to offset pandemic losses, and the amount of people restaurants could serve was limited by government pandemic restrictions. In 2021, as part of an expansion plan, Haidilao opened 421 new restaurants, but it also closed 276 in an effort to improve the operations and profitability of existing stores. In 2022, in the wake of China's zero-COVID policy, Haidilao's shares fell more than 60%. Haidilao is focusing on expanding its international presence, spinning off its overseas unit, Super Hi International. Global expansion Haidilao has more than 180 chains globally, more than 20,000 staff, and an annual turnover of 5 billion RMB (almost US$0.77 billion). By the end of June 30, 2020, Haidilao Hot Pot had 935 stores in operation. In addition to the many locations in China, the company serves the areas of Hong Kong, Malaysia, Singapore, Australia, Taiwan, United Kingdom, Canada, United States, Thailand, Indonesia, Vietnam, South Korea, and Japan. The company opened its first restaurant outside of mainland China in Clarke Quay, Singapore, in 2012. This was followed by its first US outlet, which opened in Westfield Santa Anita (California) in September 2013. Haidilao continued to develop its network abroad, entering the South Korean market in 2014, the Taiwanese and Japanese markets in 2015, and the Hong Kong market in 2017. IPO In 2008, Haidilao planned to increase $600 million to $700 million in the Hong Kong IPO which could increase the popularity in the global market. In 2017, Haidilao's net profit rose 22% to 1.19 billion yuan, and revenue increased 36% to 10.64 billion yuan. In 2018, Haidilao raised nearly US$1 billion in a Hong Kong initial public offering (IPO). The IPO figures show that even though Haidilao faced some safety issues over the past two years, investors are still feeling positive of Haidilao growth in the future. Founded as a privately held company, Haidilao International Holding Ltd. filed to launch an initial public offering (IPO) in Hong Kong in 2018, aiming to raise up to US$700 million for further expansion. As of 2018, Haidilao's IPO price of 17.80 Hong Kong dollars a share makes its market capitalization $12 billion. Operations Haidilao enforces strict rules when selecting food suppliers. There are more than 20 dipping sauces on Haidilao's self-service condiment table. Side dishes like peanuts, cucumbers, and fresh food are always provided. Customers can select up to four different soup bases in one pot. Some Haidilao restaurants have