(Yicai) April 30 -- Super Hi International Holding, the overseas operator of Haidilao International Holding’s hotpot chain, has filed to list in the United States, saying it seeks to raise funds to expand its restaurant network and enhance its brand.

Super Hi plans to offer American depository shares on the Nasdaq exchange, according to a filing with the US Securities and Exchange Commission on April 26. The number of shares and their price have not been decided yet, the Singapore-based firm said yesterday, adding that it would offer no more than 123 million ADS.

Haidilao, China’s biggest hotpot chain, spun off its operations abroad in 2022 to create Super Hi. It went public in Hong Kong at the end of that year. A dual listing on a major US stock market such as the Nasdaq can provide greater visibility, liquidity, and access to a wider investor base, helping it expand and develop further as a global business.

Last year, the company swung into the black after four years of losses, with a USD25.7 million net profit, while revenue jumped 23 percent to USD686 million thanks to a higher turnover rate and better internal management and operations, according to its latest earnings report.

As of the end of 2023, it had 115 restaurants in 12 countries and regions, including Southeast Asia, East Asia, North America, and the United Arab Emirates. Its first outlet in Singapore opened in 2012.

The Hong Kong-listed shares of Super Hi [HKG: 9658] closed 0.4 percent up at HKD14.28 (USD1.83) apiece today.

Editor: Martin Kadiev