On September 25, HAIDILAO fell 3.18% in regular trading, trading at HK$8.995/share, with turnover of HK$39.15 million, extending its recent downtrend.

The stock continues to face multiple headwinds. In early September, controlling shareholder family member SP NP Ltd. sold 259 million shares via block trade at HK$10.62 per share, a 6.7% discount to the prior close, raising approximately HK$2.75 billion. The entity is wholly owned by the spouse of founder Zhang Yong through a trust structure, reducing the controlling group's stake to 45.49%. Notably, Zhang Yong had just spent HK$152 million to increase his stake in May at around HK$13.39 per share, making the family's subsequent discount sale particularly unsettling for investors.

Daiwa cut its target price from HK$13.2 to HK$11.3, citing unimproved demand and lowered EPS forecasts for the next three years. Citi flagged that August table turnover rates fell short of expectations, declining year-over-year by low single digits. First-half net profit rose a mere 0.47%, while self-operated restaurants declined by 32 stores year-over-year to 1,290. The subsidiary brand Yanqing BBQ closed at least 19 locations, with no new openings in H1, signaling a stall in multi-brand expansion efforts.

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