Haidilao (06862) opened lower and continued to weaken on Thursday, falling 3.11% to HK$9.65 as of press time, with turnover reaching HK$215 million. The stock has been under pressure for consecutive sessions since September 9, with cumulative losses reaching 15%.

On the news front, during the opening auction on September 9, SPNL Ltd., a trust holding vehicle for a controlling shareholder group member, placed 259 million shares at HK$10.62 per share via a block trade, representing a 6.7% discount to the previous close of HK$11.38. The transaction raised approximately HK$2.75 billion, accounting for 4.65% of total share capital. The company confirmed the deal in an evening announcement, noting that the seller was the holding vehicle of the Rose Trust, a discretionary trust established by the wife of founder Zhang Yong. Following the reduction, the controlling group's combined stake fell to 45.49%.

Daiwa leans toward interpreting this as a one-off event, suggesting that related pressure has subsided. However, the brokerage noted that August turnover rates may have improved month-on-month but not necessarily year-on-year. It expects September turnover rates to improve year-on-year, aided by a low base, though demand visibility for the fourth quarter of 2026 remains unclear.

Citi indicated that, based on communications between Haidilao and investors, the company's full-month turnover rate in August declined by low single digits year-on-year. This compares unfavorably with management's earlier guidance after the first-half results, which pointed to a low single-digit year-on-year increase in turnover rates for the first three weeks of August, implying performance fell short of expectations.