Yu Donglai, a native of Xuchang, Henan Province, is an outstanding representative of China's retail industry, known for his unique business philosophy and contribution to society. He is the founder and chairman of Fat Donglai Trading Group, a leader who started as a small shop and grew into a business empire covering multiple industries. Yu Donglai's story is one of hard work, wisdom and philanthropy, and his life and career exemplify Chinese entrepreneurship.
Yu Donglai's early years were full of challenges. Before 1995, he owed as much as 300,000 yuan in debt alone. But instead of giving up, he gradually turned the situation around with his talent for business and love of life. His Fat Donglai Trading Group started from a small 40-square-meter sugar, tobacco and liquor store to a retail giant with more than 30 chain stores and a total business area of more than 150,000 square meters.
Yu Donglai's business philosophy is "sincerely serving the people", which is not only reflected in his business practice, but also in his care for employees. He treats his employees as family, offers a salary above the industry average, and promotes a culture of "happy work". He believes that only happy employees can provide the best service, which is the key to Fat Donglai's ability to stand out in the highly competitive retail market.
In addition to his business success, Yu Donglai is also an outstanding philanthropist. He has donated millions of yuan in many natural disasters, and has made great contributions to social welfare activities such as earthquake relief and epidemic prevention and control. In 2021, he ranked 71st in the "2021 Forbes China Charity List" with a total cash donation of 50 million yuan. His philanthropic actions not only exemplify personal kindness, but also demonstrate corporate social responsibility.
In terms of corporate management, Yu Donglai has adopted a unique share allocation strategy. Since 2000, he has given shares to his employees, keeping only 10% for himself. This decision not only motivates employees, but also ensures the long-term stability of the company. The success of Fat Donglai also prompted Yu Donglai to expand its business to Xinxiang and other places in 2006, further consolidating its position in the retail industry.
In June 2023, Yu Donglai announced his retirement. This entrepreneur, who was once known as the "ghost talent", has changed the lives of many people with his wisdom and hard work, and has also made indelible contributions to the development of China's retail industry. His retirement was not only a milestone in his career, but also marked the end of an era. However, the example he set and the values he passed on will continue to inspire future entrepreneurs.
Yu Donglai's story proves that a person's background and starting point do not determine his future, but his hard work, wisdom and contribution to society are important. His life and career are the best interpretation of the "Chinese Dream" and an inspiration to everyone who has a dream. Yu Donglai's success lies not only in the fact that he has built a business empire, but also in how he uses his power to bring positive influence and change to society.