Zhejiang businessmen are a banner of China's private economy and a new force in China's reform and opening up. Among the many leading figures of Zhejiang businessmen, there is a name that everyone knows and everyone knows, he is Zong Qinghou, the founder and chairman of Wahaha Group. He started from scratch, founded China's largest beverage company, once became the richest man in China, did not go public for 30 years, and once bluntly said that listing should be responsible for shareholders. His life is a legend of Zhejiang businessmen who do not take the usual path.
Zong Qinghou was born in December 1945 in Hangzhou, Zhejiang. His childhood was not happy, his father died young, his mother remarried, and he had to live with his grandparents. He had a strong sense of self-reliance from an early age, and at the age of 12 he began working as a carpenter, repairman, salesman, and other occupations. He has no higher education, but he has a keen business sense, is good at seizing opportunities, has the courage to innovate, and constantly accumulates experience and capital.
In 1987, Zong Qinghou took out 80 million yuan to merge Hangzhou Canned Food Factory and established Wahaha Food Group Company. He has shifted from the original canned food and pickles to beverages, dairy products, health care products and other fields, and quickly occupied the market and created a well-known brand of Wahaha with high-quality products, low prices and a wide sales network. Wahaha has 81 production bases and 187 subsidiaries in 29 provinces, municipalities and autonomous regions across the country, with nearly 30,000 employees, and has been in the leading position in the industry in terms of scale and efficiency for 20 consecutive years, ranking among the top 500 Chinese enterprises, China's top 500 manufacturing enterprises, and China's top 500 private enterprises.
On October 12, 2012, Zong Qinghou became the richest man in China by Forbes with a net worth of $10 billion. His wealth comes not only from his business achievements, but also from his social responsibility. He is a generous philanthropist who has donated money and materials many times to support public welfare undertakings such as education, medical care, poverty alleviation, and reconstruction of disaster-stricken areas. He is also a person of affection and righteousness, he treats his employees as family, partners as friends, competitors as enemies, he never forgets his roots, never gives up his beliefs, and never violates his conscience.
It is worth noting that Wahaha has not been listed for 30 years, not only has it not been listed, but it has also not raised funds. Zong Qinghou once said: "Listing is responsible for shareholders. If it falls in the end, so that the people lose a lot of money, I don't think it is appropriate. "Zong Qinghou has the confidence not to go public. Wahaha has deposited tens of billions of dollars in the bank, and enough cash flow is his way to deal with market risks. This kind of "stupid method" that is not favored by others, but it is like a needle that has passed through the economic cycle and stabilized the chassis of the enterprise.
In 2021, Zong Qinghou began to take a back seat, and his daughter Zong Fuli came to the stage, and Wahaha completed the father-daughter inheritance. Zong Fuli is the vice chairman and general manager of Wahaha, responsible for daily work. Zong Qinghou once said: "Zong Fuli is good at marketing, and she is relatively tight in financial management. Therefore, the profit margin of her company (Hongsheng Group) will be higher than that of me (Wahaha). Zong Fuli also said that Wahaha will usher in a new stage of development, which will be a very challenging and hopeful year, and it will also be a key year for Wahaha to surpass itself and develop again.
On February 25, 2024, Zong Qinghou died at 10:30 at the age of 79 due to ineffective medical treatment. His life is a legend of Zhejiang businessmen who do not take the ordinary road, his story is an immortal spirit of Zhejiang businessmen, and his name is an indelible model of Zhejiang businessmen. With his own actions, he explained what entrepreneurship is, what is innovation, what is creation, what is wealth creation, and what is charity. He left behind a great enterprise, a great brand, a great dream, and a great legend. He's gone, but his spirit lives on, his career endures, and his influence lasts forever.