Drinks tycoon in surprise move

Meanwhile, Italian companies began to understand more that the China market is restructuring and more similar to other mature markets, he said.

Laspina was impressed by the personal involvement of Zong. "For such an important businessman, he is directly involved in the selection and meetings," he said.

It is not the first time Zong Qinghou has collaborated with international businesses.

In 1996, Wahaha signed a joint venture agreement with Groupe Danone. But the partnership turned sour. Wahaha triumphed in a series of bitter lawsuits with Danone over control of the Wahaha name. Danone and Wahaha reached a settlement and dissolved their partnership.

For years, the beverage tycoon's success has come from his intuition and ability to think ahead, said Yang Shuyin, secretary general of Zhejiang Provincial Consultant Committee, a think tank for the development of the province's economy.

"For Wahaha, one step ahead means innovation and breakthrough," Yang said.

Zong's first crock of gold came from special nutritional milk for children, developed with a professor. It became an instant success.

When running water supplies were still unknown in many households across the country, Zong decided to sell bottled pure water.

"People thought I was crazy," he recalled. "Now, even construction workers and farmers can afford our bottled water."

He believes now is a good time to enter retail. "When others are not in great shape and we have the money, we can get in before them," he said. "When they are already here, your chances are gone."

wangzhuoqiong@chinadaily.com.cn

 

Reltated reading: The heir beginning to call the shots in dad's empire

 

More about Zong Qinghou

Zong Qinghou tops Hurun China Rich List

Rich defy economic slowdown

5 Chinese on Hurun Global Rich List

Rich list grows but getting up there on top is harder

China's richest see their wealth double

 

Previous Page 1 2 3 4 Next Page

Previous Page 1 2 3 4 Next Page