Founded in 1994 and listed in 2018, Haidilao International Holding Ltd (“Haidilao”) (HKG:6862) is a global fast-growing Chinese cuisine restaurant brand focusing on hotpot cuisine. In Part 1 of this article, we examined the industry and business model of the Haidilao. In Part 2, we will take a closer look at management and financials of the group. Major shareholders   The key founders of Haidilao include Mr. Zhang Yong, Ms. Shu Ping (spouse of Mr. Zhang), Mr. Shi Yonghong and Ms. Li Haiyan (spouse of Mr. Shi). Mr. Zhang and his wife hold the majority stake of 68.60% through several discretionary trusts. Meanwhile, Mr. Shi (and his wife together) holds 16.39%. (Source: FY2019 annual report) Management model and philosophy Haidilao began with humble origins. Its founder, Mr. Zhang opened its first shop in 1994 with only 4 tables in a small booth. Mr. Zhang was a low-wage factory worker who loved learning and tried hard to improve his life circumstances. As a result of his own life...