Is Zihaiguo still operating in 2026?

No. Zihaiguo's affiliated management entity, Hangzhou Jinglyang, entered court-ordered bankruptcy liquidation finalized by the Hangzhou People's Court in May 2026, with over RMB 140 million in creditor claims and a first creditors' meeting held May 14, 2026.

Who owns Zihaiguo now?

Zihaiguo was privately held and venture-backed, reaching a $1 billion unicorn valuation in May 2021. As of May 2026 it is under court-ordered bankruptcy liquidation via Hangzhou Jinglyang, meaning ownership is now effectively controlled by a court-appointed liquidation process, not its original investors.

Is Zihaiguo profitable?

Zihaiguo briefly turned profitable in 2022 after cutting roughly RMB 260 million in sales and marketing spend, but lost further outside financing as investors shifted toward hard-tech and AI, and the company entered bankruptcy liquidation by May 2026.

Who is Zihaiguo's biggest competitor?

Haidilao, China's dominant hot pot restaurant chain, entered the self-heating hot pot retail category and by mid-2026 was described as co-leading the premium segment alongside Zihaiguo, even as Zihaiguo itself went into bankruptcy liquidation.

Could AI replace Zihaiguo's business?

Zihaiguo's core is physical food manufacturing and packaging, which AI does not directly replace. But AI-driven marketing and livestream commerce tools have commoditized the brand-buzz edge that built Zihaiguo, letting cheap generic OEM sellers on Taobao and Alibaba undercut it on price.

What happened to Zihaiguo's valuation?

Zihaiguo reached a roughly $1 billion post-money valuation in May 2021 (Series C-III, about RMB 7.5 billion) after raising about $64 million across seven rounds, then entered court-ordered bankruptcy liquidation by May 2026.

China · absorbed · China

Zihaiguo

Chinese self-heating hot pot brand now under court-ordered bankruptcy liquidation.

Little protection left

Assessed 29 July 2026 · Evidence as of 29 July 2026

Not much stands between this business and its pressures.

On the recordSince 29 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: Hangzhou Jinglyang creditors' proceedings resolve, deciding if/how the trademark is sold

The call

Zihaiguo's brand buzz faded, Haidilao took the category, and the company is now working through court-ordered liquidation with no clear successor entity yet.

Zihaiguo runs self-heating hot pot restaurants that became popular through social media buzz around 2020 and 2021. The company is easy to copy because self-heating hot pot is a straightforward product that competitors like Haidilao have already mastered, and the social media hype that once made Zihaiguo special turned out to be temporary marketing rather than something real and lasting. The company also relied on spending a lot of money from investors to attract customers, but when that money dried up and the trend faded, the business could not stay afloat. What happens next depends on whether the Zihaiguo brand name gets sold off to someone else during the liquidation process over the next six months or so, because that would determine whether any version of the company survives into 2027.

Why

AI pressure: None apparent. AI didn't eat this business; VC money that funded it simply moved to hard-tech and AI startups instead. Could AI do the core job? Only partly.

Bigger players: Haidilao. Haidilao entered the self-heating hot pot category it popularized and now co-leads it with roughly 60% combined share. Could a giant copy it? Yes, easily.

What protects it. Only the 自嗨锅 trademark itself, if a buyer purchases it out of liquidation and relaunches under new ownership.

What would change this call

Hangzhou court finalizes sale of the 自嗨锅 trademark and Zihaiguo IP out of liquidation. Shows whether any successor brand exists or the name disappears entirely.
A packaged-food major or PE firm publicly acquires Zihaiguo assets in 2026. Would signal a fresh entity, not a rescue of the bankrupt company.
Haidilao reports continued growth in retail/self-heating hot pot revenue in 2026 filings. Confirms the incumbent is absorbing the category Zihaiguo pioneered.

Key numbers

RMB 140M+ in creditor claims filed against the estate (2026-05-14)
Peak annual revenue over RMB 1 billion in 2021 (2021)
Cut RMB 260M in sales spend to reach brief 2022 profit (2022)

Named risks

Core management entity Hangzhou Jinglyang in court-ordered bankruptcy liquidation since May 2026. Severity: high
RMB 140M+ in creditor claims being executed against the estate. Severity: high
Capital flight from China's 'new consumption' sector toward hard-tech and AI cuts off refinancing. Severity: high
Brand and trademark could be sold to an unrelated buyer with no guarantee of continuity. Severity: medium
Price undercutting from generic OEM sellers erodes remaining margin on any surviving product line. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Haidilao	losing to	Co-leads premium self-heating hot pot segment as of 2026-07 while Zihaiguo entered liquidation May 2026
Guanzhan	contesting	Listed as direct competitor in self-heating meal category per CB Insights, 2026
Generic OEM manufacturers on Alibaba/Taobao	gaining on	Undercut branded pricing, squeezing margins as of 2026-03-18

Questions people ask

Is Zihaiguo still operating in 2026?: No. Zihaiguo's affiliated management entity, Hangzhou Jinglyang, entered court-ordered bankruptcy liquidation finalized by the Hangzhou People's Court in May 2026, with over RMB 140 million in creditor claims and a first creditors' meeting held May 14, 2026.
Who owns Zihaiguo now?: Zihaiguo was privately held and venture-backed, reaching a $1 billion unicorn valuation in May 2021. As of May 2026 it is under court-ordered bankruptcy liquidation via Hangzhou Jinglyang, meaning ownership is now effectively controlled by a court-appointed liquidation process, not its original investors.
Is Zihaiguo profitable?: Zihaiguo briefly turned profitable in 2022 after cutting roughly RMB 260 million in sales and marketing spend, but lost further outside financing as investors shifted toward hard-tech and AI, and the company entered bankruptcy liquidation by May 2026.
Who is Zihaiguo's biggest competitor?: Haidilao, China's dominant hot pot restaurant chain, entered the self-heating hot pot retail category and by mid-2026 was described as co-leading the premium segment alongside Zihaiguo, even as Zihaiguo itself went into bankruptcy liquidation.
Could AI replace Zihaiguo's business?: Zihaiguo's core is physical food manufacturing and packaging, which AI does not directly replace. But AI-driven marketing and livestream commerce tools have commoditized the brand-buzz edge that built Zihaiguo, letting cheap generic OEM sellers on Taobao and Alibaba undercut it on price.
What happened to Zihaiguo's valuation?: Zihaiguo reached a roughly $1 billion post-money valuation in May 2021 (Series C-III, about RMB 7.5 billion) after raising about $64 million across seven rounds, then entered court-ordered bankruptcy liquidation by May 2026.

Timeline

2026-05-14First creditors' meeting held for Hangzhou Jinglyang bankruptcy estate
2026-05-11Hangzhou People's Court finalizes bankruptcy liquidation ruling against Zihaiguo entity
2026-03-05CB Insights lists Zihaiguo stage as Bankrupt/Admin, filing dated March 2026
2025-06Parallel new-consumption bankruptcy: ice-cream brand Zhongxuegao files, signaling sector-wide capital flight
2022Zihaiguo briefly profitable after cutting about RMB 260 million in sales spend
2021-05Series C-III round values Zihaiguo at about RMB 7.5 billion ($1 billion), unicorn status
2021Peak-year revenue exceeds RMB 1 billion (over $140 million)
2020-11Series C round over $50 million led by CICC Capital values company at $500 million

Revision history

29 July 2026

First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.

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