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Text/Banjianyun

Seven days of Wahaha Group, seven days of Zong Fuli, from resigning to resuming her duties,Zong Fuli seemed to have retreated and advanced, and held her position.

(Image source: pixabay)

Future results are difficult to predict.

During this period, numerous articles confirmed that Zong Fuli's departure was an inevitable result. Many people said that they had a premonition, even when she first appeared on the stage and when Wahaha and Danone started the war, they knew that this would be the outcome.

Looking at history from a God's perspective and standing in the rearview mirror, I always feel that I can predict everything, but in fact I can't.In this world, if there is A, there will not necessarily be B. The complexity of historical development and the gray area of ​​human nature often exceed our imagination.

(Image source: pixabay)

It would be rash to draw conclusions based on only a few so-called facts. It would make our judgment lose its awe and stray too far from the truth.

On the surface, the Wahaha drama seems to be about a fight for equity, dissatisfaction among veterans, and Zong Fuli’s incompetence. Is this really the case?

Wahaha was not built in a day, but is the result of two or three generations of people. It is inevitably stamped with complex imprints of interests, and because of some force majeure, it has become a typical event in the long dimension of history.

The success of an entrepreneur with a distinct personality is the result of long and careful consideration, and cannot be explained away by a lack of ability or bad character.

Returning to history and reality, eliminating standpoint theory, and starting from calm rationality and complex human nature, we may be able to restore some things, but not all the facts.

There are three major issues surrounding Wahaha.

Is equity an issue?

Wahaha Group has three controlling shareholders, and any two of them can actually control the company.

The state-owned Hangzhou Shangcheng District Culture, Commerce and Tourism Investment Holding Group Co., Ltd. holds 46% of the shares, the late Zong Qinghou holds 29.4% of the shares, and the Hangzhou Wahaha Group Co., Ltd. Grassroots Trade Union Joint Committee holds 24.6%.

The equity is a mixture of state-owned and private capital, with the founder and spiritual godfather and the employee shareholding association holding shares together, which seems to foreshadow the complicated disputes after the godfather's death.

Equity is the manifestation of interest, not the essence of interest. Interest itself is the big problem.

(Image source: pixabay)

For rational people, the results are often the product of trade-offs, and smoke screens should not be taken seriously.

After forcing Danone to withdraw, Zong Qinghou has maintained a relatively fixed shareholding structure. The simple explanation is that Zong Qinghou was able to control the overall situation at the time and ensure that no problems would occur while he was alive.

Another explanation might be that no matter how the equity is moved, it is better not to move it. A different approach can maintain the balance among all parties and the development of the company.

There are only two possible reasons why the equity cannot be changed. One is that it cannot be changed, and the other is that it doesn't matter if it is not changed. Wahaha has both.

Judging from the Danone incident, Zong Qinghou had obviously tried to change the equity structure. But he may have found that the introduction of Danone had some unexpected consequences, or that it led to practices that were difficult for him to accept, so he was determined to launch a "war" against Danone that lasted for several years, even at the risk of his life.

(Image source: pixabay)

Putting aside morality and contracts, this is a realistic choice. It is ridiculous to make Zong Qinghou, who is always hands-on, invisible. At the beginning of marketization in the 1980s, strong entrepreneurs like Zong Qinghou were bound to appear. Without a distinct personality, he could not stand out and a company like Wahaha could not be created.

I remember that the public opinion often compared Robust and Wahaha to prove the national character of Mr. Zong Qinghou. Now it seems that it is just a business war in which the founder regained control. There is no need to raise the tone so high. If the tone is too high, there will be tragedies like Huiyuan Juice, leaving a mess.

As far as this matter is concerned, it is not likely that Shangcheng State-owned Assets will take action to regain control, as there is no benefit. Now that Shangcheng District has taken over, it will neither be able to select managers acceptable to all parties, nor be able to enjoy the dividends of Wahaha in peace, nor will it have a good reputation.

In a market-oriented city like Hangzhou, no one would believe that Wahaha could do better than Zong Fuli under the management of the district's state-owned assets. Unless someone has a personal grudge against Zong Fuli, it is impossible to harm others without benefiting oneself.

(Image source: pixabay)

Is Zong Fuli’s ability a problem?

Zong Fuli’s abilities are not bad.

The fact that the strongman Zong Qinghou has been "testing" his daughter for so many years and has not let her leave has been confirmed and explained.

