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Zoey Zhang

A school dropout from eastern China who survived a violent attack and bankruptcy has built a steamed bun empire that generates 180 million yuan (US$26 million) annually.
Liu Huiping, 49, hails from Anhui province, famously known as China’s “hometown of dough makers.”
To ease the financial burden on his parents, Liu left secondary school early. He initially learned furniture making before shifting his focus to the craft of Chinese buns.
In 1998, with a 4,000-yuan (US$580) loan, Liu ventured to Shanghai to launch his first steamed bun shop.
However, his lack of experience led to a swift collapse, plunging him into debt.
Undeterred, Liu took on various odd jobs, including selling seafood, killing snakes at the market, and working as a cook.
Throughout these challenges, his entrepreneurial spirit never wavered.
Liu once expressed his belief: “With 25 million people in Shanghai, if each one spends just 4 yuan (60 US cents) in the morning, it becomes a sizeable business.”
In 2001, he relaunched his breakfast business, branding it “Master Liu’s Steamed Bun.”

Liu conducted meticulous market research by sampling every local snack shop, identifying issues like poor hygiene and flavour loss due to machine-made products.
He chose to use high-quality pork and insisted on manually chopping the filling to preserve its flavour.
Priced at just 0.7 yuan per bun, his business gained rapid momentum. In a short time, he paid off his debts and earned 300,000 yuan (US$44,000).
A pivotal moment arrived when a friend confided that he hesitated to bring Liu’s buns to the office, fearing they would seem “vulgar” at a time when Western cuisine was trendy.
This made Liu realise the importance of branding.
In response, he rebranded his shop as “Babi Steamed Bun,” capitalising on the growing influence of Western fast-food chains like McDonald’s and KFC in Shanghai.
Liu believed that a Western-style name for a Chinese breakfast brand would pique curiosity and attract a broader customer base.
Following the rebranding, Babi Steamed Bun’s popularity soared, leading to new branches opening across Shanghai.

Yet, Liu’s entrepreneurial path was fraught with challenges.
In 2004, during a tense negotiation, a jealous competitor attacked him with scissors, injuring his eye.
On another occasion, while developing a new product, a machine severed Liu’s left thumb. Although the finger was later reattached, it remains shorter than normal.
Despite these hardships, Liu often recalls these traumatic events with a smile during interviews, consistently redirecting the conversation to his business philosophy.
He stated: “I have always stayed alert. The breakfast industry is highly competitive, and without continuous improvement, you risk falling behind.”

His office features a “Seek Change” painting and a pair of cloth shoes worn by Babi employees, symbolising the company’s down-to-earth spirit.
In 2008, Liu invested 20 million yuan (US$2.9 million) to establish his own factory in Shanghai, and by 2020, Babi Food Company had gone public on the Shanghai Stock Exchange.
Last year, Babi Steamed Bun boasted over 5,600 stores nationwide, generating an annual income of 180 million yuan. Liu’s wealth reportedly surpassed 4 billion yuan (US$580 million).
The brand is regularly ranked among the top breakfast spots in China, with an average customer spend ranging from 3 to 8 yuan (45 US cents to US$1). This affordability has made it especially popular with office workers and students.

Liu’s commitment to social responsibility is equally profound.
At 40, he pledged to allocate 60 per cent of his shares to reward employees and support charitable causes, reserving the remainder to realise his dream of raising 3 billion yuan to establish a university.
Liu believes that quality education is a powerful catalyst for transformation, capable of changing lives for the better.
In 2002, when he had only 300,000 yuan in savings, he donated 100,000 yuan to Jiangzhen Secondary School, earmarking the funds for landscaping improvements.
He told the school principal then: “The environment can change and influence people. A clean and tidy campus greatly benefits children.”
In 2014, Liu expanded his philanthropic efforts by investing 5 million yuan to establish an educational foundation, supporting over 1,000 impoverished students.
One student wrote a heartfelt thank-you letter: “I will study hard and live up to your expectations. When I succeed, I will spread kindness like you and help others achieve their educational dreams.”

Despite amassing substantial wealth, Liu remains grounded.
According to the Shanghai Securities Journal, he has never bought a home in Shanghai, opting instead to rent.
Liu told the media: “My wealth won’t be left to my descendants; it will be used for charity. If they are capable, they will live well; if not, excessive wealth may bring them disaster.”
Liu is also a prominent figure on mainland social media, using his platforms to promote Chinese food culture. His videos have garnered over 20 million views, and he has nearly 250,000 followers on Douyin, where he is affectionately known as the “Steamed Bun King.”
One online observer commented: “The boy who once had to drop out of school due to life’s pressures is now dedicating himself to creating educational opportunities that can change the lives of more children.”
Another remarked: “The taste of Babi’s buns is what matters. I would rather wake up 20 minutes earlier on workdays just to queue for breakfast there.”


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Liu Huiping, China’s “King of Steamed Buns,” dropped out of secondary school and now earns US$26 million annually from his steamed bun empire, which has over 5,000 stores across the country. Photo: SCMP composite/sina/nbd.com.cn

After his initial business failure, Liu remained undeterred and took on various odd jobs, including selling seafood and working as a cook to make ends meet before embarking on a second attempt in Shanghai. Photo: QQ.com

People line up outside one of his shops. A pivotal moment arrived when a friend confessed that he hesitated to bring Liu’s buns to the office, fearing they would appear “vulgar” at a time when Western cuisine was trendy. This inspired Liu to rebrand. Photo: QQ.com

In 2004, during a tense business negotiation, a jealous competitor attacked him with scissors, injuring his eye. Photo: QQ.com

While developing a new product, a machine severed Liu’s left thumb. Although the finger was later reattached, it remains shorter than normal. Photo: QQ.com

Now known as the “Steamed Bun King,” Liu has invested millions in charitable initiatives, particularly in educational projects, as he believes that quality education is a powerful catalyst for transformation that can change lives for the better. Photo: QQ.com

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Liu Huiping rents his home instead of buying as he believes his wealth should not be inherited by his descendants


Liu Huiping rents his home instead of buying as he believes his wealth should not be inherited by his descendants.


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.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Liu Huiping rents his home instead of buying as he believes his wealth should not be inherited by his descendants

Liu Huiping rents his home instead of buying as he believes his wealth should not be inherited by his descendants