On September 10, HAIDILAO fell 3.19% in regular trading, trading at HK$10.02 per share with turnover of HK$208 million, extending the prior session's sharp selloff that saw the stock plunge as much as 12%.

The decline follows the disclosure that the controlling shareholder group member SP NP Ltd. sold 259 million shares on September 8 via block trade at HK$10.62 per share — a 6.7% discount to the prior closing price — raising approximately HK$2.75 billion. The stake represented about 4.65% of total issued shares and roughly 12% of free float. The company stated the disposal was purely for personal financial arrangements and does not involve business operations. Morgan Stanley noted the sale was surprising given founder Zhang Yong had just increased his holdings in May at an average price of HK$13.39, and flagged that the reduction would pressure sentiment in the near term until investors regain confidence and are assured no further disposals will occur. The bank maintained its Overweight rating with a HK$16.50 target price. Market speculation links the sale to recent mainland regulations on offshore trust taxation. The company's mid-year results also showed near-flat profit growth of 0.5% despite 7.9% revenue growth, adding to fundamental concerns.

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