Zong Qinghou
| Zong Qinghou 宗庆后 |
|
|---|---|
| Born | October 1945 (age 71) Hangzhou, Zhejiang, China |
| Residence | Hangzhou |
| Nationality | Chinese |
| Occupation | Chairman & CEO, Hangzhou Wahaha Group |
| Net worth |
$10.0 billion (Forbes, January 2015) |
| Spouse(s) | Shi Youzhen |
| Children | Kelly Zong |
$10.0 billion (Forbes, January 2015)
Zong Qinghou (Chinese: 宗庆后; born 1945) is a Chinese entrepreneur, founder, Chairman and CEO of the Hangzhou Wahaha Group, the leading beverage company in China. He was ranked as China's richest man of 2012 and second-richest man of 2013, according to the China Rich List, published by Hurun Report. On the Global Rich List, he is 35th richest man in the world, with an estimated net worth of US$20 billion., Zong is a delegate to the Chinese National People's Congress.
Zong is a native of Zhejiang, and has had little formal education. After graduating from secondary school, Zong worked at the Zhoushan salt farm. He returned home in 1979 on the retirement of his mother, who was a teacher. He eventually returned to Hangzhou, and only found menial work at a local school due to the low level of his education. In 1987, he targeted a minigrocery in a school in Shangcheng District，Hangzhou, selling milk. Zong headed the embryonic Wahaha business, which distributed fizzy soft drinks, ice and stationery. Together with two retired schoolteachers, he borrowed the sum of CNY 140,000, to start producing milk drinks for distribution.
He obtained independence from an early government partner by stressing his links with Danone. With his autocratic style and workaholic ethic, he built Wahaha into the largest beverage manufacturer in the People's Republic of China.
The WHH joint venture entered into with Groupe Danone involved the inward investment of US$70 million in five joint venture companies in exchange for 51% Groupe Danone ownership in each company. The trademark agreement signed on 29 February 1996 gave the JVs the exclusive rights of production, distribution and sales of products under the Wahaha brand. Collaboration has grown into 39 joint venture entities by 2007.
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