Haidilao shares fell 9.14% on September 9 after the company confirmed that SP NP Ltd., a vehicle wholly owned by UBS Trustees (BVI) Ltd. as trustee of Shu Ping's Rose Trust, sold 259 million shares for approximately HK$2.751 billion ($350.8 million). The block trade was priced at HK$10.62 a share, a discount of about 6.7% to the previous close, and represented 4.65% of Haidilao's issued shares. The stock dropped more than 12% intraday to HK$10, its lowest level in roughly four and a half years. Haidilao said the sale was undertaken for personal funding and financial arrangements, involved no new share issuance and did not change control; the founder group still holds about 45.49%. The disposal contrasts with Zhang Yong's purchase of 11.35 million shares at HK$13.39 in May. Morgan Stanley said the sale surprised the market but maintained an Overweight rating and HK$16.5 target, citing improving operating margins and a more disciplined expansion strategy. Haidilao reported first-half 2026 revenue of CNY22.337 billion, up 7.9%, while attributable profit rose 0.5% to CNY1.767 billion.