One of China’s Wealthiest Business Magnate Zong Qinghou Passes Away at 79

Zong Qinghou, a revered figure in Chinese business circles and the founder of the Wahaha conglomerate, passed away on Sunday at the age of 79, announced his company. Zong’s passing comes after unsuccessful treatment for an illness, as stated by the company in an obituary on its Weibo social media account.

A memorial service in honor of Zong will take place on Wednesday at the company’s offices in Hangzhou, according to the statement. While state media reported Zong’s hospitalization earlier in the week, no specific details about his illness were disclosed.

Zong’s entrepreneurial journey began in his 40s, and he rose to prominence as the head of a leading beverage firm, once making him the richest person in China. The Wahaha conglomerate, under Zong’s leadership, specialized in a wide range of products, including bottled water, soft drinks, tea, and more.

Zong’s entrepreneurial journey was marked by resilience and ingenuity. Starting by selling soft drinks to children, he overcame financial hardships, even resorting to sleeping under a bridge in Beijing due to financial constraints. Nonetheless, in 1987, he founded Wahaha, which blossomed into a beverage giant, its products becoming ubiquitous across China.

In recent years, Wahaha diversified its portfolio, venturing into sectors such as baby milk and clothing. In 2021, Zong took a step back from day-to-day operations, appointing his daughter, Zong Fuli, as Wahaha’s vice-chairperson and general manager, ensuring the legacy of his entrepreneurial spirit lives on.

Zong’s fortune was estimated at $8 billion. Despite fluctuations in his net worth over the years, he remained a prominent figure in China’s business landscape, advocating for policies that encouraged wealth creation.

Have you read?
EXCLUSIVE: The Top 10 F1 drivers of 2023.
Report: Jordan Citizenship by Investment Programme, 2023.
Report: Malta Citizenship by Investment Programme, 2023.
Report: Saint Lucia Citizenship by Investment Programme, 2023.
Report: St Kitts and Nevis Citizenship by Investment Programme, 2023.
Report: Türkiye Citizenship by Investment Programme, 2023.