Zong Qinghou, the former richest man in China and founder of beverage giant Wahaha Group, passed away last year (2024), and his daughter Zong Fuli took over as chairman of the group. However, Zong Fuli has been caught in many troubles since taking over. The Chinese media Global Times recently pointed out that Zong Fuli was recently sued in Hong Kong for a huge asset dispute, and the relevant news has attracted attention from all walks of life.
Bloomberg reported that Zong Fuli was sued in Hong Kong for an asset dispute. The three plaintiffs were Jacky Zong, Jessie Zong and Jerry Zong. The plaintiff’s lawyer confirmed that the three were Zong Fuli’s “half-brothers and sisters”. Previously, Zong Fuli had always been regarded by the outside world as Zong Qinghou’s only daughter.
The plaintiff’s lawyer said 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, totaling US$2.1 billion. It is said that these funds were promised by Zong Qinghou during his lifetime.
The plaintiff also claimed that Zong Qinghou had instructed his subordinates to set up a trust through HSBC Bank in 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 (about NT$32.13 million) had been transferred out of the account. The plaintiff requested that the HSBC account be frozen, and that Zong Fuli execute her father’s will, pay millions of dollars in interest on assets, and compensate for the losses caused by the transfer of funds.
However, the report said that Zong Fuli’s attorney questioned the validity of the evidence, saying that he had not been informed of Zong Qinghou’s relevant instructions. As of press time, Wahaha and Zong Fuli have not yet responded publicly to this.
Securities Times mentioned that 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. Subsequently, Zong Fuli began to take over the companies under her father’s name, successively taking over Hangzhou Wahaha Food Company and Zhejiang Wahaha Venture Capital Company.
However, Zong Fuli encountered challenges after taking over Wahaha. In July 2024, a letter in which she intended to resign as vice chairman went viral on the Chinese Internet. The content mentioned that the Shangcheng District Government of Hangzhou and some shareholders of Wahaha Group questioned the rationality of her operation after the death of Zong Qinghou, making it impossible for her to continue to perform her duties. However, under the attention of all walks of life, Wahaha Group issued a statement 5 days later to clarify that Zong Fuli will continue to be responsible for relevant management work.
At the end of August of the same year, Wahaha Group completed the industrial and commercial changes, and Zong Fuli officially took over as chairman and general manager, and replaced Zong Qinghou as the legal representative. The group’s senior management also made major adjustments, with many old generals leaving and adding several directors and deputy general managers; the equity structure also changed simultaneously, with Zong Fuli holding 29.4% of the shares, and 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) became the three major shareholders.
