Consumer IPOs from Snap to Uber have been disappointing and serve as a reminder that private investors are making all the money.Technologyread more
The company's comments Friday come after the White House said U.S.Trade Representative Robert Lighthizer will "address the threatened impairment" of national security from...Autosread more
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.Market Insiderread more
Apple CEO Tim Cook was the commencement speaker at Tulane University Saturday. In his speech, the tech executive focused on the importance of addressing climate change and...Power Playersread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
Some analysts see streaming services like Netflix becoming hindered by one of the things that made them so popular in the first place — binge watching.Entertainmentread more
There is a shortfall of cybersecurity workers that could reach as high as 3.5 million unfilled roles by 2021. A start-up called Synack provides crowdsourced security, and...CNBC Disruptor 50read more
Yardeni Research's Edward Yardeni recommends investing in U.S. companies with exposure to China.Trading Nationread more
CNBC and SurveyMonkey's latest small business optimism index echoes that sentiment, finding 52 percent of small businesses say it's harder to find workers today than it was a...US Economyread more
CNBC combed through Wall Street research over the last week to see which stocks analysts say have the best risk-reward.Marketsread more
Western Union is not panicking, but the delivery of money around the world is being upended, says CEO of upstart TransferWise. It broke into the $689 billion remittances...CNBC Disruptor 50read more
Chinese hotpot chain Haidilao raised nearly $1 billion in its Hong Kong initial public offering (IPO) by pricing its shares at the top of an indicated range, three people close to the deal said on Tuesday.
Haidilao, which mainly serves spicy Sichuan style hotpot and is popular for the free services and entertainment such as manicures and board games offered to waiting customers, sold about 8 percent of its enlarged equity capital at $2.27 per share, giving it a valuation of about $12 billion.
The IPO's top-of-range pricing shows investors were optimistic about Haidilao's growth prospects despite a number of food safety incidents over the past two years.
The float comes at a delicate time for Hong Kong, with the benchmark Hang Seng index falling 20 percent from its January peak amid Sino-U.S. trade tensions, and several other listings, such as smartphone maker Xiaomi Corp's $5.4 billion deal, trading below their IPO price.
Haidilao, co-founded by former tractor factory worker Zhang Yong in 1994, had set a price range of HK$14.8 to HK$17.8 per share last week. It could raise as much as $1.1 billion in total if a 15 percent "greenshoe", or over-allotment option, is exercised after the shares begin trading.
The company declined to comment on the pricing.
Haidilao plans to use the proceeds to fund its international expansion into markets including the United Kingdom and Canada, and to develop and implement new technology in a bid to better control food safety after food hygiene issues.
The company's IPO attracted prominent firms, including Chinese investment house Hillhouse Capital Group and Morgan Stanley, as cornerstone investors who together committed to buy $375 million worth of shares in the IPO.
Its shares are expected to start trading on the Hong Kong stock exchange on Sept. 26.
Haidilao joins a long list of companies seeking to go public in Hong Kong. Food delivery-to-ticketing services online platform Meituan Dianping will debut on Thursday after a $4.2 billion IPO, in what is seen as a key test of investor appetite for listings in the financial hub.
Of the biggest 10 listings in Hong Kong this year, just one, Zhenro Properties, is trading above its issue price.
An undercover news report by a Chinese newspaper exposed a food hygiene scandal at two of Haidilao's Beijing restaurants last year. And one of its outlets in Singapore was suspended for two weeks earlier this year for violating hygiene standards, Singapore media reported.
The company acted swiftly after the hygiene issues cropped up by acknowledging them, and started to offer live streams from its kitchens in the Chinese capital.
CMB International and Goldman Sachs are leading Haidilao's IPO.