China DigestEconomics and Policy from China's Newspapers

Haidilao Hot Pot to raise US$850 mn from IPO

Fast-growing chain of restaurants is expected to be listed on the Hong Kong Stock Exchange on September 26

September 12, 2018 5:28 AM (UTC+8)
Haidilao Hot Pot, a fast-growing chain of hot pot restaurants in China. Photo: Haidilao Hot Pot, a fast-growing chain of hot pot restaurants in China. Photo: Wikimedia Commons

Haidilao Hot Pot, a fast-growing chain of restaurants in China, is planning to raise about HK$6.652 billion (US$850 million) from its global offering on Wednesday, Yicai.com reported.

After the five-day global offering — which will range from HK$14.8 to HK$17.8 per share — the company is excepted to be listed on the Hong Kong Stock Exchange on September 26.

In 2017, its operating income increased by 36.2% from a year earlier. Due to the rapid expansion of its stores, Haidilao’s operating income in the first half of 2018 rose by 54.4% year-on-year.

As of September 3, Haidilao operated and owned 363 restaurants. In addition to 332 restaurants in mainland China, there are 31 restaurants in Taiwan, Hong Kong, Singapore, South Korea, Japan and the United States.

Zhou Zhaocheng, chief strategy officer of Haidilao, said at a press conference that the company will open 180 to 220 new restaurants in 2018, of which 15 to 20 will be overseas.

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