HK-listed restaurant chain Xiabuxiabu falls on disappointing outlook

** Shares of Chinese hot-pot restaurant chain Xiabuxiabu Catering Management (China) Holdings Co Ltd fall 6.7% to HK$6.59

** The Beijing-based operator expects to post a loss of up to 60 mln yuan ($9.30 mln) for the six months ended in June, versus the 255 mln yuan loss reported last year, but that falls short of its target to turn to a profit

** Says H1 loss was due to the provision for impairment losses as the company plans to close about 200 loss-making Xiabuxiabu restaurants throughout the year and as its restaurants have been hit by the COVID-19 outbreaks

** The Hong Kong Hang Seng consumer goods and services index falls 1.2% and the Hang Seng Composite index drops 1.8%

** The Hang Seng China Enterprises index plunges 2.6% and the benchmark index slips 1.8%

** Stock had dropped 60.1% this year, as of last close