotel Management Co., Ltd.
1.82 Shanghai Guiting Hotel Management Co., Ltd.
1.83 Shenyang Futing Hotel Management Co., Ltd.
1.84 Hangzhou Qiuting Hotel Management Co., Ltd.
1.85 Shanghai Senting Hotel Management Co., Ltd.
1.86 Guangzhou Huiting Hotel Management Co., Ltd.
1.87 Shanghai Jiating Hotel Management Co., Ltd.
1.88 Beijing HanTing Jiamei Hotel Management Co., Ltd.
1.89 Shanghai Xiting Hotel Management Co., Ltd.
1.90 Yiwu HanTing Hotel Management Co., Ltd.
1.91 Guangzhou Meiting Hotel Management Co., Ltd.
1.92 Nantong Botong Hotel Co., Ltd.
1.93 Beijing HanTing Ruijing Hotel Management Co., Ltd.
1.94 Shenyang Maruika Hotel Management Co., Ltd.
1.95 Hangzhou Yishitan Investment and Management Co., Ltd.
1.96 Shanghai Yuanting Hotel Management Co., Ltd.
1.97 Shanghai Yaogu Shangwu Hotel Management Co., Ltd.
1.98 Beijing Beixie Hongyun Hotel Management Co., Ltd.
1.99 Shanghai Aiting Hotel Management Co., Ltd.
1.10 Shanghai Yiju Hotel Management Co., Ltd.
1.10 Shanghai Qinting Hotel Management Co., Ltd.
1.10 Zibo HanTing Hotel Management Co., Ltd.
1.10 Tianjin Xingting Hotel Management Co., Ltd.
1.10 Beijing Dongting Hotel Management Co., Ltd.
1.11 Beijing Jiating Hotel Management Co., Ltd.
1.11 Hangzhou Senting Hotel Management Co., Ltd.
1.11 Tianjin HanTing Xingkong Hotel Management Co., Ltd.
1.11 Shanghai Yate Hotel Management Co., Ltd.
1.11 Shanghai HanTing Decoration and Engineering Co., Ltd.
1.11 Nanjing Ningru Hotel Management Co., Ltd.
1.11 Shanghai Changting Hotel Management Co., Ltd.
1.11 Shenzhen HanTing Hotel Management Co., Ltd.
1.11 Beijing Anting Hotel Management Co., Ltd.
1.11 Beijing Yueting Hotel Management Co., Ltd.
1.12 Kunshan Lishan Hotel Management Co., Ltd.
1.12 Shanghai Yate Zhongtan Hotel Management Co., Ltd.
1.12 Shanghai Huiyue Hotel Management Co., Ltd.
1.12 Hangzhou Pingting Hotel Management Co., Ltd.
1.12 Shanghai Hongxun Cultural Media Co., Ltd.
1.12 Jinan Luoting Hotel Management Co., Ltd.
1.12 Shanghai Huazhu Hanting Xiyue Enterprise Management Co., Ltd.
1.12 Shanghai Huiting Hotel Management Co., Ltd.
1.12 Shanghai Fanting Hotel Management Co., Ltd.
1.12 Shanghai Yinting Hotel Management Co., Ltd.
1.13 Shanghai Minting Hotel Management Co., Ltd.
1.13 Shanghai Rongting Hotel Management Co., Ltd.
1.13 Wuxi Meixin Hotel Co., Ltd.
1.13 Shanghai Zhenting Hotel Management Co., Ltd.
1.13 Shanghai Lanting Hotel Management Co., Ltd.
1.13 Shanghai baiting Hotel Management Co., Ltd.
1.13 Qingdao HanTing Hotel Management Co., Ltd.
1.13 Shanghai HanTing Service Apartment Hotel Management Co., Ltd.
1.13 Shanghai Jiangting Hotel Management Co., Ltd.
1.13 Shanghai Xingting Hotel Management Co., Ltd.
