Haidilao tumbles 12pc as chairman's wife reportedly sells about 260 million shares

Shu Ping, a co-founder and wife of Haidilao (6862)’s chairman and chief executive Zhang Yong, has reportedly offloaded about 260 million of the company’s shares at HK$10.62 apiece at the pre-opening session on Wednesday, Bloomberg reported.

The sale represents a 6.68 percent discount to yesterday's close – totaling roughly HK$2.75 billion. The speculation came after the company saw multiple large-block trades at the pre-opening session, involving about 260 million shares.

Haidilao’s shares tumbled as much as 12 percent to HK$10, the lowest since March 2022.

The report said Haidilao's major shareholder plans to offload about 260 million shares on Wednesday, with UBS managing the placement. Morgan Stanley said the sell will weigh on near-term sentiment until investors regain confidence in the company's earnings outlook and are assured no further share reductions.

Morgan Stanley also said that Zhang bought about 11.3 million shares at HK$13.39 per share in May.
 

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