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Chinese hotpot chain Haidilao applies for Hong Kong IPO

Chinese hotpot restaurant chain Haidilao International Holding Ltd. has applied to launch an IPO in Hong Kong, according to a May 17 filing to the Hong Kong Stock Exchange.

Details of the listing, including pricing, size and date, were not disclosed. However, a May 18 report in the South China Morning Post said brokers expect that the Beijing-based company will look to raise between US$600 million and US$700 million.

CMB International and Goldman Sachs are serving as joint sponsors of the IPO.

Founded in 1994, Haidilao serves more than 100 million guests annually and operates 320 restaurants, which include 296 in mainland China and 24 spanning Taiwan, Hong Kong, Singapore, South Korea, Japan and the U.S.

The chain focuses on hotpot dining, which involves cooking raw ingredients in boiling broth at the table. Haidilao also provides free services, such as manicures, to customers while they wait to be seated.

The company generated revenue of 10.64 billion Chinese yuan in 2017, up from 7.81 billion yuan in 2016 and 5.76 billion yuan in 2015, according to the HKEX filing.

As of May 17, US$1 was equivalent to 6.37 Chinese yuan.