By Claire Lim


Singapore-based restaurateur Super Hi International Holding Ltd. is advancing plans to spin off from Haidilao International Holding Ltd. and list in Hong Kong by way of introduction.

The overseas unit of China-based restaurant chain Haidilao will cease to be a subsidiary after the spinoff, but parties holding a collective 60% stake in Haidilao will continue to be Super Hi's controlling shareholders, it said in a draft prospectus filed to the Hong Kong bourse late Wednesday.

Super Hi said that it won't issue new shares nor receive any fundraising proceeds from the offering. It didn't specify a timeline for the listing by introduction.

Haidilao thinks the spinoff will help the two companies better allocate resources, given that they are focused on different markets Super Hi said in the filing. Super Hi runs about 100 Chinese-cuisine restaurants across 11 countries--including in North America--while Haidilao focuses on Greater China.

Super Hi generated revenue of US$312.4 million in 2021, up from US$221.4 million a year earlier. It posted annual losses from 2019 through 2021, which it attributed to the effects of the Covid-19 pandemic and its fast pace of expansion.

Morgan Stanley and Huatai International are acting as joint sponsors for the proposed offering.

Super Hi is set to join an increasing number of companies that have sought to list by way of introduction, which can be a faster, cheaper avenue to public markets as it doesn't involve raising capital or issuing new shares. Electric-vehicle maker Nio Inc. in March staged Hong Kong's first such listing since late 2020, and more recently also listed by way of introduction in Singapore. Philippines-based Emperador Inc. on Thursday completed a secondary listing by way of introduction in Singapore.


Write to Claire Lim at claire.lim@wsj.com


(END) Dow Jones Newswires

07-14-22 0243ET