Media365
Shares of Hong Kong-listed Shanghai XNG Holdings opened 12 per cent lower on Wednesday, extending Tuesday’s plunge of more than 28 per cent, after the company confirmed it had suspended operations at 10 Shanghai Min restaurants in mainland China.
Its shares opened at HK$0.02 on Wednesday. The restaurants serve formal Shanghai cuisine.
In a statement filed with the Hong Kong stock exchange on Tuesday night, the group said the closures were part of a strategic realignment.
In 2025, China’s total catering revenue reached 5.80 trillion yuan (US$839 billion), rising 3.2 per cent year on year, a slowdown from the 5.3 per cent growth recorded in 2024, according to the National Bureau of Statistics.
As of the first half of 2025, XNG operated 15 Shanghai Min outlets and one Nan Xiao Guan restaurant, a casual-dining brand featuring Shanghai and Jiangnan flavours, according to its earnings report.
