$HAIDILAO (06862.HK)$ Funds raised for survival. Co-founder ...

$HAIDILAO (06862.HK)$
Funds raised for survival. Co-founder sold shares at the same time. Yet PE is very high at 58 times earnings.

10:39 PM EST, 11/22/2021 (MT Newswires) -- Haidilao International Holding (HKG:6862) raised HK$2.34 billion ($300.3 million) in net proceeds from a top-up placement of 115 million shares, according to a late Monday filing.

The funds are earmarked for boosting the restaurant operator's supply chain capabilities, paying debt, funding working capital and for general corporate purposes, the disclosure said.

Haidilao issued the same number of new shares to the vendor as part of the placement, which represent 2.06% of its issued shares as enlarged by the deal.

One of Haidilao's founders sold the shares for HK$20.43 each.