Zhang Yang and his wife Shu Ping, co-founders of the Hildilao hotpot chain, are estimated to be worth $7.6 billion, making them one of Singapore’s Richest couples.
The Hildilao Story
The chain, whose name means “scoping the bottom of the ocean” in Chinese, has become one of the world’s most popular Chinese cuisine brands. At the close of 2023, more than 1,370 franchises existed across China and internationally.
Moreover, its revenue topped roughly $5.7 billion.
The commercial success of their enterprise brought Zhang and his significant other, both of whom are naturalized citizens of Singapore, ranking as the 10th wealthiest couple on Forbes 2024 countdown of the city-state’s 50 most affluent business persons.
Hildilao’s origins date back to 1994. At that time, the establishment was a small restaurant in China’s Sichuan Province.
Zhang’s Humble Beginnings
Zhang, a native of Jianyang City in Sichuan, is a high school dropout who worked at a tractor factory prior to trying his hand at business. The entrepreneur started Hildilao with fewer than 10,000 yuan. Most said funds came from other investors, most notably his wife, who was then his girlfriend.
“Though I didn’t contribute much in terms of start-up money, I assumed the position of general manager and promised the others that our assets would grow to 150,000 yuan within five years,” Zhang said. “I swore that if I couldn’t manage it, I would compensate them. That was a huge amount of money for a group of twenty-somethings in the 1990s, so they were all a bit startled.”
Unbelievably, Zhang admits that in the entity’s early days, he had no clue how to prepare a traditional Sichuan hotpot properly.
Business Takes Off
Fortunately, Hildilao’s success came relatively quickly and furiously. Zhang and other investors established separate business interests to oversee key facets such as warehousing, ingredient supply, human resources, property renovation, and security services. Such foresight enabled the founders to open new locations, breaking even in about one to three months.
Hildilao developed a reputation for providing customers with top-notch and unique services to inspire customer loyalty. Specific examples include free manicures while diners wait for tables, photo booths enabling diners to capture memories of their experiences, being served fresh noodles prepared directly at customer tables, mobile phone chargers, and costs designed for young children.
Spreading the Credit
Still demonstrating his humble nature, Zhang diverts much of the credit away from himself. The executive believes his employees deserve plaudits, especially the wait staff, for introducing benefits such as plastic bags to protect mobile phones and hair ties for long-haired patrons.
“If you doubt them, then you will fail,” Zhang said. “You have to give them the room to perform, then they will treat their job seriously. Putting faith in my staff has paid off for me.”
Zhang also realizes that rewarding managers with financial incentives also pays dividends. These perks have inspired leaders to work harder and continually exceed performance expectations.
Not All Blue Sky
Hildilao has experienced its fair share of difficulties. Despite their status, Zhang and Ping’s wealth diminished during the latter half of 2021 when news surfaced regarding the entity’s uninspiring performance.
In the wake of this revelation, the chain announced plans to shut down or suspend operations in more than 300 struggling stores, blaming such events for poor locations and a shortage of capable managers.
Zhang stepped down as CEO in 2022, but the company still made a profit of 1.37 billion Yuan.
The Comeback
In the company’s 2023 annual report, Zhang stated that Hildilao made significant strides indicating recovery. Last year, the company announced plans to expand into the United States.
Zhang stressed that he understood the importance of making money, but the goal is not the only aspect of being a successful entrepreneur.
“If you have a bigger dream, you view money as a resource for investment,” Zhang said. “That is how entrepreneurs think.”
