🚨 Who Is Next After Haidilao? HK Stocks Trust Tax Watchlist
I guess many investors must have heard about Haidilao’s founder share sale news.
Bloomberg and The Straits Times recently have also covered the news and flagged Xiaomi, Li Ning, Sunac and Guming as names to watch.
I decided to do my own independent research to see who else may be affected.
Here is what I have gathered :
Fact: Based on China’s MOF and STA Announcement No.21. The compliance deadline is 22 October 2026.
Offshore discretionary trusts holding founder equity will face a 20% tax on accumulated dividends, trust contributions from 2023 to 2025 and realised capital gains. Any unpaid taxes after the deadline will incur a 0.05% daily surcharge plus penalties up to five times the owed amount.
I reviewed 19 major HK-listed tech leaders. 11 founders hold controlling stakes through offshore discretionary trusts. These companies are now under close watch before the deadline.
1️⃣ NetEase (9999.HK)
Largest exposure in this group. Estimated tax bill of US$600–700 million from historical trust dividends.
2️⃣ Pop Mart (9992.HK)
Structurally very similar to Haidilao. Uses the same trustee firm UBS Trustees B.V.I. Estimated bill of US$60–90 million.
3️⃣ Horizon Robotics & XtalPi
Both settled their trusts within the retroactive period without dividend cash. They may need to sell shares to fund the tax payment.
📊 Please refer to the full infographic for more details.
Do you think the above companies like to follow Haidilao🙄?
Disclaimer: For information and educational purposes ONLY. Based on public available information and I may be wrong. Hence this is definitely not financial or tax advice. Do your own due diligence☺️.
$HAIDILAO(06862.HK)$NTES(09999.HK)$POP MART(09992.HK)
