Where does the fortune of Zhang Yong come from?
Zhang Yong is a Singaporean Chinese billionaire who is the founder of the Haidilao International Holding restaurant group, best known for its Hai Di Lao chain of hot pot restaurants. Haidilao Hot Pot has more than 460 direct-operated stores in operation in more than a hundred cities and is the largest hotpot chain in China which is widespread through spicy broths and special services. With the expanding of Haidilao, restaurants also opened overseas, e.g. in London and New York. Zhang also holds majority stake in Haidilao Catering, Hai Di Lao International Holding and Yihai International. His net worth is estimated around $20.4 billion, securing him 2nd place in the ranking of the richest people in Singapore.
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How did Yong’s company Haidilao develop?
In March 1994, Zhang Yong opened the first Haidilao hot pot restaurant along with three other founders with only $1,200 in Jianyang. The company didn’t grow successful by differentiation through special flavors or excellent food but by a top notch customer service that drove people to visit the restaurants. After 5 years, Haidilao started to expand to other provinces and all around the world. The company opened its first restaurant outside of mainland China in Clarke Quay, Singapore, in 2012. This was followed by its first US outlet, which opened in Westfield Santa Anita (California) in September 2013. Haidilao continued to develop its network abroad, entering the South Korea market in 2014, the Taiwan and Japan markets in 2015, and the Hong Kong market in 2017. In 2018 the firm raised nearly $1 billion with its IPO in Hong Kong. In 2019, Haidilao generated almost $4 billion in revenues, but this figure is expected to drop by 90% for 2020 due to the Covid-19 crisis.
Is there a Zhang Yong family office?
Yes, there is. Sunrise Capital Management, located in Singapore, serves as the private single family office of Zhang Yong and his wife. Founded in 2019, the investment office is quite new compared to other single family offices of comparable HNWIs.
How does the Zhang Yong family office invest?
Sunrise Capital Management mainly serves as a holding company for controlling the shares in Haidilao held by Zhang Yong. Apart from that, our experienced research team couldn’t examine any other investment activities connected to the entity.
This article is part of our detailed report “The Single Family Offices of Asian Billionaires and HNWIs“.
Picture source: Piotr Miazga