Haidilao hotpot queen opens family office in Singapore to manage wealth

[SINGAPORE] 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. Ms 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.

Ms 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's unclear if Sunrise Capital will manage the couple's combined wealth, a December filing showed Ms Shu has full authority to issue shares in the entity.

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.

This post originally appeared on The Business Times.