The Chinese mainland's popular hot pot chain Haidilao will stand at a listing hearing for formal approval of an initial public offering on the Hong Kong stock exchange next Thursday, Beijing Business Today reported.

 

中国大陆广受喜爱的火锅连锁店海底捞将于下周四举行香港股票交易所上市听证会。

 

A listing hearing is required procedure for any company planning an initial public offering in Hong Kong. In this process, the bourse's listing committee will review the application and determine if it is suitable to proceed with its IPO.

 

The size of IPO is set in a range of $9-12 billion, which represents a price-to-earnings ratio of 22-28 times based on 2019 predicted net profit.

 

The main underwriters are Goldman Sachs and CMB International, while cornerstone investors¹ have not yet been finalized². Haidilao is expected to choose an international long-term fund, a sovereign fund and a large China-invested fund to be its cornerstone investors.

 

Haidilao submitted its prospectus³ to the Hong Kong stock exchange in May and plans to list in mid-to-late September.

 

According to the prospectus, the restaurant chain saw 10.6 billion yuan ($1.66 billion) in revenue in 2017, almost doubling year-on-year. Its net profit reached 1.19 billion yuan, up 36.2 percent from 2016.

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