Zong Fuli took over Wahaha’s most important asset - the extracorporeal circulation system.

According to an article by Zhao Hejuan, who followed the entire process of the Wahaha-Danone War, when Wahaha and Danone had conflicts, Zong Qinghou established a large number of Wahaha series "non-joint ventures" that had nothing to do with Danone.

Initial investigations and statistics at the time included 87 non-joint ventures in various places, the most important of which was the Hongsheng Beverage Company series controlled by Zong Fuli (and her mother Shi Youzhen). The sales channels and brand usage were almost completely overlapped with the Wahaha joint venture.The development speed and market share are likely to surpass those of joint ventures.

(Image source: pixabay)

The article also said that Zong Qinghou publicly stated at the time that he was negotiating with the Hangzhou State-owned Assets Bureau about the withdrawal of his 46% stake in Wahaha Group, and that it would not be difficult for the state-owned assets to withdraw. As a result, as we all know, the state-owned assets have not withdrawn until now, and no one dares to let the state-owned assets withdraw now.

After the victory, Wahaha's extracorporeal circulation system was not only not cancelled, but it became bigger and bigger, consolidating Zong Fuli's foundation.Without this system, she would be a porcelain doll.

Zong Fuli has been in charge of Hongsheng Beverage Group since 2007. Zong Qinghou once said with satisfaction, "The profit margin of her company (Hongsheng Beverage Group) is higher than mine (Wahaha)."

The Zong family has a series of intertwined equity structures that are still in the process of change.

According to statistics from Cailianshe, from January to July 18 this year, there were 125 job changes for Zong Fuli, 16 job changes in 2023, and 53 changes from 2019 to 2022.

At present, Zong Fuli has taken over the positions of legal representative of Hangzhou Wahaha E-Commerce Co., Ltd., Zhejiang Qili Investment Co., Ltd., Hangzhou Wahaha Hongzhen Investment Co., Ltd. and other companies.

Since May this year, Hongsheng Beverage Group Co., Ltd., founded by Zong Fuli, has invested in and established 15 companies, nine of which were established within the past month, including Tianjin Hongsheng Hengfeng Beverage Co., Ltd., Xianyang Hongsheng Hengfeng Food Co., Ltd., Zhengzhou Hengfeng Beverage Co., Ltd., etc.Zong Fuli serves as a director or executive director in the above-mentioned companies.

(Image source: pixabay)

The article "Why Zong Fuli Returned to the Palace" on Huxiu APP is well written. Reporters from China Business News and other media checked the relevant information and found thatIn June this year, Zong Fuli took over several companies under Zong Qinghou's name.

Industrial and commercial changes have occurred in many companies, including Shenyang Wahaha Rongtai Food Co., Ltd., Guangyuan Wahaha Qili Food Co., Ltd., Kunming Wahaha Qili Beverage Co., Ltd., Hong'an Wahaha Natural Beverage Co., Ltd., and Chaohu Wahaha Food Co., Ltd. Zong Qinghou resigned as legal representative and chairman, and was replaced by Zong Fuli as chairman or executive director.

On July 15, Shaoguan Hengfeng Beverage Co., Ltd. underwent industrial and commercial changes. Shi Youzhen (Zong Fuli's mother) resigned as chairman, and Zong Fuli was changed from director to executive director. On the same day, Guangzhou Hengfeng Beverage Co., Ltd. underwent major personnel changes. Shi Youzhen no longer served as chairman, and Zong Fuli was changed from director to executive director.

Zong Fuli resigned from the position of general manager of the group, but the group is just a "small and micro enterprise."

I am really impressed by the forbearance of Zong Fuli and her mother. With the help of Zong Qinghou's power, they created a team and controlled a system for more than ten years. How could their abilities be so poor?

(Image source: pixabay)

Rumor has it that at the beginning of this year, there was a letter of complaint, and it seemed that the existence of this extracorporeal circulation had put Zong Fuli in a legal and business dilemma of misappropriation of state-owned assets.

In fact, this system already existed.If it weren't for this system, Zong Fuli and the team behind her might have been eliminated long ago.

The relevant parties must have handled the Zong Fuli incident with great caution, and many entrepreneurs are keeping a close eye on the progress of the Wahaha incident.

Such typical examples are bound to affect the confidence of entrepreneurs.

Is family a problem?

