News about Wahaha Chairman Zong Fuli has attracted attention.
According to Guancha.com, Global Times and other media citing Bloomberg, Wahaha Chairman Zong Fuli was sued in Hong Kong for asset disputes. The three plaintiffs are Jacky Zong, Jessie Zong and Jerry Zong. The plaintiff’s lawyer confirmed that the three are Zong Fuli’s “half-brothers and sisters”. Previously, Zong Fuli has been regarded by the public as the only daughter of Zong Qinghou (deceased).
The plaintiff’s lawyer revealed that the three people filed a lawsuit in the Hangzhou court at the same time, demanding the rights and interests of trust funds worth US$700 million each. It is said that these funds were promised by their father before his death.
The plaintiff claimed that Zong Qinghou had instructed his subordinates to set up a trust through HSBC Hong Kong. The balance of the HSBC account at the beginning of 2024 was about US$1.8 billion. The documents showed that as of May last year, US$1.1 million had been transferred out of the account. The plaintiff requested that the HSBC account be frozen, and Zong Fuli execute her father’s will, pay millions of dollars in asset interest, and compensate for the losses caused by the transfer of funds.
Zong Fuli’s attorney questioned the validity of the evidence, saying that he had not been informed of Zong Qinghou’s instructions.
As of press time, Wahaha and Zong Fuli have not yet responded publicly.
Zong Fuli is the daughter of Wahaha founder Zong Qinghou. She was born in Hangzhou, Zhejiang in January 1982 and graduated from Pepperdine University in the United States. After completing her studies in 2004, she returned to China and joined Wahaha. On February 25, 2024, Zong Qinghou died of illness at the age of 79. Subsequently, Zong Fuli began to take over the company under her father’s name, successively taking over Hangzhou Wahaha Food Company and Zhejiang Wahaha Venture Capital Company.
However, Zong Fuli’s succession was not smooth. In July 2024, a resignation letter from Zong Fuli, vice chairman of Wahaha Group, went viral on the Internet. The content showed that recently, the People’s Government of Shangcheng District, Hangzhou City and some shareholders of Hangzhou Wahaha Group Co., Ltd. questioned the rationality of Zong Fuli’s management of Wahaha Group since the death of Chairman Zong Qinghou, which made it impossible for her to continue to perform her management responsibilities for Wahaha Group and its holding companies. However, under the widespread attention of the society, 5 days later, Wahaha Group issued a statement saying that Zong Fuli continued to perform relevant management responsibilities of Wahaha Group.
At the end of August 2024, Hangzhou Wahaha Group Co., Ltd. underwent industrial and commercial changes, and Zong Qinghou resigned as the legal representative, chairman and general manager, and was succeeded by Zong Fuli. At the same time, Zhang Hui, Guo Hong and other senior executives withdrew from the positions of directors and supervisors, and Ye Yaqiong, Fei Junwei and others were added as directors, and Wang Guoxiang was added as director and deputy general manager.
In addition, Zong Qinghou withdrew from the ranks of shareholders, and Hangzhou Wahaha Group Co., Ltd. is jointly held by three shareholders: Zong Fuli, Hangzhou Shangcheng District Cultural, Commercial and Tourism Investment Holding Group Co., Ltd., and Hangzhou Wahaha Group Co., Ltd. Grassroots Trade Union Joint Committee (Employee Stock Ownership Association). Among them, Zong Fuli holds 29.4% of the shares.
