The Chinese Hot Pot Billionaire




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ORIGINAL POST

Posted by Ed 3 mths ago
China’s insatiable demand for spicy hotpot is placing the founders of a restaurant chain atop one of the world’s fastest-growing fortunes, allowing them to outpace many of the wealthiest families globally.

As of last week, Zhang Yong, chairman of Haidilao International Holding Ltd., and his wife Shu Ping, had grown $5.6 billion richer in 2019, a 74 percent jump in just over three months.

Haidilao went public in September, and it’s been a lucrative time for China’s largest hotpot chain, popular for the spicy broths in which diners cook their meats and vegetables. The company is pushing to make its restaurants more efficient by creating automated kitchens.


Perks like the free manicures it offers waiting customers have kept families coming in. And the brand is expanding overseas with new locations planned in New York and London.


Last year, revenue surged 60 percent to 17 billion yuan ($2.6 billion), and that’s helping to push the stock up more than 77 percent this year. At $21 billion, the company’s market value is now higher than Chipotle Mexican Grill Inc.

https://www.bloomberg.com/news/articles/2019-04-15/spicy-hotpot-makes-couple-more-than-5-billion-richer-in-2019?srnd=premium-asia

COMMENTS

Ed 3 mths ago
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Ed 3 mths ago
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Ed 3 mths ago
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