BUSINESS

Haidilao Shares Slide After Founders’ Family Trust Sells $351 Million Stake

Published: Sep. 10, 2026 12:53 a.m. GMT+8

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Haidilao shares fell 9.1% after an offshore family trust linked to the founding family sold a 4.65% stake for HK$2.75 billion. Photo: VCG

Shares of hotpot chain Haidilao International Holding Ltd. fell sharply Wednesday after an offshore family trust linked to the company’s founding family sold a 4.65% stake for HK$2.75 billion ($351 million).

Marker analysts said the surprise sale could weigh on investor sentiment in the near term, even as the company’s operating performance remains resilient.

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Explore the story in 30 seconds

Haidilao shares dropped 9.1% after a family trust sold a 4.65% stake for HK$2.75 billion at a 6.7% discount.
The sale may relate to China’s new 20% tax on offshore trusts, with a 90-day retroactive payment window.
Morgan Stanley sees near-term pressure but notes resilient operations and recovering profit margins.

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Who’s Who

英文名: Chinese name: 海底捞 English name: Haidilao International Holding Ltd.

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What Happened When

2023-2025：: Taxes at the establishment stage apply to trusts created during this period; gains accrued through the end of 2025 are subject to retroactive trust-term tax at 20%.

May 2026：: Zhang Yong bought 11.3 million Haidilao shares at HK$13.4 each.

July 24, 2026：: The Ministry of Finance and the State Taxation Administration announced that offshore trust establishment and gains during trust period would be taxed at 20%, with additional tax on liquidation gains; a 90-day window for taxpayers to declare and pay retroactive taxes was provided.

September 8, 2026：: SP NP Ltd. sold 259 million shares in a block trade at HK$10.6 apiece, a 6.7% discount to the previous close.

September 9, 2026：: Haidilao shares closed down 9.1% at HK$10.3 after Bloomberg News reported the transaction early in the day; the company confirmed the sale after market close.

AI generated, for reference only