2024-02-25 07:42:37
Zong Qinghou was the founder of the Wahaha conglomerate, which specialized in bottled water, soft drinks, tea and other products. He died on Sunday at age 79 following “treatment for an illness proved ineffective,” the company said on the social network Weibo.
State media reported this week that the entrepreneur was hospitalized, but gave no details regarding his illness.
An impressive journey
Zong Qinghou founded Wahaha in 1987, which grew into a food giant whose drinks are ubiquitous in stores and kiosks across China.
A partnership with Danone, in the form of a joint venture with Wahaha, degenerated into a violent conflict in the courts, pushing the French group to sell its stake in 2009.
In 2010, Zong Qinghou was named the richest person in China by Forbes magazine, with a fortune of $8 billion.
The same media placed him last year in 53rd place among the great Chinese fortunes with 5.9 billion dollars.
The Chinese tycoon advocated tax cuts to spur investment, telling reporters in 2013 that China’s growing wealth inequality was not a problem.
In recent years, Wahaha – whose name means “Laughing Child” in Chinese – has diversified into various other sectors, including baby milk and clothing.
In 2021, Zong Qinghou stepped aside, appointing his daughter Zong Fuli as vice president and general manager of Wahaha.
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