Haidilao chairman sells $350 million worth of shares
Restaurant operator Haidilao International Holding Ltd. (6862.HK) said on Wednesday that its founder and Chairman Zhang Yong and his wife Shu Ping sold down their holdings in the company to raise cash for their own needs.
The pair, who owned about half of Haidilao’s shares before the sale, sold 259 million shares, equal to 4.65% of the company’s share capital, through a block trade at a price of HK$10.62 per share, according to the announcement. The actual shares were sold by ZY NP Ltd. and SP NP Ltd., which are both controlled by Zhang and Su.
Based on the information given, the share sale would have raised about HK$2.75 billion ($351 million). Following the sale, Zhang and Shu’s stake in the company dropped to about 45.5%, according to the announcement.
Haidilao’s stock fell 4.1% to close at HK$9.915 on Thursday. The stock is down about 30% this year.
By Doug Young
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