Offshore Trust Insight | SUPER HI (09658.HK) Up 2.39% Intraday; Zhang Yong and Shu Ping Hold 43.02% via Apple Trust and Rose Trust

On November 5, 2026, Hong Kong catering and overseas Chinese restaurant chain themes traded divergently, and SUPER HI (09658.HK) strengthened. As of 14:00, the stock was quoted at HKD 8.370, up 2.39%, with a turnover of about HKD 3.0568 million and a market capitalisation of about HKD 5.443 billion based on the latest price. It touched a low of HKD 8.320 and a high of HKD 8.570 during the day, with an amplitude of 3.06%.

It is understood that Super Hi International Holding Ltd. listed on the Main Board of HKEX by way of introduction on December 30, 2022, with its shares spun off from Haidilao International Holding (06862.HK) by way of distribution in specie to shareholders on a pro rata basis, involving no new share issue or fundraising; on May 17, 2024, the company's American depositary shares listed on the Nasdaq Global Market (ticker HDL), each ADS representing 10 ordinary shares, with 2.6927 million ADSs offered at US$19.56 each for a base offering size of about US$52.67 million. As at October 31, 2026, the company had 650,299,000 issued shares, and based on the latest price its market capitalisation was about HKD 5.443 billion.

In terms of shareholding structure, according to the company's 2026 interim report, Zhang Yong and Shu Ping, a married couple, hold shares through two BVI holding platforms: ZY NP LTD holds 208,176,319 shares, or 32.01% of the issued shares, while SP NP LTD holds 71,561,070 shares, or 11.00%, and the couple each declared an interest in the same aggregate of 279,737,389 shares, or 43.02%. Co-founders Sean Shi and Hailey Lee, also a married couple, hold 45,928,069 shares and 62,080,369 shares through SYH NP LTD and LHY NP LTD respectively, which together with the 3,750,000 shares held directly by Hailey Lee total 111,758,438 shares, or 17.19%. UBS Trustees (B.V.I.) Limited declared an interest as trustee in an aggregate of 387,745,827 shares across the four platforms, or 59.63%; Futu Trustee Limited, as trustee of the share award scheme, holds 61,933,000 shares, or 9.52%.

It is understood that the company's shareholding structure also involves offshore family trusts. According to the company's 2026 interim report, Zhang Yong is the settlor and protector of the Apple Trust, whose beneficiaries are himself, his spouse Shu Ping and their family; the trust was established on August 22, 2018 with UBS Trustees (B.V.I.) Limited as trustee, and the holding chain runs Apple Trust→UBS Nominees Limited (holding as nominee for the trustee)→ZY NP LTD→the company's shares, corresponding to 208,176,319 shares, or 32.01% of the issued shares. Shu Ping is the settlor and protector of the Rose Trust, whose beneficiaries are herself, Zhang Yong and their family, with the same establishment date and trustee; through the same nominee it holds the entire share capital of SP NP LTD, corresponding to 71,561,070 shares, or 11.00%. Sean Shi and Hailey Lee are the settlors and protectors of the Cheerful Trust, which through UBS Nominees Limited holds the entire share capital of SYH NP LTD and LHY NP LTD respectively, corresponding to 45,928,069 shares and 62,080,369 shares, or 16.61% in aggregate. All three are discretionary trusts; both the trustee UBS Trustees (B.V.I.) Limited and the four holding platforms are incorporated in the BVI.

Regarding offshore trusts, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust—establishment, existence and termination—into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the interim report published on September 22, 2026 shows that in the first half of 2026 SUPER HI recorded revenue of US$444.8 million, up 12.1% year on year; operating profit of US$22.1 million, up 87.3%, with the operating margin rising to 5.0% from 3.0% a year earlier; profit for the period of US$2.12 million, of which US$2.19 million was attributable to owners of the company, down 92.3% year on year. The decline mainly reflected foreign exchange: a net exchange gain of US$23.8 million in the same period last year turned into a net exchange loss of US$8.6 million this period. As at June 30, the company operated 129 Haidilao restaurants overseas—73 in Southeast Asia, 22 in East Asia, 22 in North America and 12 in other regions—with three new openings in the first half; overall average table turnover was 3.9 times per day, average spending per customer was US$24.8, and total customer traffic was 16.2 million, up 4.5%; the restaurant-level operating margin was 10.7%, up 4.3 percentage points. Delivery revenue was US$14.8 million, up 92.2%, other business revenue was US$28.0 million, up 143.5%, and Haidilao membership reached 9.46 million.

SCS (Soochow Securities) believes that the company's restaurant-level operating margin recovered markedly, with employee costs, utilities, depreciation and amortisation falling as a share of revenue, so that revenue growth generated operating leverage on fixed costs and lifted the group operating margin; the decline in net profit attributable to owners was mainly caused by the net exchange loss rather than a weakening of store-level operations. The broker adds that the company continues its "bottom-up" store expansion model and is extending head-office capabilities to multiple brands, with second brands under the "Red Pomegranate Plan" still at the stage of single-store model validation and investment optimisation.