Jinqianbao (金钱豹) ruled China's buffets — then every store closed

Jinqianbao (金钱豹) entered mainland China in Shanghai in October 2003 and defined the luxury buffet: halls of 7,000–8,000 square metres, over ¥10 million of renovation per store, a ¥238-per-person price and more than 400 dishes. At its peak after 2011 the chain ran 26 stores, served nearly 5 million customers a year and reached revenue of close to ¥900 million.

The founder sold to Apax Partners in July 2011 for ¥1.5 billion after a failed Hong Kong listing attempt. Under new owners the losses arrived — reported pre-tax losses of ¥224 million in 2013 and ¥208 million in 2014, then a ¥444 million loss reported in 2015 — and the chain changed hands again, Carnival International paying HK$253 million for it in 2015.

Collapse followed: 13 stores shut in 2016 alone, staff fell from 2,600 to 1,100, and by the end of that year only 13 locations remained. Twelve more closed in the first half of 2017; the last Beijing store shut in late June, and the Shanghai headquarters suspended business, leaving unpaid staff, unpaid suppliers and members holding prepaid cards with balances of ¥10,000 or more that nobody would honour.