It won’t be easy for the 42-year-old heiress, who’s poised to take over an empire fighting for relevance. Sales at the family’s Hangzhou Wahaha Group Co. have fallen in an increasingly competitive market, and another beverage tycoon has become China’s wealthiest person: Nongfu Spring Co.’s Zhong Shanshan.
The company’s sales dropped 35% from a high in 2013 to 51.2 billion yuan in 2022, the last year for which the data are available, according to the All-China Federation of Industry and Commerce. Revenue at rival Nongfu, which went public in Hong Kong withAt stake is a family fortune worth at least $2.2-billion, a fraction of the $20-billion it was in 2012, according to the Bloomberg Billionaires Index. That’s based on Qinghou’s 29.
The Zong family is part of a succession wave that’s been taking place as China’s first generation of private entrepreneurs. Some tycoons are preparing their children to run their companies at an earlier age, with many millennial and Gen-Z heirs taking board seats at some of the country’s largest firms.Wahaha’s predecessor in 1987 with a $22,000 family loan and turned it into a multibillion-dollar business in the boom years that propelled China’s middle class.
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