China's leading hot pot company reports revenue plunge

BEIJING -- Haidilao, China's leading hot pot chain, has posted figures pointing to a likely drop in revenue for the first half of the year, due largely to the COVID-19 epidemic.

The company estimated a 20 percent drop in revenue year-on-year from January to June, according to its profit warning filed with the Hong Kong stock exchange.

The loss was due mainly to the COVID-19 outbreak and accompanying epidemic control measures, the report said.

To curb the spread of the epidemic, Haidilao voluntarily suspended all dine-in services on the Chinese mainland from January 26 to March 12.

Meanwhile, the company has been setting up new restaurants to expand its network, while also spending funds on epidemic prevention measures to protect the health and safety of employees, the report said.