Latest news with #Huangshan
Forbes
23-07-2025
- Business
- Forbes
Nongfu Spring's Zhong Becomes China's Richest Again On Boosted Outlook
An employee carries out a quality check at Nongfu Spring's plant in Huangshan City, Anhui Province. Shi Yalei/VCG via Getty Images Zhong Shanshan, founder and chairman of beverage giant Nongfu Spring, has reclaimed his crown as China's richest person amid a turnaround of his business and family travails at top rival Hangzhou Wahaha Group. Zhong, 70, has a net worth of $65.7 billion largely based on a Nongfu Spring stake, according to Forbes estimates. He is No. 1 in China on The Real-Time Billionaires List, a tad ahead of ByteDance cofounder Zhang Yiming, who has a fortune of $65.5 billion based on his stake in the parent of the TikTok short video platform. The beverage tycoon's comeback is a result of Nongfu Spring's Hong Kong-listed shares surging 35.8% this year to date. Underpinning that rally is a brighter outlook for the company's core bottled water business, which suffered last year as brands including itself used aggressive discounts to compete for frugal shoppers. This year, discounting pressure is expected to ease as Beijing attempts to rein in price wars in various industries to help an economy facing deflationary pressures, Kenny Ng, a Hong Kong-based securities strategist at Everbright Securities International, says by WeChat. As an industry leader, Nongfu Spring is also expected to benefit from consumers stockpiling bottled water during the summer, especially as Chinese e-commerce platforms hand out subsidies to grow their food-delivery platforms, Jacky Tsang, a Hong Kong-based analyst at research firm Morningstar, says by email. In a July research note, Tsang estimated that sales at Nongfu Spring will grow 13.6% year-on-year to 48.7 billion yuan ($6.8 billion) in 2025, also reflecting buoyant sales from the company's tea business. Last year, revenue was flattish at 42.9 billion yuan as Nongfu Spring experienced 'unprecedented assault and trial,' the company wrote in its annual report. Chairman Zhong was once accused of amassing his massive wealth by undermining former business partner Zong Qinghou, the late founder of fellow Hangzhou-based beverage giant Wahaha Group, who passed away last year at the age of 79. Zhong has denied such allegations, but soon faced criticism on another front, as some nationalist customers criticized the packaging of certain Nongfu Spring products as being 'pro-Japan' because of what they claimed to be Japanese-style artwork. The company's shares tanked because of that P.R. problem and the price war, causing Zhong to lose his position as China's richest person. But the competitive landscape shifted this year and may further tilt in Nongfu Spring's favor as Wahaha management navigates an escalating family feud, says Everbright Securities International's Ng. The feud is hurting Wahaha's brand image. The privately held company has long been portrayed as a national brand led by the late Zong, a frugal tycoon who was devoted to his family, particularly his daughter Zong Fuli. Fuli, known by her English name Kelly, was thought to be the tycoon's only child. She succeeded him as chairman last year and is also the company's CEO. But a court case has claimed that Zong had other offspring. Three plaintiffs who claim to be Kelly Zong's half-siblings are asking her to set up $700 million worth of trusts for each of them. A related hearing has been scheduled on August 1 in the High Court of Hong Kong, according to the court's website. A Wahaha spokesperson didn't respond to messages seeking comment. Hu Xijin, former editor-in-chief of the state-run Global Times, said last week via China's Weibo platform that the public's rosy view of the late Zong had been spattered. Everbright's Ng says the lawsuit might divert management's attention from business matters—just as competition heats up in the summer season. 'A lawsuit involving top management will hurt a company's brand image,' he says. 'They may also affect management's focus on business strategies.' Wahaha's corporate structure remains intact. Kelly Zong is still the owner of a 29.4% company stake inherited from her father, According to local corporate database Qichacha, the company's largest shareholder is an investment arm of the Hangzhou government, which owns 46%. The remaining 24.6% is owned by Wahaha employees, Qichacha filing shows. Shen Meng, Beijing-based managing director of boutique investment bank Chanson&Co. says there is a chance that the government-affiliated shareholders might step in to prevent the feud from escalating further.
