Lei Jianping on May 17
Haidilao's international business unit, Tehai International Holdings Co., Ltd. ("Tehai International"), was listed on the NASDAQ in the United States today under the ticker symbol "HDL".
At an offering price of US$19.56, Tehai International issued nearly 2.7 million ADSs and raised US$52.7 million (about HK$412 million). Based on the issue price, the market value of Tehai International is about 1.26 billion US dollars.
Generally speaking, Chinese companies are listed in the United States first, and then seek dual listing of Hong Kong stocks, and Tehai International is one of the few companies that first list on Hong Kong stocks and then seek listing on U.S. stocks.
In the process of listing, Tehai International also moved China's Facebook to the NASDAQ stage, which can be described as promoting Chinese culture. This is also the founder of Haidilao, Daniel Zhang and his wife, ringing the bell again, but Daniel Zhang and his wife did not appear at the bell ringing scene.
Annual revenue was $686 million
Tehai International is a Chinese catering brand that was listed on the Hong Kong Stock Exchange in December 2022.
According to the annual report, Tehai International's revenue in 2019, 2020, 2021, 2022, and 2023 will be US$233 million, US$221 million, US$312 million, US$558 million, and US$686 million respectively. Tehai International's revenue in 2023 will increase by 23% year-on-year.
Tehai International's net profit in 2019, 2020, 2021, 2022, and 2023 will be -33.02 million US dollars, -53.76 million US dollars, -151 million US dollars, -41.26 million US dollars, and 25.26 million US dollars, respectively.
Tehai International's restaurant-level operating profit margin in 2023 will be 9%, an increase of 4.9 percentage points year-on-year. During the reporting period, the overall table turnover rate of Haidilao restaurants operated by Tehai International was 3.5 times per day.
As of December 31, 2023, Tehai International had $153 million in cash and cash equivalents.
Daniel Zhang's wife, Shu Ping, is the chairman of the board
At present, the chairman of the board of directors and non-executive director of Tehai International is Ms. Shu Ping, wife of Daniel Zhang, and the executive directors are Ms. Zhou Zhaocheng, Li Yu, Wang Jinping and Ms. Liu Li; The independent non-executive Directors are Chen Kangwei, Zhang Sile and Lian Zongzheng.
In April 2023, Tehai International announced that due to the adjustment of work arrangements and the optimization of the distribution of responsibilities, Zhou Zhaocheng resigned as the company's chief executive officer; During the same period, Li Yu was appointed as Executive Director and Chief Executive Officer of the Company.
In December 2023, Tehai International announced the adjustment of the board of directors, Zhou Zhaocheng resigned as the chairman of the board of directors and executive director of Tehai International, and no longer served as an authorized representative to focus on other business commitments. Haidilao, the parent company of Tehai International, has announced that Zhou Zhaocheng will serve as the executive director and vice chairman of Haidilao.
Tehai International also announced the appointment of Shu Ping, wife of Haidilao founder Daniel Zhang, as the chairman of the board of directors, non-executive director and authorized representative of the company, effective December 13, 2023.
Shu Ping, aged 53, together with his spouse Daniel Zhang, owns or is deemed to own 336,167,123 shares of the Company, representing approximately 54.28% of the total issued share capital of the Company.
Daniel Zhang and his wife have just received a dividend of more than 2 billion
In September 2018, Haidilao was listed on the Hong Kong Stock Exchange.
But on the eve of Haidilao's listing, Daniel Zhang, a native of Sichuan, not only joined Singapore with his wife, but also held his entire net worth through an offshore family trust.
In 2019, Daniel Zhang and Shu Ping also made Singapore's richest man change hands for the first time in ten years with a net worth of about 100 billion. The immigration of Daniel Zhang and Shu Ping was once very controversial on the Internet.
According to the annual report, Haidilao's revenue in 2019, 2020, 2021, 2022, and 2023 will be 26.556 billion yuan, 28.614 billion yuan, 41.112 billion yuan, 34.74 billion yuan, and 41.453 billion yuan respectively.
Due to the recovery of the overall consumption environment, the number of times consumers eat out has increased relatively, and the turnover rate of Haidilao restaurants has increased significantly. In 2023, the overall turnover rate of Haidilao restaurants was 3.8 times/day, and the same-store turnover rate was 3.9 times/day, and the overall and same-store turnover rates in 2022 were 3.0 times/day and 3.1 times/day, respectively.
Haidilao restaurants received more than 397 million customers throughout the year, an increase of 43.7% over the previous year.
Haidilao's profits in 2019, 2020, 2021, 2022, and 2023 will be 2.347 billion yuan, 310 million yuan, -4.16 billion yuan, 1.373 billion yuan, and 4.495 billion yuan respectively.
As of December 31, 2023, Daniel Zhang, chairman of the board of directors of Haidilao, and his wife Shu Ping held a total of 3,363,658,743 shares, accounting for 60.35%.
As of December 31, 2023, Haidilao's shareholding structure
Ms. Yang Lijuan holds 179,686,726 shares, with a 3.22% equity interest, and 0.46% of the equity through the trust beneficiary; Ms. Gao Jie and Zhou Zhaocheng each hold 0.04% of the shares. Chow Siu Cheng is the spouse of Ms. Chen Ying. Mr. and Mrs. Shi Yonghong and Ms. Li Haiyan control 9.55% of the shares.
The board of directors of Haidilao will pay a final cash dividend of HK$0.824 per share (equivalent to RMB0.748) for the year ended December 31, 2023 (with a total dividend of approximately RMB4.050 billion).
Based on this calculation, Daniel Zhang and his wife can share a cash dividend of HK$2.44 billion (about HK$2.259 billion).
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