AsianFin -- Chinese hotpot chain Banu has filed for an initial public offering on the Hong Kong Stock Exchange, aiming to become the market's third publicly listed hotpot company.
The move comes at a time of heightened activity in China's restaurant industry, with several prominent names, including Guming, Aunt Shanghai, and Mixue, recently debuting on the exchange.
Mixue surged past a 100 billion yuan ($13.8 billion) market cap shortly after listing, while Greentown Group completed its long-awaited IPO after five prior attempts. Industry watchers say the recent wave of listings marks a rare window of opportunity for consumer-facing brands to tap public capital.
展开剩余45%But Banu's bid to join the ranks of listed peers isn't without hurdles. The company has recently faced public backlash over controversial remarks—most notably a statement advising people earning less than 5,000 yuan a month to avoid eating hotpot. Analysts are also divided on the company's financial and operational readiness.
While Banu's IPO could bolster its national ambitions, investor sentiment around restaurant listings has been cautious. Greentown's shares fell 12.5% on their first day of trading. The two existing hotpot stocks on the Hong Kong exchange haven't fared much better—Haidilao's market cap now stands at 81 billion yuan, while Xiabu Xiabu has sunk to just 749 million yuan.
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