Citi Cuts Haidilao View After August Table Turnover Weakens

Citi said Haidilao's August overall table turnover rate fell by a low single-digit percentage year on year, compared with management's comment after its interim results that the first three weeks of August had posted low single-digit growth, according to ETNet. The bank said the wider-than-expected weekly swings in August point to a weak mainland consumption environment. It also said founder Zhang Yong's wife, Shu Ping, earlier sold 259 million Haidilao shares at HK$10.62 each, equal to about 4.7% of the company, for proceeds of about $354 million, adding to negative sentiment around the stock. Citi kept its target price at HK$19.3 and its Buy rating.