Wahaha confirms Zong Fuli's resignation as chairwoman

China's leading beverage producer, Wahaha Group, confirmed on Oct 10 that Zong Fuli resigned on Sept 12 from her positions as the company's legal representative, director, and chairwoman.

The group said the relevant resolutions were approved by both its shareholders and board of directors.

The leadership change comes more than a year after the passing of Wahaha's founder, Zong Qinghou, on Feb 25, 2024. His stake in the company had remained unchanged for more than half a year before his daughter, Zong Fuli, took full control of the group on Aug 31 of last year.

According to public registration data, Wahaha's ownership structure has now formed a tripartite balance. State-owned Hangzhou Shangchen Investment Holding Group Co Ltd holds a 46 percent stake, while Zong Fuli retains the 29.4 percent she inherited from her late father. The company's labor union, representing employee shareholders, controls the remaining 24.6 percent.

The Hangzhou, Zhejiang province-based Wahaha, founded in 1987, has long been one of China's most recognizable homegrown beverage brands.