Latest news with #Qinghou
Sydney Morning Herald
13-07-2025
- Business
- Sydney Morning Herald
‘Princess of Wahaha': China heiress in $3 billion inheritance feud with siblings
A $US2 billion ($3 billion) wealth tussle at one of China's largest beverage empires is unfolding in a Hong Kong courtroom. The battle pits three plaintiffs who say they are half-siblings of Hangzhou Wahaha Group's Kelly Zong in a lawsuit against the heiress of the drinks company. They are seeking an injunction preventing her from dealing with assets held in an HSBC bank account. The three plaintiffs — Jacky, Jessie and Jerry Zong — were identified by their lawyer as Kelly's 'half brothers and sister,' revealing their connection to her for the first time. Known as the 'Princess of Wahaha' in China, Kelly had been until now been publicly regarded as the only child of the late Wahaha beverage tycoon, Zong Qinghou. Loading The plaintiffs' lawyer stated that the three are also pursuing legal action in a Hangzhou court to secure rights to trusts — each valued at $US700 million — which they claim were promised to them by their late father. When Qinghou died at the age of 79 in February last year, Kelly took charge of the privately-held group after spending months settling internal shareholder disputes. The plaintiffs say Qinghou asked his subordinates to help set up trusts for them at HSBC in Hong Kong and later also requested that the assistants convert yuan into US dollars when the funds proved insufficient. They are requesting that Kelly honor their father's will, pay millions in interest on their assets, and compensate them for losses incurred from the transfer of their funds.
The Age
13-07-2025
- Business
- The Age
‘Princess of Wahaha': China heiress in $3 billion inheritance feud with siblings
A $US2 billion ($3 billion) wealth tussle at one of China's largest beverage empires is unfolding in a Hong Kong courtroom. The battle pits three plaintiffs who say they are half-siblings of Hangzhou Wahaha Group's Kelly Zong in a lawsuit against the heiress of the drinks company. They are seeking an injunction preventing her from dealing with assets held in an HSBC bank account. The three plaintiffs — Jacky, Jessie and Jerry Zong — were identified by their lawyer as Kelly's 'half brothers and sister,' revealing their connection to her for the first time. Known as the 'Princess of Wahaha' in China, Kelly had been until now been publicly regarded as the only child of the late Wahaha beverage tycoon, Zong Qinghou. Loading The plaintiffs' lawyer stated that the three are also pursuing legal action in a Hangzhou court to secure rights to trusts — each valued at $US700 million — which they claim were promised to them by their late father. When Qinghou died at the age of 79 in February last year, Kelly took charge of the privately-held group after spending months settling internal shareholder disputes. The plaintiffs say Qinghou asked his subordinates to help set up trusts for them at HSBC in Hong Kong and later also requested that the assistants convert yuan into US dollars when the funds proved insufficient. They are requesting that Kelly honor their father's will, pay millions in interest on their assets, and compensate them for losses incurred from the transfer of their funds.
Yahoo
11-07-2025
- Business
- Yahoo
Inside China's $2 Billion Sibling Showdown Over a Beverage Empire Fortune
A $2 billion inheritance dispute has surfaced at the heart of China's iconic beverage empire, Hangzhou Wahaha Group. In a Hong Kong courtroom, three individualsJacky, Jessie, and Jerry Zonghave come forward claiming to be half-siblings of Kelly Zong, heiress to Wahaha and daughter of the late founder, Zong Qinghou. The trio is asking the court to freeze a HSBC bank account that reportedly held around $1.8 billion earlier this year. Their claim? That Qinghou had promised each of them a $700 million trustassets they now say have been mishandled or quietly diminished after his passing. Warning! GuruFocus has detected 11 Warning Signs with NNFSF. Known in China as the Princess of Wahaha, Kelly took the reins of the private company after her father's death in February 2023, following a series of internal shareholder tensions. Now, she faces not only operational headwinds in a slowing Chinese economy but also a legal battle that could challenge the group's succession narrative. The plaintiffs allege that Qinghou instructed subordinates to set up offshore trusts and convert yuan to U.S. dollars, but they say millions have gone missingand they want Kelly held accountable for honoring those instructions, plus interest. Her legal team disputes the story, arguing the orders were never relayed and the evidence falls short. Founded in 1987, Wahaha built its empire on nutrition drinks before expanding into bottled water, juices, and teas across China. But the competition has intensified, with rivals like Nongfu Spring (NNFSF) and rising cafe chains crowding the market. While Kelly continues to steer the company through a shifting consumer landscape, this legal challenge adds another layer of complexityraising questions about succession, trust governance, and offshore wealth protection in China's evolving private sector. This article first appeared on GuruFocus. Sign in to access your portfolio
NDTV
11-07-2025
- Business
- NDTV
China Heiress In $2 Billion Inheritance Feud With Siblings
A $2 billion wealth tussle at one of China's largest beverage empires is unfolding in a Hong Kong courtroom. The battle pits three plaintiffs who say they are half-siblings of Hangzhou Wahaha Group Co.'s Kelly Zong in a lawsuit against the heiress of the drinks company. They are seeking an injunction preventing her from dealing with assets held in an HSBC Holdings Plc bank account. The three plaintiffs - Jacky, Jessie and Jerry Zong - were identified by their lawyer as Kelly's "half brothers and sister," revealing their connection to her for the first time. Known as the "Princess of Wahaha" in China, Kelly had been until now publicly regarded as the only child of the late Wahaha beverage tycoon, Zong Qinghou. The plaintiffs' lawyer stated that the three are also pursuing legal action in a Hangzhou court to secure rights to trusts - each valued at $700 million - which they claim were promised to them by their late father. When Qinghou died at the age of 79 in February last year, Kelly took charge of the privately-held group after spending months settling internal shareholder disputes. The plaintiffs say Qinghou asked his subordinates to help set up trusts for them at HSBC in Hong Kong and later also requested that the assistants convert yuan into US dollars when the funds proved insufficient. They are requesting that Kelly honor their father's will, pay millions in interest on their assets, and compensate them for losses incurred from the transfer of their funds. About $1.1 million had been transferred out of the HSBC account as of May last year, according to one of the legal filings. The plaintiffs are seeking to prevent Kelly from disposing of, dealing with or diminishing the value of the assets in the HSBC account that had about $1.8 billion in balance as of early 2024, their lawyer said. Kelly's lawyer said she doesn't accept the evidence and that Qinghou's directives were not given to her. She also has no idea where the yuan should be converted from. Judge Gary Lam said he was concerned that his order could interfere with the Hangzhou court case, adding that he would hand down the decision in about two month. Once China's richest man, the late Zong founded Wahaha in 1987. The beverage empire got its start from a milky nutrition drink, and later expanded into bottled water, tea and fruit juices nationwide. The Zong family has a fortune of at least $3.3 billion, according to the Bloomberg Billionaires Index. The 43-year-old heiress has had to navigate a challenging operating environment amid a broader Chinese economic slowdown. The company is facing increasing competition from rivals including Nongfu Spring Co. and new bubble-tea and coffee chains.
