Just one and a half years after landing on the Hong Kong Stock Exchange, Hai Di Lao's overseas business entity, Tehai International (NASDAQ: HDL), recently successfully listed on NASDAQ in the United States, achieving a dual listing, marking the expansion of Zhang Yongshuping's capital territory once again, and the two have also achieved four successful IPO experiences.
At this point, the listed companies under the name of Zhang Yong and his wife include Yihai International (Haidilao Bottom Material Merchant, code: 1579. HK), Haidilao (code: 6862. HK), and Tehai International (listed on the Hong Kong Stock Exchange, code: 9658. HK and the New York Stock Exchange).
On May 18th, Tehai International (NASDAQ: HDL) surged 48% at the beginning of its opening, and its final closing price reached $22.29 per share, up nearly 14%. As of May 20, 2024, the total market value of Tehai International is 1.339 billion US dollars.
It is reported that this time, Tehai International will be listed on the New York Stock Exchange with the aim of continuing brand expansion and technological improvement through fundraising; Enhance supply chain management capabilities; Research and development and supplementary operating funds.
Zhang Yong, an entrepreneur from Jianyang, Sichuan, co founded Haidilao Restaurant with friends in 1994. Through the implementation of a differentiated strategy of "roll service", he stood out among a group of hot pot brands and began to rapidly expand both domestically and internationally. Among them, Yihai International, under the name of Zhang Yong and his wife, was formerly an exclusive internal hot pot base supplier established by Hai Di Lao. This company was listed in 2016. In 2018, Hai Di Lao followed suit and went public on the Hong Kong Stock Exchange, followed by Tehai International. In 2019 and 2020, the wealth of Zhang Yong and his wife also rapidly accumulated, ranking as the richest person in Singapore.
Due to fluctuations in the performance of Hai Di Lao Restaurant, the market value of companies that have been listed for a long time has significantly decreased compared to before. Among them, Hai Di Lao's total market value as of May 20 was HKD 109.696 billion, a significant decrease from HKD 316.41 billion at the end of 2020. As of May 20th, the total market value of Yihai International (1579. HK) was HKD 18.951 billion, a decrease of nearly 90% from the market value at the end of 2020.
Hai Di Lao's Market Value Changes, Same Flower Shun Asks for Wealth
Relying on its self operated model, Hai Di Lao has been expanding into the global market since 2012 and opening restaurants in Singapore and other places. To promote international business, Haidilao has spun off Tehai International, focusing on direct overseas markets. As of December 31, 2023, Haidilao has operated a total of 115 Haidilao hot pot restaurants in the international market, a net increase of 4 compared to 2022. Among them, 70 are located in East Asia, 18 are in North America, and 10 are in other regions.
From 2021 to 2023, Tehai International's revenue was 312 million US dollars, 558 million US dollars, and 686 million US dollars, respectively; The net profits were -151 million US dollars, -0.41 million US dollars, and 25 million US dollars, respectively.
Tehai International stated that the key to its profitability in 2023 lies in the increase in the average turnover rate of each restaurant; Improvements in internal management and operations, as well as a decrease in net impairment losses on property, plant and equipment, and right of use assets. In 2023, the overall average turnover rate of Hai Di Lao Restaurant was 3.5 times/day, and the average turnover rate of the same store was 3.6 times/day. Compared with the overall and same store average turnover rates of 3.3 times/day and 3.3 times/day in 2022, there has been an increase. Among them, the average turnover rate of Tehai International in the second half of 2023 reached 3.8 times/day.
Announcement
Interface News reporters noticed that the per capita consumption of customers at each overseas restaurant of Haidilao has declined in the other three quarters except for the second quarter. Among them, the per capita consumption of customers in the fourth quarter of 2023 (September December) was $24.7, a year-on-year decrease of 2.37%. Due to the increase in turnover rate, the daily revenue of each restaurant has increased compared to 2022.
The unaudited financial report for the first quarter of 2023 showed that the per capita consumption of Tehai International customers was $24.9, a year-on-year decrease of 4.23%, and the average daily income of each restaurant was $17500, a year-on-year increase of 10.06%. The turnover rate was 3.9 times per day, a year-on-year increase of 18.18%.
In the first quarter of 2024, Tehai International's total revenue increased by 16.6% year-on-year to $188 million. This increase was mainly due to the growth of Haidilao Restaurant's business revenue, but compared to the previous period, it recorded a net loss of $4.5 million, from profit to loss. Tehai International stated that the main reason for this was exchange rate losses, during which the company incurred a loss of $13 million.