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Haidilao hotpot chain files for IPO, plans rapid expansion

Discussion in 'EDMW' started by The_King, May 18, 2018.

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    1. The_King

      The_King 狗王 Pioneer Generation VIP

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      HONG KONG: Popular hotpot chain Haidilao International Holdings on Thursday (May 17) filed to launch an initial public offering (IPO) in Hong Kong, as it pursue plans to grow the number of its restaurants globally by up to 70 per cent this year.

      The Sichuan-style hotpot chain did not disclose the size of the IPO or the amount of shares to be offered. However a Reuters report last month cited sources saying that Haidilao was planning to raise US$600 million to US$700 million.


      Haidilao currently has 320 restaurants, with plans to open 180 to 220 new restaurants globally this year, it announced in its IPO application. It added that it has already opened 50 restaurants this year.

      The company, which said it serves more than 100 million customers annually, plans to use part of the IPO proceeds to fund its expansion and develop and implement new technology.

      Last year, the company reported a profit of 1.2 billion yuan, on the back of 10.6 billion yuan in revenue, according to the application.

      Co-founded by former tractor factory worker Zhang Yong in 1994, Haidilao has grown into China’s leading hotpot chain with about 190 stores across the country.


      It has also already entered overseas markets including Singapore, Los Angeles, Seoul and Tokyo, according to its website.

      The company, whose name originates from a mahjong term in Sichuan province which literally means fortune, is widely known for its focus on attentive and creative customers services, a rare emphasis point for many Chinese catering firms targeting the mass market.

      Haidilao has suffered setbacks with an undercover news report exposing a food hygiene scandal at two of its Beijing restaurants last year.

      One of its outlets in Singapore was also suspended for two weeksearlier this year for violating hygiene standards.

      Haidilao, which opened its first outlet in Singapore in 2012, currently has six restaurants across the country. Revenue from its Singapore operations totalled 354 million yuan last year.

      The company has acknowledged that its rapid expansion is one of its risk factors, and could place pressure on its service and food quality.

      "Along with our rapid growth, we face an emerging challenge of being able to continue rapid expansion while ensuring consistent outstanding quality and service," it said in the prospectus.

      "If the quality of our dining experience declines, our restaurants may not continue to be successful."

      Source: CNA/Reuters/ad(aj)


      https://www.channelnewsasia.com/new...-files-for-ipo-plans-rapid-expansion-10248236
       
      • Informative Informative x 1
    2. dysentry

      dysentry Senior Member Pioneer Generation

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      haha owner wanna cash out liao
       
    3. absoluthell

      absoluthell Father of Jin Satki Menz Pioneer Generation VIP

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      Can buy many more gcb! Song boh??
       

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