Value Trap or Opportunity ?Haidilao International Holding Ltd.HKEX_DLY:6862dchua1969 I initiated a position in this company back in Dec 2019 and for the next two years or so, we did capture the peak at 85.50. However, I continue to hold on to TODAY and now my position is in the RED! Balance Sheet wise, this company is still strong and while it has closed many outlets in China, it is also aggressively rolling out new initiatives like the one person hotpot concept which is well received in China. It has also moved from a self managed chain to a franchise model, increasing its scalability (though I am somehow sceptical about the timing ???) I am equally concerned about its future ability to pay 8% dividends as the domestic spending patterns in China is still subdued and confidence remains low. Property market (after 5 long years is still not out of the woods, CCP is still stubbornly not dishing out sufficient stimulus to prop the market), job market remains weak with many graduates unable to find job continuously. So, I have little choice but to hang out to my bloody red position for now and monitor the macrotrends and study if Haidilao will be able to turnaround the business in the near future.