Xibei Gets Investment from Billionaire Worth 9.5 Billion Yuan, Jia Guolong Welcomed Reinforcement from Fellow Townsman, Just Received Financing from Xinyue Jiyuan and Others a Month Ago

On March 16, the Daily Economic News reported that according to Tianyancha business registration information, Inner Mongolia Xibe Catering Group Co., Ltd. (hereinafter referred to as Xibe) underwent a business change on March 10, adding Lin Lairong as a shareholder. The registered capital increased from approximately 102 million yuan to about 104 million yuan.

Public information shows that Lin Lairong is the founder of Zhongxing Group and the actual controller of Zhongda Mining. In 2025, he ranked on the Hurun Global Rich List with a wealth of 9.5 billion yuan. Notably, Lin Lairong and Jia Guolong, the founder and chairman of Xibe, are both from Bayannur City, Inner Mongolia.

According to Tianyancha, Inner Mongolia Xibe Catering Group Co., Ltd. was established in October 2017. The legal representative is Jia Guolong. Its business scope includes catering services, food production, online food sales, and restaurant management. Shareholder information shows that the company is currently jointly held by Beijing Xibe Enterprise Management Co., Ltd., Jia Guolong, and the newly added shareholder.

A month ago, Xibe received capital interest from investors including Zhang Yong, founder of Xinrongji, and former Alibaba partner Hu Xiaoming, completing Series A funding with a capital increase of about 13%. After this financing, Jia Guolong’s shareholding ratio decreased but he remains the actual controller of the company.

Jia Guolong [Image source: Xibe official website]

Earlier this year, Jia Guolong confirmed that Xibe would close 102 stores nationwide, accounting for about 30% of its total outlets, affecting approximately 4,000 employees. Facing market and cost pressures, Xibe has initiated strategic contraction and will enter a period of adjustment. He emphasized, “In the coming time, we will continue to fight to survive. As long as I am here, I will be with Xibe and every customer.”

On March 6, media reports indicated that Xibe issued an internal notice that, except for frontline service staff and kitchen helpers, almost all operational backbone staff at stores were included in a delayed salary plan. A Daily Economic News reporter confirmed with a Xibe store manager that the headquarters had notified store management in early February that February wages would be delayed until the end of March. Additionally, store managers and head chefs took a 30% pay cut, but this was not a complete deduction; if the stores could reduce losses month-over-month, the deducted amount would be paid as bonuses. “Because January and February were indeed difficult for the company,” the store manager said. Currently, Xibe headquarters is still leading menu innovation, aiming to increase customer flow through new dishes. “In March, we will launch a new Sichuan pepper and oat noodle dish to attract customers, while strictly controlling quality and costs. Stores will further reduce losses until they become profitable.”