Hot pot stocks in a soup after HK family infectionsBusiness | 10 Feb 2020 2:11 pm
Chinese hot pot stocks skidded in Hong Kong today, after members of the same family who shared a large dinner in January were confirmed to have the coronavirus that emerged in Wuhan, China.
Haidilao International Holding, a major hot pot restaurant operator, fell by 7.3 percent, while peer Xiabuxiabu Catering Management China Holdings lost 7.2 percent, Bloomberg reports.
Yihai International Holding, which makes seasonings and sauce products for hot pot, was down by 4.5 percent before paring the decline.
Nine of the 19 people who had joined a family gathering on January 26 have been infected with the virus after sharing a hot pot and barbecue meal, said Hong Kong’s department of health on Sunday night. Hot pot is a popular Chinese cuisine in which food is cooked in a communal bowl.
The hot pot sector was a strong spot for Hong Kong’s struggling stock market in 2019.
Yihai was one of the best performing stocks on the Hang Seng Composite Index last year with a 139 percent surge, while Haidilao popped by 82 percent. Xiabuxiabu has skidded by 22 percent this year, making it one of the index’s biggest decliners.