Hong Kong-listed hot pot chain, Haidilao, is to launch in the Philippines next month in a joint venture with an unidentified local partner.
The company’s plans were confirmed by the Department of Trade and Industry (DTI) and consultation was provided by the Philippine Trade and Investment Center in Hong Kong.
The location and number of stores have not yet been disclosed. However, the Philippine expansion is expected to create approximately 400 jobs. The Philippine News Agency said the launch was originally planned for the first half of 2020 but was delayed due to the advent of Covid-19.
Haidilao was founded in 1994 and as at last June, had 1597 restaurants across 11 countries, including China, Singapore, the US, South Korea, Japan, Vietnam, Malaysia, and the US.
Last year, the chain said it closed down about 300 underperforming restaurants due to trading impact caused by the Covid-19 pandemic. In March, its Singapore-resident billionaire founder Zhang Yong stepped down as CEO.