China’s Fastest Growing Hotpot Chain Just Minted Two Billionaires

Image result for Haidilao International Holding Ltd

“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 Monday, Zhang Yong, chairman of Haidilao International Holding Ltd., and his wife Shu Ping, had grown $6 billion richer in 2019, a 79 percent jump in just over three months.

That pace is the fastest in Asia and globally only topped by Australian mining baron Andrew Forrest, who has doubled his fortune this year, according to the Bloomberg Billionaire’s Index, a ranking of the world’s 500 richest people.

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 75 percent this year. At about $21 billion, the company’s market value is now higher than Chipotle Mexican Grill Inc.”

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