Haidilao billionaire’s US$350 million surprise sale sinks shares
[BEIJING] The founding family behind China’s biggest chain of hotpot restaurants sought to sell up to US$353 million shares, sending the firm’s...
The wife of Haidilao's chairman and CEO, Shu Ping, surprised the market by seeking to sell up to US$350 million worth of shares in the company's hotpot chain. The sale, executed through a family trust, led to a drop in Haidilao's shares by as much as 12%, bringing the stock to its lowest level since March 2022. Shu Ping holds a 50% stake in Haidilao, alongside her husband, and reportedly acquired additional shares in May.
The share sale, representing around 4.6% of the outstanding shares or 12.2% of the free float, coincided with China's announcement that it would begin taxing offshore trusts held by its citizens, effectively closing a long-standing loophole used for asset protection and succession planning. This development sent shockwaves through wealth management hubs in Hong Kong, Singapore, and other global markets.
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