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China Fund News Chenxi Comprehensive Compilation

Zong Fuli resigned from Wahaha? The latest news is here!

On July 18, aLetter to all employees of Wahaha Group" quickly spread on the Internet, signed by "Zong Fuli". The online letter showed that Zong Fuli has decided to resign from the positions of Vice Chairman and General Manager of Wahaha Group and will no longer participate in its management.。

Subsequently, the entry #Rumor has it that Zong Fuli resigned# quickly became the top trending search on Weibo.

Wahaha and its shareholders have not yet given a public response to the news of Zong Fuli's resignation.

Zong Fuli sent a letter of resignation?

The company's major shareholder: Further verification is underway

On July 18, a “Letter to All Employees of Wahaha Group” became popular on the Internet.

According to the letter circulated online, Zong Fuli said that recently the Shangcheng District Government and some shareholders of Hangzhou Wahaha Group Co., Ltd. ("Wahaha Group") have questioned the rationality of her management of the Wahaha Group since the death of Chairman Zong Qinghou, making it impossible for her to continue to perform her management responsibilities for the group and its shareholding companies. She decided to resign from the positions of vice chairman and general manager of Wahaha Group from July 15 and no longer participate in its management.

Zong Fuli said that she has delivered her resignation letter to Hangzhou Wahaha Group Co., Ltd. and all its shareholders, and also urged relevant parties to re-elect the general manager in a timely manner in accordance with the procedures stipulated in the articles of association and perform management responsibilities to ensure the normal operation of the group and safeguard the common interests of the enterprise, customers and all employees.

Wahaha has not yet responded publicly to the rumors of Zong Fuli's resignation. Wahaha's largest shareholder, Hangzhou Shangcheng Cultural and Commercial Tourism Investment Holding Group Co., Ltd. (hereinafter referred to as Shangcheng Cultural and Commercial Tourism), responded to the media that: The relevant person in charge is currently verifying further with the company's senior management and Wahaha, and there will be an official announcement later.

In addition, the introduction page notes that the Wahaha official flagship store's Douyin live broadcast room, which broadcasts live at 11 a.m. every day, has not started live broadcasting as of 12 noon on July 18. Some netizens also left messages under Wahaha's recent video works, asking whether Zong Fuli's resignation was true.

Shangcheng Wenshanglv holds 46% of the shares

Public information shows that Hangzhou Wahaha Group Co., Ltd. was founded in 1987 by Zong Qinghou. According to the official website, under the leadership of Zong Qinghou, Wahaha started from scratch with only three people and a loan of 140,000 yuan. Through continuous development and innovation, it has now developed into one of the world's leading food and beverage manufacturers, one of the top 500 Chinese companies, one of the top 500 Chinese manufacturing companies, and one of the top 500 Chinese private enterprises. The company's scale and efficiency have been in the leading position in the industry for more than 20 years.

In 2012, Zong Qinghou ranked first on the Forbes China Rich List. In February this year, Zong Qinghou died of illness at the age of 79.

As a "second-generation entrepreneur", Zong Fuli's actions in recent years have attracted much attention from the market. Zong Fuli was born in January 1982 and graduated from Pepperdine University in the United States. After completing her studies and returning to China in 2004, Zong Fuli joined Wahaha and started as a grassroots cadre in production management. In December 2021, Zong Fuli became the vice chairman and general manager of Wahaha Group. During her tenure, Zong Fuli led Wahaha to complete many breakthrough marketing campaigns, and also caused controversy due to events such as replacing spokesperson Wang Leehom.

However, unlike the "family business" in the impression of some consumers, Wahaha is not controlled by Zong Qinghou or Zong Fuli. Tianyancha information shows that Hangzhou Wahaha Group Co., Ltd. is 46% owned by Shangcheng Culture and Tourism, 29.4% by Zong Qinghou, and 24.6% by the grassroots trade union joint committee of Hangzhou Wahaha Group Co., Ltd. (employee stock ownership association).

On February 23, 2024, Zong Fuli replaced Zong Qinghou as the legal representative, executive director and manager of Hangzhou Wahaha E-Commerce Co., Ltd.