Hotpot king pips Far East brothers to head Forbes Singapore's richest list
Zhang Yong, founder of Haidilao, worth US$13.8b as firm's share price soars
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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.
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