China Lodging Group (HTHT) (NASDAQ:HTHT) operates economy hotel chains in China. It operates three types of hotels: hotels for knowledge workers and value-conscious, hotels for mid-level corporate managers and owners of small to medium enterprises, and hotels for the budget constrained travelers. The company also operates two types of hotels: lease-and-operate, where it actually operates the hotel, and franchised-and-managed hotels, where it manages franchised hotels to expand its network. In 2009, the company had 173 leased-and-operated hotels and 63 franchised-and-managed hotels, while having under construction 21 leased-and-operated hotels and 123 franchised-and-managed hotels. 
The company is sensitive to the economic climate. Since it is a growing company and is constructing new hotels, the company requires capital to build them. If there is an economic circumstance and liquidity is low, the company faces risk of paying higher costs for capital. 
The company's initial public offering of stock on the NASDAQ exchange was on 26 March 2010, and it priced at $12.25, within the $10.25-$12.25 range. The company offered 9 million shares and raised $110 million. 
For FY2009 ended 31 December 2009, the company reported 1.26 billion RMB in total revenue, up 56%from 809.5 million RMB in total revenue for FY2008. Furthermore, the company had 69.4 million Chinese Renminbi (CNY) of net income in FY2009, an increase from a net loss of 136 million RMB in FY2008. The revenue in FY2009 is distributed with 97% of total revenue in leased-and-operated hotels and 3% of total revenue in franchised-and-managed hotels.