China’s largest hot pot chain Haidilao posted a loss of 4.16 billion yuan (US$ 600 million) last year. The one-time loss is blamed on the closing of 276 stores. It was Haidilao’s first big loss since it went public in 2018.
In 2021, Haidilao opened 421 new restaurants and closed 276. In December, half of Haidilao’s sub-brands closed down.
