Xiabuxiabu Catering Management (China) (HKG:0520) expects a net loss of between 390 million yuan and 410 million yuan for 2024, up from 190 million yuan a year prior, a March 7 bourse filing said.

The restaurant operator attributed the projected loss primarily to lower revenue amid intense competition and weak consumer spending in the food and beverage market, as well as losses from restaurant closures and impairment charges.