RT-Mart Founder Yin Yanliang Dies at 76, Leaving a Legacy of Retail and Philanthropy

Yin Yanliang (尹衍檑), the billionaire founder of RT-Mart who built one of China’s largest hypermarket chains and established the prestigious Tang Prize, died on May 26 at Taipei Veterans General Hospital. He was 76. The cause of death was not publicly disclosed, according to The Paper.

Yin passed away at approximately 4:00 AM Taipei time, as reported by the Economic Daily News. At the time of his death, his net worth stood at approximately US$9.7 billion, according to the Bloomberg Billionaires Index, with his primary wealth derived from his stake in Nan Shan Life Insurance, Taiwan’s third-largest life insurer, as Lianhe Zaobao reported.

From Troubled Youth to Billionaire

Yin’s life story was one of dramatic transformation. Born in Taipei in 1950 to a wealthy family, he was a rebellious youth who was sent to correctional education. His encounter with mentor Wang Jinping, then a teacher and later a prominent Taiwanese politician, redirected his life toward education and purpose.

He went on to build a business empire spanning textiles, construction, finance, retail, biotechnology, and healthcare under Ruentex Group, the company founded by his father Yin Shutian in Shanghai in 1943. Yin fully took control after his father’s death in 1991 and diversified the group aggressively.

Building a Retail Empire

In 1996, Yin founded RT-Mart International under Ruentex Group. The following year, the chain entered the Chinese mainland market, opening its first store in Shanghai in 1998. RT-Mart differentiated itself through a deeply localized strategy, investing heavily in fresh food supply chains and implementing a “lowest price in the industry” guarantee. Each store deployed six to seven price-checking staff who constantly monitored competitors’ prices.

Yin’s core philosophy was that “hypermarkets sell happiness” (大卖场贩卖的是幸福), and he believed retailers must stand as the most faithful representatives of consumer interests. At its peak, RT-Mart operated over 500 stores across China, surpassing both Carrefour and Walmart to become the country’s largest hypermarket chain.

In 2011, RT-Mart and its French joint venture partner Auchan listed as Gaoxin Retail on the Hong Kong Stock Exchange, becoming China’s largest hypermarket operator. The Paper reported that as of March 2026, Gaoxin Retail operated 462 hypermarkets, 34 medium-sized supermarkets, and six M Membership Stores.

The E-Commerce Disruption

The rise of e-commerce giants Alibaba and JD.com fundamentally disrupted the traditional hypermarket model. Alibaba made a strategic investment in Gaoxin Retail in 2017 and acquired a 72% controlling stake in 2020 in an attempt to digitize RT-Mart. However, the integration proved challenging, and Alibaba sold its stake to private equity firm DCP Capital for HK$13.138 billion in 2025.

Gaoxin Retail reported revenue of RMB 63.442 billion for the fiscal year ending March 31, 2026, down 11.3% year-over-year, with a net loss of RMB 326 million. The company is currently undergoing a transformation from large hypermarkets to a multi-format model combining large stores, medium supermarkets, and front-end warehouses.

A Philanthropic Legacy

Yin’s philanthropic contributions were equally monumental. In 1989, he founded the Guanghua Education Foundation and established the Guanghua Scholarship at Peking University. In 1994, he donated funds to establish Peking University’s Guanghua School of Management, becoming its founding chairman. The PKU Guanghua School of Management obituary stated: “His benevolence benefited both sides of the strait; he promoted education and talent cultivation, bringing glory to China. His virtue and achievements are immortal.”

In 2012, Yin founded the Tang Prize with an endowment of NT$3 billion (approximately US$100 million). Often described as the “Asian Nobel Prize,” it awards US$1.7 million per category every two years in Sustainable Development, Biopharmaceutical Science, Sinology, and Rule of Law.

Yin was also one of Taiwan’s most prolific inventors, holding over 650 patents across 19 countries, according to Lianhe Zaobao.

Business Philosophy and Management Style

Yin often quoted his father’s wisdom: “Small merchants sell goods; great merchants sell credibility” (小商人贩卖的是货品，大商人贩卖的是信誉). He believed that a merchant’s lifeblood was their reputation and famously spent money to help consumers hire lawyers to sue his own company if they felt wronged.

Former RT-Mart spokesperson He Mozhen recalled Yin as the entrepreneur she admired most in her career, praising his “conflict management” style as the best she had ever seen. He encouraged competition between business units while directing all efforts toward the group’s benefit, as reported by ETtoday.

What’s Next

Ruentex Group confirmed that Yin had established a comprehensive professional manager system and succession plan, and that all group companies would continue operations under professional management teams. His only son, Yin Chongyao, who holds a PhD from Oxford University, has taken over leadership of Nan Shan Life Insurance.

The Tang Prize Education Foundation has indicated that the prize will continue. However, questions remain about the long-term future of Gaoxin Retail as it navigates the challenging transition from traditional hypermarkets to a multi-format retail model in an increasingly competitive Chinese market.

Yin Yanliang’s passing marks the end of an era in Chinese retail. He was one of the last of the pioneering generation of Taiwanese entrepreneurs who built cross-strait business empires, leaving behind a legacy that spans commerce, education, and global philanthropy.