BEIJING—Shares in Chinese hot pot chain Haidilao International surged on Monday after the company announced it would suspend or shut down 300 stores by the end of the year, slamming the brakes on a rapid expansion it undertook during the COVID-19 pandemic.
China’s largest hot pot chain said late on Friday it would shut down restaurants with relatively low customer traffic and unsatisfactory results and would launch a new plan focused on improving operation of its existing stores.