1.14 Xian Yahua Hotel Management Co., Ltd.
1.14 Shanghai Baoting Hotel Management Co., Ltd.
1.14 Suzhou Lishan Yatai Hotel Management Co., Ltd.
1.14 Hangzhou Yilai Hotel Chain Co., Ltd.
1.14 Wantong Yiguan (Beijing) Hotel Management Co., Ltd.
1.14 Suzhou Yongchangjiahe Hotel Management Co., Ltd.
1.14 Beijing Dongnian Hotel Co., Ltd.
1.14 Shanghai Shangting Hotel Management Co., Ltd.
1.14 Shanghai Hongting Hotel Management Co., Ltd.
1.14 Zhuhai Manneijiali Investment Development Company Limited
1.15 Shanghai Duting Hotel Management Co., Ltd.
1.15 Hangzhou Ansheng Hotel Management Co., Ltd.
1.15 Guangzhou Zhongting Quanji Hotel Management Co., Ltd.
1.15 Huazhu Enterprise Management Co., Ltd.
1.15 Shanghai Hongxi Hotel Management Co., Ltd.
1.15 Guangzhou Didu Hotel Management Co., Ltd.
1.15 Shanghai Yuxin Hotel Management Co., Ltd.
1.15 Shanghai Haoting Hotel Management Co., Ltd.
1.15 Shanghai Tongji Hotel Management Co., Ltd.
1.15 Shanghai Aiqu Enterprise Management Co., Ltd.
1.16 Wuhan Huasu Hotel Management Co., Ltd.
1.16 Shanghai Chunting Hotel Management Co., Ltd.
1.16 Shenzhen Huazhu Huijia E-Commerce Co.,Ltd.
1.16 Shanghai Wu Qin Equity Fund Co., Ltd.
1.16 Beijing Chengnian Hotel Management Co., Ltd.
1.16 Guangzhou Bihua Hotel Management Co., Ltd.
1.16 Shanghai Quanji Bathing Co., Ltd.
1.16 Shanghai Fenglv Hotel Management Co., Ltd.
1.16 Huazhu Investment (Shanghai) Co., Ltd.
1.16 Tianjin Mengguang Information Technology Co., Ltd.
1.17 Ningbo Huating Investment Consulting Co., Ltd.
1.17 Ningbo Huating Galaxy Investment Management Co., Ltd.
1.17 Kunshan Maiya Information Technology Co., Ltd.
1.17 Shanghai Jizhu Investment Management Co., Ltd.
1.17 Hangzhou Yueli Yilai Hotel Co., Ltd.
1.17 Hangzhou Yueting Yilai Hotel Co., Ltd.
1.17 Hangzhou Maolu Yilai Hotel Co., Ltd.
1.17 Hangzhou Qiandaohu Yilai Resort Co., Ltd.
1.17 Hangzhou Yuejuan Yilai Hotel Co., Ltd.
1.17 Hangzhou Yuexiu Yilai Hotel Co., Ltd.
1.18 Beijing Qitian Holiday Restaurant Co., Ltd.
1.18 Beijing Crystal Orange Hotel Management Co., Ltd.
1.18 Beijing Orange Times Hotel Management Co., Ltd.
1.18 Shanghai Juchao Department Management Co., Ltd.
1.18 Beijing Crystal Orange Times Hotel Management Co., Ltd.
1.18 Beijing Hanting Hotel Management Co., Ltd.
1.18 Shanghai HanTing Guancheng Hotel Management Co., Ltd.
1.18 Hanting Hesheng (Suzhou) Hotel Management Co., Ltd.
1.18 Ningbo Qiji Galaxy Investment Management Center (LLP)
1.18 Tianjin Huazhu Finance Leasing Co., Ltd.
1.19 Kunshan Siting Enterprise Management Co., Ltd.
1.19 Kunshan Bizhu Enterprise Management Co., Ltd.
Majority-Owned Subsidiaries (all PRC companies)
2.10 Xiamen Leshu Hotel Investment Management Co., Ltd.

