China's popular hot pot chain Haidilao has passed the listing hearing for the Hong Kong stock exchange, clearing the way for it to be listed in the second half of September, reports qq.com.
Haidilao is planning for a 1 billion U.S. dollar IPO. The company is valued at 10 billion U.S. dollars, and the price of its stocks is set to be decided on September 7, according to the report.
The company submitted its prospectus to the Hong Kong Exchanges and Clearing Limited on May 17.According to the prospectus, the restaurant chain took in 10.6 billion yuan last year (around 1.66 billion U.S. dollars), with a net profit of 1.19 billion yuan. It was the only catering company in China with revenue surpassing 10 billion yuan last year.
Founded in 1994 in Sichuan Province, Haidilao is famous for its customer service and standardized products. In 2015, the chain had opened 112 restaurants across China; in 2017 it had expanded to 273 locations.
Zhang Yong, the founder of Haidilao, said that the restaurant chain will add another 180 to 220 new restaurants in China in 2018, and is planning to expand overseas.
The total revenue of China's hot pot industry rose from 31.67 to 43.62 billion yuan between 2014 and 2017. Hot pot is the most popular cuisine nationwide.
