Haidilao fails to sizzle on debut

Haidilao International Holding Ltd, the mainland's biggest hotpot restaurant chain, failed to ignite investor enthusiasm on its debut on Wednesday, despite relatively robust performance in gray market trading that had set an upbeat tone.

Shares of Haidilao opened high at HK$18.80 ($2.41) on Wednesday, more than 5.61 percent above its offer price of HK$17.80. The shares showed signs of extending the strong performance from Monday, when it closed 9.33 percent higher at HK$19.46 in gray market trading.

However, its shares stood little changed from its offer price in the afternoon session on Wednesday, after briefly peaking at HK$19.64 and touching a low of HK$17.86 in the morning session. The Beijing-based company ended its trading debut flat at HK$17.82.