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Wan also asked if Haidilao would be able to maintain its unique qualities as it develops abroad, referring to the restaurant's additional services such as manicures and free snacks for customers lining up.
"Basically, I think investors should look seriously at the business model and the uniqueness of the business, whether sustainable or not," he said.
New entrants entering the same market segment "can be a real challenge for Haidilao," said Wan.
"The entry barrier is not very high, you know, someone can enter easily," he added, and Haidilao's competitive advantage could be faced with a "big challenge" if that happens produced.
"At the moment, outside of China, I do not know how many people are, in fact, eager to try the prick," Hao Hong, director general and director of research at Bank of Communications International, said on CNBC's Squawk Box.
In addition, Hong said, the demand for hot pot tends to be seasonal, with higher consumption generally being observed in winter.
"I do not really see how they can reproduce the Chinese model abroad," he said.
Nevertheless, Hong said that "the names of consumers behaved rather well" for 2018, adding that Haidilao was "a good company" with a business model "very easy to understand".
Haidilao's shares nearly stagnated at 17.82 Hong Kong dollars per share, although the stock jumped 10 percent in the first day of trading. The IPO was valued at 17.80 Hong Kong dollars per share.
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