Haidilao to provide founder Zhang Yong $14.9M loan, fueling China tax speculation ahead of offshore trust deadline
Haidilao International Holding has agreed to provide its founder, Zhang Yong, with a one-month loan of up to the Hong Kong dollar equivalent of 100 million yuan (US$14.9 million), according to a stock exchange filing on Monday night. The Hong Kong-listed hotpot chain will fund the loan from internal resources and charge interest at 0.6 percentage points above the one-month Hong Kong interbank offered rate. This move has raised market speculation as investors closely watch Beijing’s October 22 deadline for offshore trust taxation. The company stated the funds are for Zhang Yong's personal financial arrangements and cannot be used for Haidilao share purchases or third-party loans.
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