Super Hi International, a Chinese hot pot restaurant chain, experienced a significant increase in value after its first trading session on the Nasdaq in the US. On May 17th, the shares of Super Hi International rose by 38%, resulting in the company being valued at approximately 1.74 billion USD.
The successful IPO of Super Hi International indicates a revival in the US IPO market after a period of stagnation. The expectation of falling interest rates by the US Federal Reserve in the second half of the year is likely to motivate more businesses, both American and foreign, to list on the US stock exchange. This trend is further exemplified by other foreign companies like Zeekr, a Chinese electric vehicle company, also making an IPO in the US.
Super Hi International raised 52.7 million USD during its initial public offering (IPO) in the US on May 16th by selling nearly 2.7 million shares. The company plans to use this capital to expand its operations globally. Haidilao, the hot pot restaurant chain operated by Super Hi International, was founded in 1994 by Zhang Yong and has grown to become one of the most renowned Chinese restaurant brands worldwide.
In 2018, Haidilao was listed on the Hong Kong stock exchange and is known for its spicy dishes that have revolutionized Chinese cuisine. According to a report filed with the US Securities Commission (SEC), Haidilao is currently the third largest Chinese restaurant brand globally based on revenue.
Super Hi International has been managing Haidilao’s operations outside China since 2012 under its parent company, Haidilao International. By the end of 2022, Super Hi plans to separate and list on the Hong Kong stock exchange. Since its first restaurant in Singapore in 2012, Haidilao has expanded to over 100 locations across Asia-Pacific and Europe.
Analysts noted that Super Hi International’s successful IPO suggests that investors are becoming more interested in investing in international companies with strong growth potential.
Overall, Super Hi International’s successful IPO marks an important milestone for not only itself but also for Chinese companies looking to expand their reach globally through listing on international stock exchanges.
