China's hotpot billionaire ready to take on the world
Haidilao boss Zhang Yong eyeing as many as 80 more stores this year, with maybe 10 of them overseas
Beijing
ZHANG Yong, the co-founder and chairman of Haidilao, one of China's most successful hotpot chains, remembers his first time eating out. As a 19-year-old welder in Jianyang, Sichuan, it was exhilarating to escape the proletarian company cafeteria and dine in an actual restaurant, a rare experience for him at the time.
But the staff was rude and the hotpot didn't inspire. Then came a twist of fate that would change China's culinary history: Mr Zhang bolted from his job at a state-owned tractor factory in a dispute over a company apartment for him and his fiancée. In 1994, he opened his first restaurant with just four tables.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife customers push for legal action