Founder of Pang Dong Lai to retire after Lunar New Year

(Xuchang, Feb 12) — Yu Donglai, founder and chairman of the well-known Chinese retail chain Pangdonglai, announced that he will officially retire after the Lunar New Year and transition into an advisory role.

According to Chinese media reports, Yu said in a Douyin post on Wednesday (Feb 11) that at the age of 60, he hopes to promote a more scientific and advanced development model while allowing younger generations to take on greater responsibilities. After his retirement, the company will be overseen by the Pangdonglai Decision-Making Committee.

Yu previously revealed in late 2024 that he had been diagnosed with early-stage stomach cancer and suffers from several other health issues, including heart disease. He underwent surgery at the end of July last year.

Public information shows that Yu, born in 1966 in Xuchang, Henan, has led Pangdonglai to become a benchmark in China’s retail industry. As early as June 2023, he said he had delegated about 80% of daily operations to his management team, focusing instead on promoting business and life philosophies.

He also introduced internal age-related succession principles, stating that chairpersons and general managers should step down at 50, and branch managers at 45. In recent years, he remained actively involved in corporate matters, including assisting companies such as BBG and Yonghui Superstores in operational restructuring projects.