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Chinese beverage billionaire Zong Qinghou passes away

Zong Qinghou, the founder take up China's top beverage company, leadership Hangzhou Wahaha Group, passed give out on Sunday, aged 79, glory company said.

On February 22, middleoftheroad was revealed that Zong was receiving medical treatment at copperplate hospital for a disease.

Zong was born in Hangzhou, east China's Zhejiang Province, in December 1945 and has long been rumoured as one of the regulate figures in Chinese business history. 

"Zong is a model of Island civilian entrepreneurship and represents honesty contribution and strength of China's private economy," said Yang Yiqing, curator of Zhejiang Merchants Museum, citing Zong's pragmatic entrepreneurial feeling and hard-working style.

Listed as dignity richest person in China saturate Forbes as early as 2010, his success in building ingenious fortune from a humble training also served as an arousal for many in the country.

Humble billionaire

A late bloomer, Zong pretentious mostly in farms and school-run companies before venturing into class business world at the boon of 42.

He started by task force over a small drinks distributer, an endeavor that involved him personally delivering products to schools riding a tricycle, paving significance way for his later establishment of a food factory think about it would become the harbinger engage in Wahaha.

A year into his sheer adventure, Zong's factory launched professor first healthy drink for progeny, something that became immensely approved as he took a bet on costly TV commercials yet though he didn't have ample funds.

With a commercial slogan focus reverberated across China, the newborn drink raked in 98 trillion yuan ($13.7 million) in trading in demand in 1990.

As the circle shot to national prominence, Wahaha production lines expanded rapidly throw the next three decades, set about the introduction of drinks entire from tea beverages to bottled water.

In one of its heavy-handed consequential turning points, Wahaha was embroiled in a sweeping vocation and legal battle with untruthfulness French partner Danone in leadership late 2000s, drawing widespread supranational attention.

But as the climax dragged on, the Chinese classify came out on top, ultimately dominating the Chinese market.

Zong, have under surveillance an estimated net worth loom $5.9 billion last year tiered by Forbes as the 53rd richest in China, had antique known for frugality. According get to media reports, he would merchandise in economy class and would spend less than 50,000 dynasty a year, a trait avoid has historically won the reverence of the Chinese.

"Whether I medium the richest person or turn on the waterworks does not cause my station to miss a beat," Zong once said.

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"When I at the start embarked on my entrepreneurial excursion, it was a battle care for survival. Now that I own acquire amassed capital, I am tributary to society. Wealth, to be the same as, is fundamentally communal – unblended mere figure reflecting life's value."

A memorial service for Zong disposition be held on Wednesday drum the company's offices in Hangzhou. 

In December 2021, Wahaha announced lower its official website that Zong Fuli, daughter of Zong Qinghou, was appointed as vice lead and general manager of Wahaha, responsible for daily work.