Yahoo
11-06-2025
- Business
- Yahoo
Xinhua Silk Road: China's Anhui Gujing Distillery shines at 2025 int'l forum on RCEP cooperation
BEIJING, June 11, 2025 /PRNewswire/ -- The 2025 RCEP Local Governments and Friendship Cities Cooperation (Huangshan) Forum opened in Huangshan City, east China's Anhui Province on June 5, gathering some 300 delegates from the Regional Comprehensive Economic Partnership (RCEP) member countries. Anhui Gujing Distillery Company, as the forum's strategic partner for three consecutive sessions, has fueled regional cooperation while showcasing the charms of Chinese baijiu to the world. The company has introduced live-streaming this year at its booth at the forum to promote its latest product, a commemorative liquor to mark its partnership with the China Pavilion at Osaka Expo. Besides, holographic projections have also vividly displayed Gujinggong Liquor's journey with the World Expo over six editions. During the forum's opening ceremony, the liquor maker inked an agreement with South Korea's Anhui Industrial Development Co., Ltd. to expand its sales in the South Korean market and boost its global presence. According to the company, its debut in South Korea dates back to as early as 2012, during the Yeosu Expo and it plans to be part of the Seoul Food 2025 to further advance its presence in the South Korean market. After the opening ceremony, Liang Jinhui, chairman of Gujing Group, participated in discussions on overseas sales and promotion of Chinese baijiu and the combination of Chinese baijiu and the big health industry products, exploring diversified regional cooperation models for mutual benefit. During a side event of the forum, Ju Kai, director of the International Department of the company, promoted the company's products with a case of the cooperation of Gujinggong Liquor with Bozhou's traditional Chinese medicine, as a key step for the company to explore the big health industry. In recent years, the company has contributed significantly to promoting Chinese baijiu and Anhui local culture globally, as well as facilitating international wine culture exchanges, through a series of international events. Thanks to its unique brewing techniques and profound history, the company's core strategic product series, Original Vintage, is now exported to over 30 countries and regions. Original link: View original content to download multimedia: SOURCE Xinhua Silk Road Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-06-2025
- Business
- Yahoo
Xinhua Silk Road: RCEP accelerates regional development and boosts local cooperation, official
BEIJING, June 8, 2025 /PRNewswire/ -- The Regional Comprehensive Economic Partnership (RCEP) has not only become an "accelerator" and "stabilizer" for regional development but also brought unprecedented opportunities for local cooperation, Shi Zhongjun, secretary-general of the ASEAN-China Centre (ACC), said in a recent interview at the sidelines of the 2025 RCEP Local Governments and Friendship Cities Cooperation (Huangshan) Forum held on June 5 in Huangshan City, east China's Anhui Province. In this regard, Anhui Province boasts evident advantages in fields such as green economy and digital economy development, with strong accumulation of technical expertise that matches the development needs of Southeast Asian countries, Shi noted, mentioning strong willingness expressed by Southeast Asian countries during the event to strengthen cooperation with Anhui in the fields such as new energy industries and talent cultivation. The implementation of RCEP has greatly enhanced trade facilitation within the region. Also, more detailed and transparent investment rules have deepened the liberalization of investment, creating vast opportunities for mutual investment, Shi noted, highlighting RCEP's role in strengthening the resilience and connectivity of regional industrial and supply chains amid global economic uncertainties and other challenges. Shi pointed out that RCEP also benefited cooperation among local governments. Through trade and investment facilitation measures, RCEP has directly boosted local economic and trade links and created opportunities for multi-level and wide-ranging exchanges and cooperation. Covering multiple dimensions such as education, science and technology, culture, and tourism, RCEP has built new platforms for local people-to-people exchanges. Shi emphasized that RCEP had played the key role of a regional economic "stabilizer" by deepening economic and trade cooperation, enhancing the resilience of industrial and supply chains, and expanding cooperation in emerging fields. The ACC will continue to be committed to promoting comprehensive and pragmatic cooperation while sharing new opportunities for regional prosperity and development, Shi said. Original link: View original content to download multimedia: SOURCE Xinhua Silk Road Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-06-2025
- Business
- Yahoo
Xinhua Silk Road: Int'l forum on RCEP local gov't, sister city cooperation opens in E. China's Huangshan
