Published: Fri, September 14, 2018
Worldwide | By Isabel Fisher

Rat causes Chinese restaurant chain to lose £145 million in value

Rat causes Chinese restaurant chain to lose £145 million in value

When her husband alerted the staff, they allegedly offered the couple 20,000 yuan (S$4,000) to get an abortion if they were anxious about their baby's health, KanKan News reported.

The restaurant called Xiabu Xiabu, is based in Weifang, a city in the eastern province of Shandong. He alleged that one staff member had offered 20,000 yuan ($2,900) for an abortion if she was concerned about the baby's health.

The local market supervision authority has launched an investigation into the incident and the outlet where the rat was discovered has been shut down.

Hotpot restaurant Xiabu Xiabu's stock hit its lowest level in nearly a year, after photos of the dead rat being fished out of the broth with a pair of chopsticks quickly spread online.

The outlet reportedly offered her 5,000 yuan (£559, $729) as compensation.

Photos of the boiled rat quickly spread on Chinese social media site Weibo, where users reacted with anger and disgust.

By Sept. 11, the company's share price hit the lowest level since October of past year.

Shares of Xiabu Xiabu in Hong Kong plunged 12 percent Monday and Tuesday causing the company's market value to plummet around £145 million.

"Xiabu Xiabu has always been one of my favourite restaurants, I thought they were quite clean as well. Is a life worth only 20,000 yuan?"

The rat was found at the Xiabu Xiabu restaurant in Weifang.

Xiabu Xiabu had released a statement which declared that it was "impossible" that a lack of hygiene at the restaurant was to blame for the rat's appearance, but that statement was deleted a short time later.

The hotpot restaurant chain opened its first outlet in Beijing in 1998 and now operates over 800 outlets in China.

Hotpots are prepared with a simmering pot of soup stock at the dining table and contain a variety of east Asian foodstuffs.

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