Wahaha Beverage Group Boss Dies at 79

In 1987, Zong founded the Wahaha Beverage Group, whose bottled water, soft drinks, teas and other products can be found in retail stores across China.

Zong Qinghou, chairman of Wahaha Group, has passed away at the age of 79. Photo: SCMP

He was listed by Forbes magazine as China's richest man in 2010, with a fortune of $8 billion. Zong did not enter business until he was in his 40s, when he started selling soft drinks to children.

At the time, he was reportedly so poor that he was forced to sleep under a bridge in Beijing because he couldn't afford rent. However, the group he later founded, Wahaha, has grown rapidly and now employs more than 30,000 people.

Last year, Forbes estimated he was the 53rd richest person in China, with a net worth of $5.9 billion.

Despite his wealth, Zong claims to live on less than $6,000 a year, saying he learned frugality from the teachings of late Chinese Chairman Mao Zedong.

Wahaha, whose name means "laughing child" in Chinese, has expanded into milk and children's clothing. In 2021, Zong stepped down from the business and appointed his daughter, Zong Fuli, as vice president and general manager of the company.

Hoang Anh (according to SCMP, AFP, DW)

Source: https://www.congluan.vn/ong-chu-tap-doan-do-uong-wahaha-va-tung-giau-nhat-trung-quoc-qua-doi-o-tuoi-79-post285752.html