China's Haidilao loses most in 1-1/2 years on deal to buy Japanese hotel operator

Haidilao International Holding

01/11/2023 03:19

** Shares of China's hot pot chain operator Haidilao
International Holding Ltd  6862.HK  fall 9.5% to HK$17.70, their
biggest intraday pct drop since April 2022 
    ** Stock hits the lowest since July 24, and is biggest pct
loser in Hang Seng Index  .HSI  and the Hang Seng Commerce &
Industry Index  .HSNC  
    ** Haidilao says it has agreed to buy hotel operator Japan
HAI Co Ltd from Super Hi  9658.HK , an associate of Haidilao's
controlling shareholders Zhang Yong and Shu Ping, for 2.6 bln
yen ($17.2 mln) as it aims to diversify its revenue sources 
    ** Japan HAI owns and manages a hotel in Karuizawa and holds
the license for developing hot springs in Japan
    ** Haidilao stock down 20% YTD 

    ($1 = 151.2400 yen)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))