Super Hi International Achieves Dual Listing.
EqualOcean has learned that on the evening of May 17th, Beijing time, SUPER HI INTERNATIONAL HOLDING LTD. (hereinafter referred to as "Super Hi International") officially dual-listed on NASDAQ with the stock code "HDL."
On December 30, 2022, Super Hi International Holding Ltd. (09658:HK; HDL:NASDAQ) officially listed on the Hong Kong Stock Exchange with an issue price of HKD 7 per share. Super Hi International primarily serves the international market for Haidilao hot pot, and the company and its subsidiaries are mainly engaged in restaurant operations, takeout services, and the sale of hot pot seasoning products and ingredients.
In 2012, Super Hi International opened its first Haidilao restaurant in Singapore. As of December 31, 2023, Super Hi International has opened 115 self-operated restaurants in 12 countries across four continents, including Singapore, Thailand, Vietnam, Malaysia, Indonesia, Japan, South Korea, the United States, Canada, the United Kingdom, and Australia. Super Hi International's signature dishes include Sichuan spicy soup base and pulled noodles, and the services provided include birthday celebrations at all its restaurants. According to a report by Frost & Sullivan, calculated by revenue in 2022, Super Hi International is the third-largest Chinese restaurant brand in the international market and is also the Chinese restaurant brand with the most self-operated restaurants covering the number of countries.
In terms of the number of stores, the number of Super Hi International's restaurants increased from 74 as of January 1, 2021, to 115 as of December 31, 2023. In the first half of 2023, Super Hi International also opened its first restaurant in the United Arab Emirates.
Looking at operational data, in 2022 and 2023, Super Hi International's same-store sales increased by 54.0% and 8.8% year-on-year, respectively; from 2021 to 2023, Super Hi International's turnover rates were 2.1 times/day, 3.3 times/day, and 3.5 times/day, respectively, showing a continuous upward trend; from 2021 to 2023, the average daily revenue per restaurant of Super Hi International was USD 10,000, USD 15,400, and USD 16,300, respectively, also showing a continuous upward trend.
In addition, the newly opened restaurants of Super Hi International usually achieve a break-even point within six months from 2021 to 2023. So far, the restaurants newly opened in 2023 have achieved monthly break-even. The first restaurant in the UAE in March 2023 has achieved a turnover rate of more than 4.5 times per day in the first six months since its opening. Since 2021, Super Hi International's restaurants have cumulatively served more than 58 million customers. As of December 31, 2023, Super Hi International's customer loyalty program has about 4.4 million members, an increase from about 1.2 million as of January 1, 2021.
In terms of financial data, from 2021 to 2023, Super Hi International's revenue was USD 312 million, USD 558 million, and USD 686 million, respectively, with year-on-year growth rates of 78.7% and 23.0% in 2022 and 2023, respectively. In 2023, Super Hi International turned a profit, achieving a net profit of USD 25.3 million, with a net profit margin of 3.7%, while in 2022 it had a net loss of USD 41.3 million.