On August 27th, Hai Di Lao announced the appointment of Zhang Junjie (formerly known as Zhang Jun), the founder of Ba Wang Cha Ji, as an independent non-executive director, mainly responsible for supervising the company's board of directors and providing independent judgment.
According to the announcement, Zhang Junjie has signed an appointment letter with Hai Di Lao for a period of 3 years from August 27, 2024, with the right to receive an annual salary of 1.2 million yuan.
There are various opinions in the industry regarding this appointment, and it has even sparked speculation about whether Hai Di Lao and Ba Wang Cha Ji will engage in business cooperation in the future.
On August 28, Haidilao responded to the Shanghai Securities News reporter that the board of directors of Haidilao has always pursued a diversified composition. At present, the independent directors of Haidilao come from different backgrounds and fields such as law, food safety, and the Internet. Zhang Junjie's participation will further enhance the diversification of the company's board of directors. In addition, as an outstanding industry figure, Zhang Junjie's board of directors believes that his professional background, work experience, and performance of his independent director duties can provide supervision and guidance for the development of Hai Di Lao.
Regarding the appointment of its founder and chairman to Hai Di Lao, Ba Wang Cha Ji told Shanghai Securities News reporters that the Hai Di Lao announcement shall prevail.
Bawang Tea Lady has done a great job in chain franchising, while Hai Di Lao has just opened up franchising and hired Zhang Junjie as an independent director. It may be hoped that he can provide guidance in the franchising business, "a person close to Hai Di Lao analyzed to reporters.
As a rising star in the new tea beverage industry, the explosive speed of Ba Wang Cha Ji, originating from Yunnan, is astonishing. In 2021, there were less than 500 stores of Bawang Tea Lady, which can only be considered as a regional brand active in the southwest region. Through franchise expansion, by the end of 2023, its store scale has exceeded 3000, covering all parts of the country. Recently, the person in charge of Bawang Tea Lady revealed to reporters that its store scale has exceeded 5000.
At a public event on May 21st this year, Zhang Junjie stated that it is expected that the sales of Bawang Tea Lady will exceed 20 billion yuan by 2024, with the goal of "surpassing Starbucks China in sales in China".
In addition to sharing his experience in chain franchising, Zhang Junjie's successful experience in the new tea beverage industry may also empower Hai Di Lao's new business.
The reporter learned that recently, in order to further meet the tea drinking needs of young customers, Haidilao is renovating its water bar stations nationwide, creating a "Haidilao Tea Shop". The upgraded tea shop is functionally equivalent to a small tea drinking stall. According to the relevant person in charge of product management at Hai Di Lao, one of the "Triple Pomelo Fragrant Ice Drinks" has sold over 900000 cups since its launch.
Several interviewees have made negative judgments regarding the speculated follow-up business cooperation from the outside world.
Haidilao pointed out that Zhang Junjie did not have any financial or other interests in the business of Haidilao and its subsidiaries in the past or present, and had no relationship with any core affiliated persons of Haidilao; At the time of appointment, there were no other factors that could affect its independence from Hai Di Lao.
Kuang Yuqing, founder of Lens Company, stated that independent non-executive directors are an extremely important part of corporate governance. They are independent of major shareholders and make independent votes on board resolutions, which is usually considered a key link in protecting the interests of small and medium-sized shareholders. The prerequisite for Zhang Junjie to serve as an independent non-executive director is that he and his affiliates cannot have obvious business dealings with the company where he serves as an independent director. This actually indicates that there may not be substantial cooperation between Hai Di Lao and Ba Wang Cha Ji
As a self-made '90s generation', Zhang Junjie is often regarded as a 'business genius' by the outside world. According to the announcement from Hai Di Lao, Zhang Junjie, 29 years old, founded the Bawang Tea Lady brand in 2017 and currently serves as the Chairman and CEO of Chagee Holdings Limited. He has over 13 years of operational and management experience in the catering industry.
Before founding BaWang Tea Ji, Zhang Junjie worked at Shanghai MuYe Robot Technology Co., Ltd. (now known as "Shanghai Noah MuMu Robot Technology Co., Ltd.") from July 2015 to March 2017, and finally served as the Deputy Director of the Cooperation Department, responsible for business in the Asia Pacific region. Prior to this, Zhang Junjie served as the regional deputy manager of Yunnan Dawei Beverage Co., Ltd. and later as a franchise partner.