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Laura He

Haidilao, China’s biggest hotpot restaurant chain, has priced its US$963 million Hong Kong IPO at the upper end of the price range at HK$17.8, after the offering was heavily oversubscribed by both retail and institutional investors, according to sources.
The public sale tranche – 9 per cent of the total offering – was overbought more than four times. The international placement tranche, which mainly targets institutional investors, was oversubscribed 20 times.

China Investment Corp, the Chinese sovereign wealth fund; Singapore’s sovereign wealth fund GIC; Norges Bank, the central bank of Norway; UBS Global Asset Management; Fidelity Management & Research, and Nomura have subscribed to the IPO.
China’s biggest hotpot chain Haidilao taps Hillhouse, Morgan Stanley as cornerstone investors in up to US$963 million IPO
Haidilao’s HK$7.56 billion (US$963 million) fundraising will make it the fifth largest in Hong Kong this year, after China Tower, Xiaomi, Meituan Dianping and Ping An Good Doctor.
The price implies a valuation of the company at around US$12 billion.
Previously, the company said it had secured US$375 million from five cornerstone investors.
Hillhouse Capital and Greenwoods Asset Management have committed US$90 million each. Morgan Stanley Asia and Morgan Stanley Investment will jointly take a stake worth US$80 million. Snow Lake Capital and Ward Ferry will invest US$80 million and US$35 million respectively.
The hotpot company, which is known for offering alternative services such as free manicures and shoe-polishing for customers waiting for a table, has expanded its operations rapidly to cater to a growing middle class population whose consumption is considered an integral part of China’s new-economy sector.
The chain owns 363 restaurants in mainland China, Hong Kong, the US, Taiwan, Singapore, Japan, and South Korea, according to the latest version of its prospectus.
It generated first-half revenue this year of 7.3 billion yuan (US$1 billion), up 54.4 per cent on the year. Net profit increased 17 per cent to 647 million yuan during the six-month period.


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Chinese hotpot chain Haidilao’s US$963 million IPO makes it Hong Kong’s fifth largest this year

Haidilao is one of China’s most popular hotpot chains. Photo: Reuters

Shi Yonghong, founder and executive director of Haidilao International Holding Ltd., speaks during a news conference in Hong Kong, China, on Tuesday, Sept. 11, 2018. Chinese hotpot chain Haidilao is seeking to raise at least $10 billion via an initial public offering in the city, a market cap greater than all Hong Kong-listed restaurant operators combined. Photographer: Anthony Kwan/Bloomberg

China’s biggest hotpot chain Haidilao taps Hillhouse, Morgan Stanley as cornerstone investors in up to US$963 million IPO

Haidilao chairman Zhang Yong plans to use funds raised from the Hong Kong IPO to fund expansion during the next three years. Photo: Bloomberg

Pedestrians walk past an advertisement for a Sichuan Haidilao Catering Co. hot pot restaurant operating 24 hours of the day in Shanghai, China, on Sunday, Aug. 7, 2016. There are signs that both Yum! Brands Inc. and McDonald's Corp.'s absolute dominance of China's multi-billion dollar fast food industry they helped create is starting to slip away as consumers shift to healthier options and Chinese-style food chains -- from huoguo (hot pot) to tangbao (steamed dumplings) -- proliferate. Photographer: Qilai Shen/Bloomberg

Chinese hotpot chain Haidilao reopens Beijing branches after food hygiene scandal

The Haidilao hotpot restaurant chain closed two branches in Beijing after investigators highlighted a string of safety concerns. Photo: Weibo

=== PHOTO CAPTURED FROM WEIBO === ATN. HAIDILAO06. Hotpot chain Haidilao installs webcams in its kitchens – branches reopen this week after huge hygiene scandal. Photo: WEIBO.

Chinese hotpot giant Haidilao starts book building for Hong Kong IPO as it seeks up to US$1 billion

Haidilao said it earned a net profit of 647 million yuan in the first half of the year. Photo: Bloomberg

Sichuan spicy hotpot chain Haidilao prepares for Hong Kong IPO

Brokers expect the company, founded by former welder and tractor factory worker Zhang Yong, to seek to raise between US$600 million and US$700 million

Zhang Yong, chairman of Sichuan HaiDiLao Catering Co., poses for a photograph following a Bloomberg Television interview on the sidelines of the China Green Companies Summit in Zhengzhou, China, on Sunday, April 23, 2017. HaiDiLao, the Chinese spicy soup chain that offers free massages and manicures to awaiting customers, may open 80 outlets this year as it expands abroad. Photographer: Qilai Shen/Bloomberg

Plates of food sit next to a pot of spicy broth at a HaidilaoÊhotpot restaurant, operated by Sichuan Haidilao Catering Co., in Shanghai, China, on Sunday, July 9, 2017. Billionaire Zhang Yong runs the nation's most popular chain of restaurants that serves up boiling soup broth with meat, seafood, vegetables, and noodles. Photographer: Qilai Shen/Bloomberg

Pedestrians walk past a Haidilao hotpot restaurant, operating 24 hours of the day, in Shanghai. Photo: Bloomberg

Chinese hotpot chain Haidilao’s US$963 million IPO makes it Hong Kong’s fifth largest this year

Demand for IPO exceeds supply as institutional buyers oversubscribe 20 times