BUSINESS Hotpot Chain Haidilao climbs 10 percent in Hong Kong debut

BUSINESS

Hotpot Chain Haidilao climbs 10 percent in Hong Kong debut

China Plus

17:19, September 26, 2018

[File Photo: IC]

(File Photo: IC)

China's most popular hotpot chain Haidilao saw its shares jump as much as 10 percent in early trading as it made its debut in the Hong Kong market on Wednesday.

The hotpot giant is famous for the high standard of customer service they provide, such as the entertainment offered to customers while they wait for a table.

Zhang Yong, center right, the founder and CEO of Haidilao International Holding Ltd., poses during the ceremony for the listing of the hotpot chain on the Hong Kong Stock Exchange (HKEX) in Hong Kong on Wednesday, September 26, 2018. [Photo: IC]

Zhang Yong, center right, the founder and CEO of Haidilao International Holding Ltd., poses during the ceremony for the listing of the hotpot chain on the Hong Kong Stock Exchange (HKEX) in Hong Kong on Wednesday, September 26, 2018. (Photo: IC)

Compared to its initial public offering (IPO) price of 17.80 Hong Kong dollars (2.28 U.S. dollars), Haidilao opened at 18.80 Hong Kong dollars. The shares rose to 19.64 Hong Kong dollars in early trade.

Haidilao is focused on expanding into the global market, according to the company's Chief Strategy Officer Zhou Zhaocheng. He said Haidilao will open up to 220 new restaurants this year, of which as many as 10 percent will be outside China.

A traditional Chinese mask show at a Haidilao restaurant in Beijing on June 29, 2018. [File Photo: IC]

A traditional Chinese mask show at a Haidilao restaurant in Beijing on June 29, 2018. (File Photo: IC)

China's hotpot market revenue reached 385.6 billion yuan last year, an increase of almost 25 percent on the previous year.

Haidilao has been ranked as the leading performer in China's restaurant industry from 2015 to 2017. Its revenue exceeded 10 billion yuan last year, a record high for a catering company in China.

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