BEIJING, June 6, 2025 /PRNewswire/ -- The 2025 RCEP Local Governments and Friendship Cities Cooperation (Huangshan) Forum opened on Thursday in Huangshan City, east China's Anhui Province. Co-hosted by the Chinese People's Association for Friendship with Foreign Countries and People's Government of Anhui Province, the forum gathered some 300 delegates from Regional Comprehensive Economic Partnership (RCEP) member countries to discuss regional cooperation in economy, culture, and sister-city ties under the theme "Regional Partnership for Common Development". During the forum, Anhui forged sister province ties with Cambodia's Preah Sihanouk Province and strengthened ties with South Korea's Gangwon Special Self-Governing Province. The Huangshan Initiative launched the RCEP World Heritage Sites Cooperation Alliance. Ten deals covering investment, trade, and cultural exchanges were signed. In addition, the Chinese Academy of International Trade and Economic Cooperation released the "RCEP Regional Cooperation Development Report 2025," detailing the pact's implementation results and offering forward-looking cooperation suggestions. Bhokin Bhalakula, president of Thai-Chinese Culture and Economy Association, noted fruitful cooperation under RCEP, including the China-Thailand railway and projects in smart grids and solar PV systems. He proposed building innovative demonstration zones and youth entrepreneurship platforms. Shi Zhongjun, Secretary-General of the ASEAN-China Centre, said RCEP stabilizes the Asia-Pacific economy and injects certainty into global economy. He called for expanded cooperation in digital and green economies, and deeper integration in standards and rules. Multiple sessions were also held, including dialogues on new energy vehicles, photovoltaic supply chains, youth business leaders, agricultural products, e-commerce and overseas Chinese businesses as well as cultural tours. Data showed that Anhui's trade with other RCEP members hit 208.54 billion yuan (about 29.05 billion U.S. dollars) in 2024, up 17.3 percent from that in 2021,accounting for 25 percent of the province's total foreign trade. Trade reached 75.38 billion yuan (approximately 10.5 billion U.S. dollars) in the first four months of 2025, rising 22.8 percent year on year. Since taking effect, the RCEP has spurred regional growth through tariff cuts, streamlined customs clearance, and trade facilitation. Original link: View original content to download multimedia: SOURCE Xinhua Silk Road Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
Xinhua Silk Road: Int'l forum on RCEP local gov't, sister city cooperation opens in E. China's Huangshan
BEIJING, June 6, 2025 /PRNewswire/ -- The 2025 RCEP Local Governments and Friendship Cities Cooperation (Huangshan) Forum opened on Thursday in Huangshan City, east China's Anhui Province. Co-hosted by the Chinese People's Association for Friendship with Foreign Countries and People's Government of Anhui Province, the forum gathered some 300 delegates from Regional Comprehensive Economic Partnership (RCEP) member countries to discuss regional cooperation in economy, culture, and sister-city ties under the theme "Regional Partnership for Common Development". During the forum, Anhui forged sister province ties with Cambodia's Preah Sihanouk Province and strengthened ties with South Korea's Gangwon Special Self-Governing Province. The Huangshan Initiative launched the RCEP World Heritage Sites Cooperation Alliance. Ten deals covering investment, trade, and cultural exchanges were signed. In addition, the Chinese Academy of International Trade and Economic Cooperation released the "RCEP Regional Cooperation Development Report 2025," detailing the pact's implementation results and offering forward-looking cooperation suggestions. Bhokin Bhalakula, president of Thai-Chinese Culture and Economy Association, noted fruitful cooperation under RCEP, including the China-Thailand railway and projects in smart grids and solar PV systems. He proposed building innovative demonstration zones and youth entrepreneurship platforms. Shi Zhongjun, Secretary-General of the ASEAN-China Centre, said RCEP stabilizes the Asia-Pacific economy and injects certainty into global economy. He called for expanded cooperation in digital and green economies, and deeper integration in standards and rules. Multiple sessions were also held, including dialogues on new energy vehicles, photovoltaic supply chains, youth business leaders, agricultural products, e-commerce and overseas Chinese businesses as well as cultural tours. Data showed that Anhui's trade with other RCEP members hit 208.54 billion yuan (about 29.05 billion U.S. dollars) in 2024, up 17.3 percent from that in 2021,accounting for 25 percent of the province's total foreign trade. Trade reached 75.38 billion yuan (approximately 10.5 billion U.S. dollars) in the first four months of 2025, rising 22.8 percent year on year. Since taking effect, the RCEP has spurred regional growth through tariff cuts, streamlined customs clearance, and trade facilitation. Original link: View original content to download multimedia: SOURCE Xinhua Silk Road
