Zhang Yong (restaurateur) explained

Zhang Yong
Birth Date:[1]
Birth Place:Jianyang, Sichuan, China
Nationality:Singaporean
Occupation:Restaurateur
Years Active:1994–present
Known For:Being the founder of Haidilao
Founder and CEO of Haidilao
Spouse:Shu Ping (Chinese: 舒萍)
Children:1

Zhang Yong is a Chinese-born Singaporean restaurateur. He 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]

Life and career

Zhang Yong was born and grew up in Jianyang, Sichuan, China.[3] [1] He started his humble career beginnings as a welder by profession, 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 his wife Shu Ping, and fellow business partners Shi Yonghong and his wife Li Haiyan.[6]

Zhang's restaurant soon became the largest hot pot restaurant in town. A second restaurant, Lou Wai Lou, opened in 1998. In 2010, the company opened its own restaurant management training school.[6] [7] Zhang has stated that his business philosophy revolves around using hot pot as a medium through which qi (器) and Dao (道) can be reunited.

Personal life

Family

Zhang is married to Shu Ping, a co-founder and non-executive director of Sichuan Haidilao Catering and have a son.[8] In 2018, Zhang and his family emigrated to Singapore, where he later became a naturalised citizen.[9] [10]

Wealth

As of July 2021, Forbes estimated his net worth at US$15.8 billion, making him China's richest restaurateur.[11] 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%.[12] He ranked #126 on Forbes 2019 Billionaires list, making him the 3rd richest man in Singapore.[13]

Published work

Notes and References

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

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