GreenTree Hospitality Group, which franchises over 2,000 economy and mid-scale hotels in China, raised $143 million by offering 10.2 million ADSs at $14, below the range of $16 to $18. GreenTree Hospitality Group plans to list on the NYSE under the symbol GHG. Morgan Stanley, BofA Merrill Lynch and UBS Investment Bank acted as lead managers on the deal.
