Chinese Hotpot Chain Raises Nearly $1bn in HK IPO

　　Chinese restaurant group Haidilao Hotpot has raised nearly $1bn after pricing shares at the top end of the prospective range for an initial public offering on the Hong Kong stock exchange.

　　The Beijing-based chain, which sells spicy Sichuan food and employs gimmicks such as dancing noodle chefs to entice diners, priced its shares at HK$17.80 each to raise $963m, according to two bankers close to the deal.

　　That values the company at about $12bn, one of the bankers said. Shares will start trading on September 26.

　　The fundraising follows a string of lacklustre IPOs in Hong Kong this year in which shares have been priced at the lower end of their marketed ranges.

　　Haidilao claims to be the fastest-growing major Chinese cuisine brand globally, citing its 2016-2017 revenue growth rate of 36 per cent. The group owns 332 restaurants in China and has outlets in Singapore, South Korea, Japan and the US. The restaurant chain posted revenue of Rmb7.3bn ($1.1bn) in the six months to the end of June.

　　China’s restaurant industry is forecast to grow about 10 per cent annually over the next five years in terms of sales, according to Frost & Sullivan, a market research group. Hotpot is the most popular Chinese cuisine in China, with a 14 per cent market share in 2017, it added.

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