Xibei Receives Investment from Fellow Townsman Billionaire Lin Lairong, Strategic Adjustment Underway Following Series A Completion a Month Ago

Recently, Inner Mongolia Xibe Catering Group Co., Ltd. (hereinafter referred to as “Xibe”) completed a change in business registration information. According to Tianyancha, on March 10, the company added Lin Lairong as a new shareholder, with registered capital increasing from approximately 102 million yuan to about 104 million yuan. Lin Lairong is the founder of Zhongxing Group and also serves as the actual controller of Dazhong Mining. He ranked on the Hurun Global Rich List 2025 with a wealth of 9.5 billion yuan. Notably, he is from Bayannur City, Inner Mongolia, the same hometown as Xibe’s founder and chairman, Jia Guolong.

Xibe was established in October 2017, with Jia Guolong as the legal representative. Its business scope includes catering services, food production, online food sales, and restaurant management. Currently, the company’s shareholders include Beijing Xibe Enterprise Management Co., Ltd., Jia Guolong, and the newly added Lin Lairong. Before this equity change, Xibe had just completed Series A financing a month earlier, attracting capital participation from Zhang Yong, founder of Xinrongji, and former Alibaba partner Hu Xiaoming, among others. As a result, the registered capital increased by about 13%. Although Jia Guolong’s shareholding ratio has decreased, he still maintains the position of the company’s actual controller.

Since the beginning of this year, Xibe has faced significant operational pressure. At the start of the year, Jia Guolong confirmed the closure of 102 stores nationwide, accounting for about 30% of the total number of stores, involving approximately 4,000 employees. He stated that the company has initiated strategic contraction, entered a period of adjustment, and emphasized, “In the coming time, we will continue to fight and strive to survive. As long as I am here, I will stay with Xibe and every customer.”

On March 6, media reports indicated that internal notices from Xibe revealed that, except for frontline service staff and kitchen helpers, almost all store operation key personnel were included in a salary deferral plan. A Xibe store manager confirmed to reporters that the headquarters had notified management in early February about delayed salary payments, with the February wages originally scheduled for March 10 postponed to the end of March. Store managers and head chefs’ salaries were cut by 30%, but if the store reduced losses month-over-month, this amount would be paid as a bonus. The store manager explained that the company’s operations indeed faced difficulties in January and February. Currently, the headquarters is leading product innovation, planning to launch new products such as fragrant tamarind oat noodles in March to attract customers, while strictly controlling quality and costs, and promoting store loss reduction until profitability is achieved.