Helens International Holdings, the operator of China’s bar chain at the time of its initial public offering in Hong Kong last September, said late Friday that its loss in the first six months of 2022 was 12 times higher than the previous year amid the fallout. COVID-19 pandemic.
Helens expects a loss of 290 million yuan, or $43 million, to 310 million yuan, compared with a loss of 25 million yuan in the first six months of 2021, the company said after markets closed. The company, which had more than 500 bars in operation last year, attributed the loss to “the adjustment of more than a hundred bars, among other points (see minutes here).
Six-month earnings will be in the range of about 870 million yuan to 890 million yuan for the period, a buildup of about 0. 2% to 2. 5% from last year, Helens said.
The company went public at an initial public offering price of HK$19. 77 in line with the share, officially making CEO Xu Bingzhong a billionaire in its initial public offering. billionaires of the time.
China officially recorded a year-on-year GDP expansion of 0. 4% in the current quarter, well ahead of the government’s target of 5. 5%, as tens of millions of people in major cities, including Shanghai, suffered housing closures due to the “zero-Covid policy”. Small businesses have been among the hardest hit, adding restaurants and hotels (see similar article here).
Xu created the first “Helen’s” bar in 2009, according to the company’s brochure.
China is so far home to the largest number of billionaires in the world after the United States.
See similar articles:
Chinese tourism contracts amid Covid closures
The 10 richest Chinese billionaires
Rebound in investment in Asia-Pacific; China’s Fall Holds Back Further Gain
@rfannerychina