2.20 Shanghai Leshu Hotel Investment Management Co., Ltd.
2.30 Shanghai Mingxin Hotel Management Co., Ltd.
2.40 Shanghai Mingjing Hotel Investment Management Co., Ltd.
2.50 Wuhan Liye Yuchuang Enterprises Management Co., Ltd.
2.60 Suzhou Zhongzhou Express Hotel Co. Ltd.
2.70 Jiaozuo Zhongzhou Express Hotel Co. Ltd.
2.80 Guangzhou Yahua Puxin Hotel Co., Ltd.
2.90 Shanghai Meixie Hotel Management Co., Ltd.
2.10 Chengdu HanTing Yangchen Hotel Management Co., Ltd.
2.11 Changsha Changting Hotel Management Co., Ltd.
2.12 Shanghai Huiting Hotel Management Co., Ltd.
2.13 Wuxi HanTing Hotel Management Co., Ltd.
2.14 Taiyuan HanTing Jiangnan Hotel Management Co., Ltd.
2.15 Chengdu Yvting Hotel management Co., Ltd.
2.16 Guilin Lishan Huiming Hotel Management Co., Ltd.
2.17 Hangzhou Heting Hotel Management Co., Ltd.
2.18 Hangzhou Heju HanTing Hotel Management Co., Ltd.
2.19 Shanghai Kailin Hotel Management Co., Ltd.
2.20 Hangzhou Hemei HanTing Hotel Management Co., Ltd.
2.21 Nantong HanTing Zhongcheng Hotel Co., Ltd.
2.22 Chengdu Changting Hotel management Co., Ltd.
2.23 Nanjing Leting Hotel Management Co., Ltd.
2.24 Beijing HanTing Shengshi Hotel Management Co., Ltd.
2.25 Shanghai Liansheng Hotel Management Co., Ltd.
2.26 Shenzhen HanTing Shiji Hotel Management Co., Ltd.
2.27 Wuhu Jiangting Hotel management Co., Ltd.
2.28 Beijing HanTing Dongfang Hotel Management Co., Ltd.
2.29 Nanjing Yangting Hotel Management Co., Ltd.
2.30 Wuhushi Ronghe Hotel management Co., Ltd.
2.31 Baoding Lianting Hotel management Co., Ltd.
100% equity interests owned by
79.36% equity interests owned by
Shanghai Ruiji Hotel Management Co., Ltd.
Shanghai Yuchuang Investment Management Co. Ltd.
Henan Zhongzhou Express Hotel Investment Co., Ltd.
Shanghai HanTing Hotel Management Group, Ltd.
2.32 Urumqi Luting Hotel management Co., Ltd.
2.33 Urumqi Qiting Hotel management Co., Ltd.
2.34 Shanghai Suting Hotel Management Co., Ltd.
2.35 Chongqing Yiting Hotel Management Co., Ltd.
2.36 Xian Shengting Hotel Management Co., Ltd.
2.37 Xian Bangting Hotel Management Co., Ltd.
2.38 Shanghai Dingting Hotel Management Co., Ltd.
2.39 Shanghai Moting Hotel Management Co., Ltd.
2.40 Huazhu Xingshun (Suzhou) Tourism Investment Co., Ltd.
2.41 Shanghai Junrui Hotel Co., Ltd.
2.42 Wenzhou Yaozhu Hotel Management Co., Ltd.
2.43 Henan Zhongzhou Express Hotel Investment Co., Ltd.
2.44 Xian Jvting Hotel Management Co., Ltd.
2.45 Xian Quanji Maoting Hotel Management Co., Ltd.
2.46 Wenzhou Hanting Quanji Hotel Management Co., Ltd.
2.47 H-World Information and Technology Co., Ltd.
2.48 Shanghai Ruiji Hotel Management Co., Ltd.
2.49 Kunshan Hanka Catering Management Co., Ltd.
2.50 Shanghai Yuchuang Investment Management Co. Ltd.
2.51 Shanghai Mengguang Enterprises Management Partnership (LLP)
2.52 Zhengzhou Tiancheng Express Hotel Co. Ltd.
2.53 Nanjing Starway Hotel Management Co., Ltd.
2.54 Hefei Jucheng Hotel Management Consulting Co., Ltd.
2.55 Ningbo Qiji Galaxy Investment Management Center (LLP)
2.56 Shanghai Qiting Hotel Management Co., Ltd.
2.57 Ningbo Hongting Investment Management Center (LLP)
2.58 Kunshan Jizhu Enterprise Management Co., Ltd
2.59 Kunshan Qiting Enterprise Management Co., Ltd.
2.60 Shanghai Mengxu Intelligent Technology Co., Ltd.
Shanghai Jizhu Investment Management Co., Ltd. is the GP and 0.0643% equity interests owner
HanTing Xingkong (Shanghai) Hotel Management Co., Ltd.
Huazhu Hotel Management Co., Ltd.
Huazhu Investment (Shanghai) Co., Ltd.
is the GP and 0.0643% equity interests owner
Starway Hotel Management (Shanghai) Co., Ltd.
Beijing Crystal Orange Hotel Management Co., Ltd.
Ningbo Qiji Galaxy Investment Management Center (LLP)
Ningbo Qiji Galaxy Investment Management Center (LLP)
Ningbo Hongting Investment Management Center (LLP)
Ningbo Hongting Investment Management Center (LLP)
H-World Information and Technology Co., Ltd.
Section 302 of the Sarbanes-Oxley Act
By: /s/ Min (Jenny) Zhang

