Kelly Zong Fuli has returned to lead Hangzhou Wahaha Group, one of China's largest beverage companies, after a brief resignation in July 2024. Following her father's passing in February 2024, Zong stepped down due to shareholder distrust and differing views on the company's growth strategy. However, after negotiations that lasted less than a week, she has resumed her roles as legal representative, president, and general manager of the company [South China Morning Post].
Founded in 1987 by Zong Qinghou, Wahaha has grown to become a significant player in the beverage industry, reporting annual sales of 51.2 billion yuan (approximately US$7.2 billion) in 2022 [South China Morning Post]. Zong Fuli holds a 29.4% stake in the company, while a state-owned enterprise possesses 46% of the shares [South China Morning Post]. The Zong family, with a net worth of US$13.1 billion, is ranked 31st on China's rich list, highlighting their substantial influence in the business landscape [South China Morning Post].
Zong's return marks a pivotal moment for Wahaha as it navigates the complexities of leadership and shareholder expectations in a rapidly changing market. Her leadership is expected to steer the company towards renewed growth and stability, particularly in the wake of her father's legacy and the challenges posed by differing shareholder perspectives [South China Morning Post].