Who would have imagined that a modest hotpot shop with just four tables in Jianyang, Sichuan, China, would one day evolve into a global restaurant empire worth billions? Zhang Yong, co-founder, chairman, and CEO of Sichuan Haidilao Catering, and his wife Shu Ping, co-founder and non-executive director, have turned their humble beginnings into one of the most remarkable rags-to-riches stories in Asia.
Today, the couple not only controls the globally renowned Haidilao hotpot chain but also ranks among the wealthiest individuals in Singapore.
The Humble Origins of Haidilao
According to VnExpress International, Zhang Yong and Shu Ping, along with two partners, opened their first hotpot restaurant in 1994 with a capital of less than 10,000 yuan.
Zhang, a high school dropout who once worked at a tractor factory, had a fierce entrepreneurial instinct. He quickly assumed the role of general manager and set an ambitious goal: to accumulate 150,000 yuan in assets within five years.
"I swore that if I failed, I would compensate them. That amount was huge for a group of young people in our twenties, so they were all quite shocked," Zhang recalled in a 2011 interview with The Economic Newspaper.
Ironically, when he started the business, Zhang admitted he didn’t even know how to prepare a traditional Sichuan hotpot.
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Reinventing the Hotpot Experience
Over the years, Haidilao built a stellar reputation by redefining customer service. Its unique approach includes offering phone protectors, hair ties for long-haired guests, free manicures while waiting, baby cribs, photo booths, and even live noodle-pulling performances.
Zhang also empowered his employees to innovate and contribute ideas, believing that “frontline workers understand customers best.”
From Struggle to Billionaire Status
In 2018, Haidilao went public on the Hong Kong Stock Exchange, raising nearly US$1 billion and reaching a valuation of approximately US$12 billion.
That same year, Zhang and Shu became Singaporean citizens and were soon listed as the richest individuals in Singapore in 2019 and 2020, according to Forbes.
But their empire faced turmoil in 2021 when the COVID-19 pandemic hit hard. Haidilao announced plans to close or suspend 300 underperforming outlets and reported a staggering loss of 4.16 billion yuan.
Zhang stepped down as CEO in 2022 during a restructuring phase, assuming the role of chairman and executive director. By the end of that year, the company rebounded, posting a profit of 1.37 billion yuan.
A Comeback and Global Expansion
In 2024, Bloomberg reported Haidilao’s plan to expand into the United States amid declining consumption in China.
As of August 18, 2025, Forbes ranks Zhang as the seventh-richest person in Singapore, with an estimated net worth of US$5.5 billion.
Haidilao now operates nearly 1,400 restaurants across mainland China and over 100 locations worldwide.