The founders of hotpot chain Haidilao International Holding Ltd. have raised HK$1.56 billion ($201 million) through a share sale, marking the first follow-on offering for the Chinese company since its Hong Kong IPO in 2018.

SP NP Ltd., one of Haidilao’s controlling shareholders, and LHY NP Ltd. offloaded 47 million shares in Haidilao, representing about 0.89% of the company’s total equity capital, at HK$33.2 per share, according to an announcement released Wednesday on the Hong Kong Stock Exchange’s website. The two sellers are controlled by Haidilao co-founders Zhang Yong and his wife Shu Ping.

Goldman Sachs was the sole placing agent, the announcement said.

After the sell-down, Zhang and Shu will collectively hold a 57.23% stake in Haidilao, the announcement added.

A source close to the matter said that the share sale will play a role in increasing the liquidity of Haidilao in the capital market and that the transaction will not affect the company’s future business operations.

The source also said that Zhang, chairman and CEO of Haidilao, will possibly use part of the capital raised to finance some public welfare projects. In January, Zhang donated 100 million yuan to his hometown Jianyang in Sichuan province, helping the county-level city modernize its health care and agricultural systems.

Contact reporter Ding Yi (dingyi@caixin.com)

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