Shu Ping (Singapore Billionaire)

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Shu Ping
Shu Ping.jpg
Born1970
Home townSichuan province, China
Spouse(s)Zhang Yong

Shu Ping (born 1970) is one of the founders of the popular hotpot franchise, Hai Di Lao. In 2019, Shu Ping appeared on Tatler Singapore’s ‘300 List’, a compilation of the country’s most influential and powerful people.[1] She has also appeared on Forbes’ list of billionaires, alongside other Singaporean figures such as Kishin RK and Far East Organisation's Philip Ng.[2] As of 2020, Shu Ping and her husband, Zhang Yong are reportedly worth US$19 billion, making them two of the richest individuals in Singapore.[3] According to a report by Business Times in August 2020, Shu Ping accounts for US$5.2 billion of the couple's wealth.[4]

Background[edit | edit source]

Shu Ping was born in 1970 in Sichuan, China.[5] According to news reports, Shu Ping and her husband, Zhang Yong have been naturalised Singapore citizens since September 2018.[6][7] In July 2019, Shu Ping registered Sunrise Capital Management, a firm where she is the sole shareholder and director, to manage her family’s financial assets.[8] She opened the family office in March 2020 at Robinson Road in Singapore.[9][10]

Personal life[edit | edit source]

Shu Ping and her husband, Zhang Yong in 2018. Photo from source.

Shu Ping is married to Zhang Yong, the Chairman of Haidilao International Holdings.[9][11] The couple has a son together. Shu Ping and her son reside in Singapore, while Zhang Yong splits his time between Singapore and China.[12] According to The Business Times, the couple purchased a $27 million Good Class Bungalow (GCB) near the Botanic Gardens in 2016.[13][14] Named "The Winged House", the private family residence has been featured by numerous architecture publications for its unique design.[15][16]

Education[edit | edit source]

Shu Ping reportedly completed two Master of Business Administration (MBA) programmes from Cheung Kong Graduate School of Business in November 2015.[17] According to the Singaporean-Chinese newspaper Lianhe Zaobao, Shu Ping also studied at the Nanyang Business School in Singapore where she took an Executive Master of Business Administration (EMBA);[18] a program for senior career professionals.[19] Speaking to Lianhe Zaobao about her experience in the EMBA classes, she said:

“I remember that the teacher was talking about the world economy. From morning to afternoon, the whole day is a macro-theory and complicated concepts. I compared what the professor said with my management experience in Haidilao, and many of them have been confirmed. The EMBA theory is very systematic and helps me sort out vague ideas. It makes me firmer in some management concepts.”[18]

Career[edit | edit source]

The couple founded Hai Di Lao in 1994 with two other business partners. Photo from source.

Haidilao International Holdings (1994 - current)[edit | edit source]

The first Haidilao outlet was located in Jianyang, a county in the Sichuan province of China.[20][21] Launched in March 1994 by Zhang Yong, Shu Ping, Shi Yonghong and Shi’s wife, Li Haiyan, the latter three had financed the starting capital for the hotpot outlet, which was equivalent to about S$2,000 at the time.[22][23] In a 2011 interview with the Economic Observer, Zhang Yong was quoted to have said the following about the initial investment:

“Soon after graduating from a vocational college, I decided to quit my job and start my own business. I opened a hot-pot restaurant with my girlfriend (Shu Ping) - who went on to be my wife - and another friend and his girlfriend. I was penniless, so the others were the real investors, though the entire investment was less than 10,000 yuan. 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. I swore that if I couldn’t manage it, I would compensate them.”[24]

Growth & wealth accumulation[edit | edit source]

In 2012, Hai Di Lao opened its first overseas outlet in Singapore at Clarke Quay.[25] Following Hai Di Lao International Holding's successful public listing in September 2018 on the Hong Kong stock market,[26] Shu Ping and Zhang Yong debuted on Forbes' list of billionaires.[27] As of October 2020, Haidilao is reportedly worth $27 billion and has outlets across Asia, Canada and America.[28] Out of these regions, the business has the most overseas presence in Singapore with 12 outlets islandwide as of 2020. Despite the economic downturn due to the COVID-19 pandemic, Zhang Yong and Shu Ping’s business reportedly made a profit of over S$7 billion in 2020.[29]

Corporate leadership[edit | edit source]

Shu Ping is the Chief Operations Officer (COO), non-executive Director and member of the audit committee in Haidilao International Holdings.[11] As the COO, she oversees the company’s strategic development and management.[30] Apart from the above, she also holds multiple board positions in Haidilao International Holdings' subsidiary companies such as Yihai International Holdings, the supplier of Hai Di Lao's condiments, dipping sauces and soup flavourings.[31][32]

References/ Citations[edit | edit source]

