China’s largest hotpot restaurant chain wants to list its overseas business in Hong Kong. Haidilao has become a household name with an $11bn market value at home. In addition to its addictive soups it offers a range of services in its stores, including free manicures. But the wider sector is struggling under the double burden of lockdowns and inflation. A spin-off of Super Hi International Holding, which operates Haidilao’s business outside Greater China and accounts for about a tenth of total sales, would provide investors with exposure to a fast-growing business. It has more than 100 stores in countries including Canada and the UK. Based on sales from the overseas operations of about Rmb3bn ($440mn) and comparable industry multiples, its valuation should exceed $1bn.
中國最大連鎖火鍋店海底撈(Haidilao)希望分拆其海外業務在香港上市。海底撈已成為一個家喻戶曉的名字，國內市值達到110億美元。除了令人上癮的湯，海底撈門店還提供包括免費美甲在內的一系列服務。但整體餐飲業正在封鎖和通脹的雙重負擔下苦苦掙扎。