Chinese Billionaire: Zong Qinghou
Zong Qinghou is a Chinese entrepreneur, founder, Chairman as well as Chief Executive Officer of the Hangzhou Wahaha Team, the leading beverage firm in China. He was rated as China’s richest guy of 2012 and second-richest male of 2013, inning accordance with the China Rich Checklist, published by Hurun Record. On the Worldwide Rich Checklist, he is 35th richest man worldwide, with a projected total assets of US$ 20 billion., Zong is a delegate to the Chinese National People”s Congress. He is born in 1945.
Zong is a native of Zhejiang, as well as has actually had little official education. After graduating from secondary school, Zong operated at the Zhoushan salt farm. He returned residence in 1979 on the retired life of his mommy, that was a teacher. He eventually returned to Hangzhou, and also just located menial work at a local school due to the low level of his education and learning. In 1987, he targeted a minigrocery in a college in Shangcheng District ， Hangzhou, selling milk. Zong headed the embryonic Wahaha organisation, which distributed fizzy sodas, ice and stationery. Together with 2 retired schoolteachers, he borrowed the sum of CNY 140,000, to begin producing milk drinks for distribution.
In 2007, the relationship curdle. Danone had charged Wahaha of “secretly running a set of parallel firms that mirrored the joint venture’s procedures with practically similar products and also siphoned off as long as $100 million from the collaboration.” Danone and also Wahaha got to a negotiation and liquified their collaboration. Zong resigned as Chairman of the joint on 5 June 2007.
He obtained independence from a very early federal government partner by emphasizing his links with Danone. With his dictatorial design as well as workaholic values, he constructed Wahaha into the largest beverage maker in individuals’s Republic of China.
The WHH joint endeavor became part of with Groupe Danone entailed the internal financial investment of US$ 70 million in five joint venture companies for 51% Groupe Danone possession in each company. The hallmark arrangement signed on 29 February 1996 offered the JVs the exclusive civil liberties of manufacturing, distribution and also sales of items under the Wahaha brand name. Cooperation has actually become 39 joint entities by 2007.
- Zong Qinghou turned privately-owned Hangzhou Wahaha Group into one of China’s largest homegrown sellers of bottled water, teas and milk drinks.
- Zong founded Hangzhou Wahaha as a store in a children’s school in the city of Hangzhou in 1987.
- Zong is an outspoken advocate of lower taxes to support economic growth in China.
- His daughter Kelly is the heir apparent.
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