Haidilao announced on August 27 that its board of directors has appointed Zhang Junjie, the founder of Chagee, as an independent non-executive director, primarily responsible for overseeing the Haidilao board and providing independent judgment, effective from August 27, 2024.
Zhang has signed an appointment letter with Haidilao for a term of three years. He is entitled to an annual salary of RMB 1.2 million.
Zhang, 29 years old, founded the Chinese tea beverage brand Chagee in June 2017. He currently serves as the Chairman and CEO of Chagee Holdings Limited.
As a rising star in the beverage industry and a leading figure in the hot pot sector, the partnership between Chagee and Haidilao has come as a surprise to many. However, as a major player in the food and beverage area, Haidilao has previously launched tea products.
As early as 2019, Haidilao began experimenting with milk tea products, introducing four beverages, including milk tea and fruit tea, in some stores, with an average price of around RMB 10. In 2021, Haidilao made another push into the beverage market, launching its first "unmanned self-service" milk tea shop in January at a price of RMB 9.9. Subsequently, in February, Haidilao opened three milk tea shops in Shanghai and Nanjing, offering four types of fruit tea and two types of milk tea, with an average price of about RMB 18. In 2023, Haidilao launched a new series of tea beverages.
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