Hong Kong Stock Movers: HAIDILAO Falls Nearly 3% Intraday as Zhang Yong Loan Further Depresses Investor Sentiment, Table Turnover Recovery Weaker Year-on-Year

Stock News10-15 15:48

HAIDILAO (06862) fell nearly 3% intraday today, down 1.85% as of press time to HK$9.3, with turnover of HK$192 million.

On the news front, HAIDILAO recently announced that it will provide Chairman Zhang Yong with a loan of up to RMB 100 million for a period of one month.

It is worth noting that just last month, Zhang Yong's wife Shu Ping cashed out HK$2.751 billion through a block sale via a family trust.

Morgan Stanley said the loan has little financial impact on the company, but it constitutes a connected transaction and may further weigh on valuation pressure after the earlier major shareholder selldown.

Macro conditions and restaurant demand remain persistently weak, table turnover recovery is weaker year-on-year, and the company has yet to see any clear catalyst.

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