Chinese Hotpot Eatery Haidilao’s Bonds Jump on Buyback Plan

Plates of raw food sit on a table as diners cook them in a pot at a Haidilao hotpot restaurant, operated by Haidilao International Holding Ltd., in Hong Kong, China, in 2018. Photo: Bloomberg

(Bloomberg) — Chinese hotpot chain Haidilao’s dollar bonds jumped by the most on record after the company announced a plan to buy back as much as $240 million of the notes.

The firm’s 2.15% bond due 2026 rose 3.3 cents to 83.5 cents on the dollar. Haidilao said in an exchange filing that it is making an offer to purchase the note, which has $539.3 million outstanding, at a price of $848 per $1,000 principal amount.