When a complicated wealthy family takes over, there will always be things that are not known to outsiders. Some are high-profile and some are low-profile.Being high-profile is not necessarily reasonable and powerful, and being low-profile is not necessarily peaceful and calm.Just think about the gambling king’s family and you’ll understand something.

(Image source: pixabay)

After the resignation incident, Zong Fuli's uncle Zong Ze posted a message on WeChat Moments:

The biggest problem for her (Zong Fuli) is that when she succeeded Wahaha, she should not have considered how to expand the scale, how to make money, or how to make drastic changes to the status quo. She should first consider how to do good things and charity? Let everyone recognize you. In this process, you can find many problems and talents, and naturally let most people recognize your succession. But she did the opposite, firing on all cylinders and showing her edge. It is in line with the old saying: Hard things break easily.

Rumor has it that Zong Fuli has three uncles and one aunt, and Zong Zehou is one of them.

At this critical moment, an uncle cursed, "Hard things are easily broken," which shows that the relationship between the two sides was extremely bad.

This WeChat circle of friends shows that Zong Fuli is not an easy-going person. She has had her own ideas for a long time and has been trying them out in practice for a long time.Zong Fuli's brilliance has caused some people to disapprove of her.

Zong Fuli's personality has long been known throughout the market. Zong Qinghou once said that she is stronger than himself.

In the business world, being strong is not necessarily a bad thing.If you succeed, someone will conclude that "only the paranoid can survive" and "only the strong can give birth to great companies."

Zong Fuli's strong personality reminds people of people like Steve Jobs and Elon Musk, whose personalities are not much better. Working under them is painful, and the probability of becoming friends is also very low.But Jobs and others eventually made a name for themselves in the market.

(Image source: pixabay)

Zong Fuli once tried to compromise in her own way.In an interview in February this year, he said, "Compromise is a kind of growth, a kind of tolerance, and a way for everyone to live in peace. Compromise is the way to go in the future, it’s just that the degree of compromise is different at different time points."

But some people do not agree with it and it is too far away from their original intention.

Before and after Zong Qinghou's illness and death, there were changes in senior management and an increase in shareholders, all of which show the complexity of the big family.。

"City Boundary" revealed some changes.

In December 2022, there was a personnel change in Shenyang Wahaha Rongtai Food Co., Ltd., with Zong Jichang and Zong Jieli added as directors.Two unfamiliar names appeared among Wahaha's subsidiaries for the first time.

Before joining Wahaha, Zong Jichang began to take over as a director of Zhejiang Chengxin Plastic Co., Ltd. in February 2022. The legal representative of this company is Zong Qinghou's younger brother Zong Yuhou, the chairman is Zong Qinghou, and the other director is Wahaha's founding father Du Jianying.

After Zong Qinghou's death, Zong Jichang successively took over the positions of director of four companies, including Dali Wahaha Beverage Co., Ltd., Shuangcheng Wahaha Dairy Co., Ltd., and Tianjin Wahaha Food Co., Ltd., and these four companies have a common director - Du Jianying.

Du Jianying is the chairman of the Wahaha Employee Stock Ownership Association. He controls many branches, which are called the Rongtai Group within Wahaha.She seems to have a huge influence on old employees and the employee stock ownership plan.

(Image source: pixabay)

Overtly or covertly, two operating systems began to emerge. For such a family, this is probably the norm.

Ending, what about the future?

Zong Fuli's boat is in the middle of the river. She will rely on her abilities to create a bright future for herself, her young beverage, and her business empire.Just like Pansy Ho, she also went through untold hardships before becoming the recognized leader of the gambling king.

(Image source: pixabay)

From a logical analysis, the existing sales and production chains are clear, and each person holds a piece of the pie, and Zong Fuli has the upper hand. Wahaha Group holds the ownership of the "Wahaha" trademark and brand, and its position is crucial. In this regard, state-owned assets and employee shareholdings will have an advantage.

Interests cannot be compromised, and what is currently maintained is a temporary balance.

All parties have remained rational and acknowledged that Zong Qinghou's choice at that time was the only choice. Zong Fuli is stronger than we thought. She may not be able to create a business empire, but she will not let the power slip away easily. Wish her the best.

For investors, at this point, they may have to look at another world besides Wahaha.

(Image source: pixabay)

(Disclaimer: This article is an objective analysis made by Ye Tan Finance based on public information and does not constitute investment advice. Please do not use it as a basis for investment.)

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