Name: Min (Jenny) Zhang
Title: Chief Executive Officer
Section 302 of the Sarbanes-Oxley-Act of 2002
By: /s/ Teo Nee Chuan

Name: Teo Nee Chuan
Title: Chief Financial Officer
Section 906 of the Sarbanes-Oxley Act of 2002
/s/ Min (Jenny) Zhang

Name: Min (Jenny) Zhang
Title: Chief Executive Officer
/s/ Teo Nee Chuan

Name: Teo Nee Chuan
Title: Chief Financial Officer
Exhibit 15.1
Deloitte Touche Tohmatsu

Certified Public Accountants LLP
30/F Bund Center
222 Yan An Road East
Shanghai 200002, PRC
Tel: +86 21 6141 8888

Fax: +86 21 6335 0003
www.deloitte.com/cn

China Lodging Group LTD China Lodging Group, Limited

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China Lodging Group LTD China Lodging Group, Limited

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China Lodging Group LTD

China Lodging Group, Limited

Selected Consolidated Statement of Comprehensive Income Data:

4,964,728 5,774,624 6,538,631 8,170,196

1.23 1.74 2.92 4.43

4.94 6.97 11.70 17.72

248,958 250,533 275,139 279,272

1,237,838 3,235,007 3,474,719 534,054

Selected Consolidated Statement of Cash Flow Data:

1,465,712 1,762,511 2,066,301 2,452,596 376,955

2008 2009 2010

RevPAR (1) (in RMB)

172 179 211

198 208 237

September December March 31,

195 181 174

211 238 219

June 30, September December

March 31, June 30, September

5,212,405 78.30 6,343,279 974,944 77.60

1,870,879 28.60 2,058,954 316,455 25.20

Consolidated Statement of Comprehensive Income Data:

86.30 5,212,405 79.70 6,343,279

78.10 4,932,173 75.40 5,674,151

Operating Lease Obligations 25,088

Min (Jenny) Zhang

Registrants Specimen American Depositary Receipt (included in Exhibit 2.3).

the Securities and Exchange Commission on March 5, 2010.)

he Securities and Exchange Commission on March 5, 2010.)

the Securities and Exchange Commission on March 5, 2010.)

es and Exchange Commission on July 15, 2010.)

mmission on March 27, 2015.)

Commission on March 5, 2010.)

Exchange Commission on March 12, 2010.)

Reports of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2016 and 2017

Notes to the Consolidated Financial Statements

Financial Statement Schedule I  Financial Information for Parent Company

Financial Statement Schedule II  Valuation and Qualifying Accounts

LIABILITIES AND EQUITY

3,235,007 3,474,719 534,054

298,291 130,815 20,106

34 shares issued as of December204

Other comprehensive income

Earnings per share:

4,986,872 5,212,405 6,343,279 974,944

4,512,147 4,932,173 5,674,151 872,101

68,069 16,449 868 133

1.74 2.92 4.43 0.68

### ### ### 279,272,140

Balance at January 1, 2015

439,380 796,482 1,236,647 190,069

52,535 55,436 66,367 10,200

(5,749) (46,211) 4,207 647

(315,117) (296,353) (405,166) (62,273)

22,619 12,206 9,073 1,394

3,854 9,415 186,648 28,687

513,168 453,281 612,503 94,140

2015 2016 2017

remaining contracts terms

Nonvested restricted stocks outstanding at January 1, 2017

Net income attributable to ordinary shareholders  basic

Registrants Specimen American Depositary Receipt (included in Exhibit 2.3).

Financial Statement Schedule I Financial Information for Parent Company

Financial Statement Schedule II Valuation and Qualifying Accounts

Net income attributable to ordinary shareholders basic

(168,709) (3,251,346) (499,723)

Modified American, as described below under Procedure for Exercise .

Applicable, as provided under Required Exercise on Conversion Dates .

Applicable, as provided under Required Exercise on Conversion Dates .