Haidilao International, China’s biggest purveyor of fiery hotpot meals, is spinning off its overseas unit as its mainland business takes a beating from Beijing’s punishing zero-Covid policies.
The Beijing-based company, which has a market capitalisation of $11bn, applied to the Hong Kong bourse for the separate listing of its lossmaking overseas unit Super Hi International, saying the move would give it “an independent fundraising platform” to accelerate its expansion.
Haidilao has built its empire on addictive spicy soups in which diners cook their own meat and vegetables. It has generated buzz by offering manicures for diners and having dancing chefs prepare hand-pulled noodles.
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