HK-listed restaurant chain Xiabuxiabu falls on disappointing outlook

Xiabuxiabu Catering Management (China) Holdings

30/07/2021 04:56

** Shares of Chinese hot-pot restaurant chain Xiabuxiabu
Catering Management (China) Holdings Co Ltd  0520.HK  fall 6.7%
to HK$6.59
    ** The Beijing-based operator expects to post a loss of up
to 60 mln yuan ($9.30 mln) for the six months ended in June,
versus the 255 mln yuan loss reported last year, but that falls
short of its target to turn to a profit  urn:newsml:reuters.com:*:nFWN2P50ZP
    ** Says H1 loss was due to the provision for impairment
losses as the company plans to close about 200 loss-making
Xiabuxiabu restaurants throughout the year and as its
restaurants have been hit by the COVID-19 outbreaks  
    ** The Hong Kong Hang Seng consumer goods and services index
 .HSCGSI  falls 1.2% and the Hang Seng Composite index  .HSCI 
drops 1.8%
    ** The Hang Seng China Enterprises index  .HSCE  plunges
2.6% and the benchmark index  .HSI  slips 1.8%
    ** Stock had dropped 60.1% this year, as of last close 


($1 = 6.4530 Chinese yuan renminbi)

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