Haidilao hotpot queen opens Singapore family office to manage US$7.7 billion fortune
- Haidilao co-founder sets up family office after buying a US$19.4 million home in the Southeast Asian city
- Haidilao stock has risen 3.7 per cent in Hong Kong this year, after surging 82 per cent in 2019
The billionaire behind Haidilao International Holding, the world’s biggest chain of hotpot restaurants, has opened a family office in Singapore to help manage her wealth.
Shu Ping was appointed the sole shareholder and director of Sunrise Capital Management in July, according to filings lodged with Singapore’s national regulator of business entities. Shu co-founded Hong Kong-listed Haidilao with her husband Zhang Yong and two others.
Haidilao is best known for its string of Chinese spicy soup restaurants, some of which also offer free massages and manicures to waiting customers. What started as a humble family business in 1994 is now a food-service giant with almost 600 outlets spanning Beijing to New York.
Shu is one of Singapore’s richest people with a net worth of around US$7.7 billion, according to the Bloomberg Billionaires Index. Her husband is also worth US$7.7 billion. While it is unclear if Sunrise Capital will manage the couple’s combined wealth, a December filing showed Shu has full authority to issue shares in the entity.
Shu and representatives for Haidilao and Sunrise Capital did not immediately respond to messages seeking comment.
Family offices are businesses created to run the finances (and sometimes the lives) of the world’s super-rich, providing a level of discretion and personalised services beyond those offered by private banks.