SINGAPORE : Shares of Haidilao International Holding Ltd soared as much as 20 per cent on Monday after the Beijing-based hotpot restaurant chain said it would be profitable for 2022, boosting other food and beverage stocks on bets of a revival of demand in China.
China started dismantling its 'zero-COVID' restrictions in December, in a boost to consumer and food companies that were battered during the pandemic, with Haidilao and peers Jiumaojiu International Holdings Ltd, LH Group Ltd and Cafe De Coral among those expected to benefit. The company's business performance will be further improved, it said late on Friday, due to the easing of COVID curbs in mainland China.
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