# China Startup

The Cold Reality of a Hot Trend: Why China’s $1 Billion Self-Heating Pot Unicorn Collapsed

Once valued at $1 billion, the self-heating meal brand Zihaiguo has entered bankruptcy liquidation following a failed acquisition and a collapse in market demand. Founder Cai Hongliang's shift from an asset-light model to heavy manufacturing, combined with unsustainable marketing spend, ultimately led to the brand's demise.