  1. Shu Ping”. Tatler Singapore. n.d. Accessed on 19 October 2020.
  2. Pek, Chloe. “Meet the 26 Singaporeans on Forbes’ 2020 Billionaires List”. Tatler Singapore. April 30, 2020. Accessed on 19 October 2020.
  3. #1 Zhang Yong & Shu Ping”. Forbes. n.d. Accessed on 19 October 2020.
  4. Chia, Rachel. "Haidilao couple is Singapore's richest on Forbes list". Business Times. August 20, 2020. Accessed on 22 October 2020.
  5. Went to eat hot pot and fell in love with the owner of the restaurant, was forced to go back to be a housewife, and then started a business together to earn 60 billion”. Sina Online. February 9, 2019. Accessed on 20 October 2020.
  6. 新加坡首富10年来首次换人 海底捞张勇百亿身家登顶”. Sina Online. August 29, 2019. Accessed on 19 October 2020.
  7. Chia, Rachel Genevieve. "How Singapore's richest man went from welding in a factory for $14 per hour to owning a $17 billion hotpot restaurant chain". Business Times. January 25, 2020. Accessed on 22 October 2020.
  8. SPFB Management Pte Ltd”. SGP Business. n.d. Accessed on 19 October 2020.
  9. 9.0 9.1 Haidilao billionaire opens S'pore office to manage wealth”. The Straits Times. March 6, 2020. Accessed on 19 October 2020.
  10. "Hotpot queen behind Haidilao opens family office in Singapore to manage wealth". Bloomberg. March 5, 2020. Accessed on 22 October 2020. Retrieved from The Straits Times.
  11. 11.0 11.1 List of Directors and their Role and Function”. haidilao. n.d. Accessed on 19 October 2020.
  12. Aw, Cheng Wei. “Haidilao founders among richest here”. The Straits Times. March 7, 2019. Accessed on 19 October 2020.
  13. Rashiwala, Kalpana. “Famous hotpot chain founder buys GCB”. The Business Times. March 30, 2016. Accessed on 19 October 2020.
  14. Well-known HaiDiLao is paying S$27 million for a Good Class Bungalow”. SRX. March 30, 2016. Accessed on 19 October 2020.
  15. "The Winged House / K2LD Architects". Arch Daily. Accessed on 22 October 2020.
  16. Williamson, Caroline. "The Winged House by K2LD Architects". Design Milk. October 2, 2014. Accessed on 22 October 2020.
  17. "Haidilao International Holding Ltd.". Haidilao International Holdings. September 12, 2018. Accessed on 22 October 2020.
  18. 18.0 18.1 Xue, Zhibai. “Shu Ping, Director of Haidilao: EMBA experience helps companies internationalize”. Lianhe Zaobao. October 17, 2013. Accessed on 20 October 2020.
  19. Nanyang Executive MBA (EMBA)”. Nanyang Technological University. n.d. Accessed on 20 October 2020.
  20. Ho, David. "How did hotpot billionaire Zhang Yong hit the jackpot as Singapore’s richest person?". South China Morning Post. September 13, 2019. Accessed on 22 October 2020.
  21. Feng, Venus. "Zhang Yong & Shu Ping, Hot Pot’s First Family". BloombergQuint. December 4, 2019. Accessed on 22 October 2020.
  22. Waitress married a poor boy and then used private money to open a hot pot restaurant for her husband, but she did not expect to become the richest man today". Sohu. September 15, 2019. Accessed on 20 October 2020.
  23. Zafirah Salim. “How Haidilao Founder Hit Jackpot With His US$21B Hotpot Chain - Now S'pore's Richest”. Vulcan Post. March 27, 2019. Accessed on 19 October 2020.
  24. Li, Xiang., Yu, Nan. “Interview with Zhang Yong: The Secret of Haidilao's Success”. Economic Observer News. May 26, 2011. Accessed on 20 October 2020.
  25. Yong, Debbie. "Sichuan hotpot blazing a trail". Business Times. November 19, 2012. Accessed on 22 October 2020. Retrieved from NewspaperSG.
  26. "Chinese hotpot chain Haidilao raises nearly $1 billion in IPO". CNBC. September 18, 2018. Accessed on 22 October 2020.
  27. "Singapore billionaires' hotpot stock Haidilao still has steam left to rise after jumping 78%, say analysts". Bloomberg. August 13, 2019. Accessed on 22 October 2020. Retrieved from The Straits Times.
  28. Haidilao”. haidilao. n.d. Accessed on 19 October 2020.
  29. Ambrose, Shawn. “Despite COVID-19, Haidilao Founders Are Still the Richest in S’pore, While Shopee Founder Also Got into the Top-10 List”. Goody Feed. 2020. Accessed on 19 October 2020.
  30. "#764 Shu Ping”. Forbes. n.d. Accessed on 19 October 2020.
  31. "Yihai International Holding Ltd (1579.HK)". Reuters. Accessed on 22 October 2020.
  32. "YIHAI INTERNATIONAL HOLDING LTD.". Yihai International Holdings. March 22, 2018. Accessed on 22 October 2020.