Hotpot king pips Far East brothers to head Forbes Singapore's richest list

Singapore

HOTPOT king and Haidilao founder Zhang Yong has displaced real estate tycoons Robert and Philip Ng of Far East Organization as Singapore's richest man - topping the 2019 Forbes Singapore Rich List with a net worth of US$13.8 billion.

This comes after the Sichuan hotpot chain raised almost US$1 billion in its IPO (initial public offering) last September. The stock has since more than doubled from its IPO price of HK$17.80, giving the company a market cap of about HK$197 billion (S$35 billion) as at Aug 29.