Zhang Yong (restaurateur)

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Zhang Yong
张勇
Born1969 or 1970 (age 53–54)[1]
NationalityChinese
CitizenshipSingapore
OccupationEntrepreneur
Years active1994–present
TitleFounder and CEO of Haidilao
SpouseShu Ping (舒萍)
Children1

Zhang Yong (Chinese: 张勇; pinyin: Zhāng Yǒng) is a Chinese-born Singaporean billionaire business magnate who is the founder of the Haidilao restaurant group, best known for its chain of hot pot restaurants. At the end of 2018, Haidilao Hot Pot had 466 direct-operated stores in operation in more than a hundred cities. Zhang also holds majority stake in Haidilao Catering, Haidilao International Holding and Yihai International.[2]

Biography[edit]

Zhang Yong was born and grew up in Jianyang, Sichuan, China.[3][1] He started work as a welder, and did not eat in a restaurant until he was 19.[4]

In 1994, he quit his job in a tractor factory and opened a restaurant with 4 tables to seat customers, [5] the first Haidilao, which was cofounded by two couples, Zhang Yong and wife Shu Ping, and Shi Yonghong and wife Li Haiyan.[6]

The restaurant quickly became the largest hotpot restaurant in town. A second restaurant, Lou Wai Lou, opened in 1998. In 2010, the company opened its own training school of restaurant management.[6][7]

In 2013, Haidilao opened its first restaurant in the US, in Los Angeles, California.[5]

In 2018, Haidilao filed for an initial public offering (IPO) at the Hong Kong Stock Exchange to raise capital of up to US$700 million for the company's global expansion.[8]

Published work[edit]

  • Learn from Hai Di Lao, 2011[1]

Personal life[edit]

Family[edit]

Zhang is married to Shu Ping, a co-founder and non-executive director of Sichuan Haidilao Catering and have a son.[9] In 2018, Zhang and his family moved to Singapore,[10][11][12] where he later became a naturalised citizen.[13]

Wealth[edit]

As of July 2021, Forbes estimated his net worth at US$15.8 billion, making him China's richest restaurateur.[12] Forbes estimated in the same year that his fortune had fallen by US$2.4 billion after his company's stock value fell by 17%.[14] He ranked #126 on Forbes' 2019 Billionaires list, making him the 3rd richest man in Singapore.[15]

References[edit]

  1. ^ a b c Burkitt, Laurie (24 May 2013). "Star Entrepreneur's Business Advice: Don't Listen to Me". wsj.com. Retrieved 13 September 2018.
  2. ^ Salim, Zafirah (2019-03-27). "How Haidilao Founder Hit Jackpot With His US$21B Hotpot Chain - Now S'pore's Third Richest". Vulcan Post. Retrieved 2020-05-18.
  3. ^ Huddleston, Tom Jr. (October 9, 2018). "How one man went from welding in a tractor factory to building a multi-billion dollar Chinese hotpot business". CNBC.
  4. ^ Dexter Roberts (7 August 2017). "China's Spicy Hotpot Billionaire Is Ready to Take on the World". Bloomberg. Retrieved 14 September 2018.
  5. ^ a b Tom Huddleston Jr. (9 October 2018). "How one man went from welding in a tractor factory to building a multi-billion dollar Chinese hotpot business". Cnbc.com. Retrieved 17 June 2019.
  6. ^ a b Zafirah Salim (27 March 2019). "How Haidilao Founder Hit Jackpot With His US$21B Hotpot Chain - Now S'pore's Third Richest". Vulcanpost.com. Retrieved 17 June 2019.
  7. ^ Li Xiang, Yu Nan (26 May 2011). "Interview with Zhang Yong: The Secret of Haidilao's Success". Eeo.com.cn. Retrieved 17 June 2019.
  8. ^ "Investors hungry for Chinese hotpot as Haidilao raises nearly $1 billion in IPO". Reuters. 2018-09-18. Retrieved 2022-01-24.
  9. ^ Lay, Belmont (16 April 2019). "Haidilao naturalised S'porean founders increase wealth by S$7.6 billion in 3 months". Mothership. Retrieved 29 September 2019.
  10. ^ Chia, Rachel Genevieve. "How Singapore's richest man went from welding in a factory for $14 per hour to owning a $17 billion hotpot restaurant chain". Insider. Retrieved 2022-01-24.
  11. ^ "Hotpot billionaire Zhang Yong ousts Far East's Ng brothers to top Forbes list of Singapore's richest". The Jakarta Post. 30 August 2019. Retrieved 29 September 2019.
  12. ^ a b "Forbes profile: Zhang Yong". Forbes. Retrieved 9 July 2021.
  13. ^ Lay, Belmont (29 August 2019). "Haidilao founder Zhang Yong richest man in S'pore with S$19.2 billion net worth". Mothership. Retrieved 29 September 2019.
  14. ^ Lee, Zinnia. "Hotpot Tycoon Sees Fortune Drop $2.4 Billion After Earnings Outlook Disappoints". Forbes. Retrieved 2021-12-15.
  15. ^ Zafira Salim (6 March 2019). "The Real Crazy Rich Asians: 22 S'pore Individuals Who Made It To Forbes' 2019 Billionaires List". Vulcanpost.com. Retrieved 17 June 2019.