(Sept 9): The founding family behind China’s biggest chain of hotpot restaurants sought to sell up to US$353 million (RM1.44 billion) shares, sending the firm’s shares down as much as 12%, the lowest level since March 2022.

Shu Ping, a co-founder and wife of Haidilao’s chairman and chief executive officer Zhang Yong, is offloading 259 million shares through a family trust holding vehicle, according to terms seen by Bloomberg. That represents an around 6% or more discount to the last close. 

The company did not immediately respond to a request for comment. The term sheet didn’t disclose the reason for the share sale.

The move comes shortly after China said in July that it will officially begin taxing offshore trusts established by its citizens, closing a longstanding loophole used by wealthy families for asset protection and succession planning. The changes are reverberating across Hong Kong, Singapore and other major wealth-management hubs, where offshore trusts have long been a favoured vehicle for Chinese entrepreneurs and ultra-high-net-worth individuals. 

“The news surprised us,” Morgan Stanley analysts including Hildy Ling wrote in a note, adding that Zhang Yong had acquired more shares in May.

The stake sale, which is equivalent to 4.6% of the shares outstanding or 12.2% of the free float, accounts for about 9% of their combined holdings.

Shu Ping’s net worth stands at US$3.2 billion, according to the Bloomberg Billionaires Index. She controls a 50% stake in Haidilao with her husband through discretionary trusts via holding companies, according to a May 2026 company filing.

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