Haidilao (06862) dropped more than 3% intraday, hitting its lowest level since November 2022. As of press time, the stock was down 2.97% at HK$8.995, with turnover of HK$83.834 million.

Citi recently released a research report stating that, based on Haidilao's communications with investors, the company's table turnover rate for the full month of August declined by a low single-digit percentage year-on-year. This compares with management's statement after the interim results that the table turnover rate for the first three weeks of August had risen by a low single-digit percentage year-on-year, making the actual performance worse than expected. The bank believes that the weekly volatility in the table turnover rate during August was greater than anticipated, reflecting an overall softening consumer environment.

Notably, on September 8, controlling shareholder member Shu Ping (wife of founder Zhang Yong) sold approximately 259 million shares, equivalent to about 4.7% of the equity, further intensifying negative sentiment toward the stock. The sale price was approximately 20% lower than Zhang Yong's buyback price in late May. Following the sale, the controlling shareholders' combined stake decreased from approximately 50.2% to approximately 45.5%. The controlling shareholders stated that they still have full confidence in the company's business prospects, growth potential, and long-term value.