Latest news with #KellyZongFuli
South China Morning Post
4 days ago
- Business
- South China Morning Post
Why family feud at Wahaha is no laughing matter for China businesses
Zong Qinghou, the late founder of China's biggest soft drinks bottler Hangzhou Wahaha Group , became the talk of the nation after a wealth inheritance feud involving his offspring surfaced earlier this year, barely 12 months after his death. Three plaintiffs claiming to be his children sued chairwoman and CEO Kelly Zong Fuli in Hong Kong and Hangzhou in eastern Zhejiang province, demanding her to honour the late founder's will, which promised them trusts valued at US$700 million each. Until the lawsuit, Kelly, 43, was publicly known as the billionaire's only child. The feud will get a fresh twist at 4pm local time on August 1, when the lawsuit by Jacky Zong Jicang, Jessie Zong Jiele and Jerry Zong Jisheng comes before the High Court in Hong Kong for a decision. Here's why the family feud at Wahaha – a name that resembles the sound of laughter in Chinese – was in the spotlight and how it could affect privately-owned Chinese businesses and the nation's economy. How did founder Zong's rags-to-riches tale inspire Chinese people? Zong was born in 1945 and had to drop out of school because his family was poor. He worked in a salt processing firm, before becoming a school teacher in Hangzhou in 1979. He started a milk business in 1987 with two retired teachers with the help of a 140,000 yuan (US$19,488) bank loan.
South China Morning Post
5 days ago
- Business
- South China Morning Post
Wahaha heiress Kelly Zong's inheritance battle puts Chinese family firms in spotlight
Kelly Zong Fuli, chairwoman and CEO of mainland China's largest soft-drinks producer Hangzhou Wahaha Group , is embroiled in a wealth-inheritance dispute that has prompted questions about the sustainability of the country's family businesses. The daughter of late founder Zong Qinghou is facing two lawsuits as three plaintiffs, claiming to be her half-brothers and half-sister, seek to prevent her from dealing with assets worth about US$2 billion. The feud surfaced just a year after the heiress won a battle for control of the company following her father's death in February 2024 at 79. The company asserted on Monday that the lawsuits were unrelated to its operations, but the situation provoked commentary about the prospects for family-owned firms amid a shaky economy and keen competition. 'No one waves a red flag when business is good, even though family businesses' questionable corporate governance and management structure cannot support their further growth,' said Wang Feng, chairman of Ye Lang Capital, a Shanghai-based financial services group. 'Family feuds and power battles in boardrooms may hurt employee morale and brand image, particularly at a time when the companies are undergoing succession from first-generation entrepreneurs to their offspring.' Wahaha said on Monday that it would not provide any further official response, the Southern Metropolis Daily reported. The company could not be reached for comment. According to a January Hong Kong court document obtained by the Post, the plaintiffs – Jacky, Jessie and Jerry Zong – were demanding that Kelly Zong honour her father's will because the late founder had promised them trusts valued at US$700 million each.
Bloomberg
21-02-2025
- Business
- Bloomberg
Chinese Beverage Heiress Sued in Hong Kong Over Assets Dispute
Kelly Zong Fuli, the daughter of the late Chinese billionaire Zong Qinghou and current chairman of beverage giant Hangzhou Wahaha Group Co., is being sued in a Hong Kong court as part of an assets dispute. A lawsuit was filed against Kelly Zong by Jacky Zong, Jessie Zong and Jerry Zong, according to a Hong Kong court filing in late December. It couldn't be established if the plaintiffs are related to the beverage heiress.
