
Haidilao International Holding Ltd announced it will lend HK$117.2 million to its controlling shareholder, chairman and CEO Zhang Yong, at 0.6 percentage points above the one-month HIBOR, for personal financial arrangements only, with restrictions on share purchases or third-party loans.
AI-generated summary
Haidilao International Holding Ltd is a Hong Kong-listed hotpot restaurant chain majority-owned by its founder Zhang Yong. The company disclosed the related-party loan in a stock exchange filing.
The Hong Kong-listed hotpot chain said in a stock exchange filing on Monday night that it would fund the loan from internal resources and charge interest at 0.6 percentage points above the one-month Hong Kong interbank offered rate.
The principal amount translates to around HK$117.2 million.
Zhang, the company’s controlling shareholder, chairman and CEO, could use the money only for “personal financial arrangements”, the filing said. The funds could not be used to finance purchases of Haidilao shares, loans or guarantees to third parties, or any purpose that breached listing rules or regulatory requirements, it added.
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