language

76-Year-Old Founder of China F&B Giant Wahaha Gets PE Fund Manager License
Liao Shumin | Xu Yu
DATE:  Aug 10 2021
/ SOURCE:  Yicai
76-Year-Old Founder of China F&B Giant Wahaha Gets PE Fund Manager License 76-Year-Old Founder of China F&B Giant Wahaha Gets PE Fund Manager License

(Yicai Global) Aug. 10 -- Wahaha looks set to enter the private equity business after the venture capital arm of China’s largest private food and beverage company completed the process for registering PE fund managers last month, including the group’s 76-year-old founder Zong Qinghou.

Zong secured his certification via the so-called qualification recognition route for candidates, and not by passing an exam, the Asset Management Association of China said this week. Such candidates qualify through long years of experience as senior managers at listed companies or firms with at least CNY1 billion (USD154 million) in paid-up capital, per the association’s rules.

The founders of Xiaomi Group, Sequoia Capital China and Zhen Fund -- Lei Jun, Shen Nanpeng and Xu Xiaoping, respectively -- also obtained their fund qualification certificates that way.

According to the rules, fund managers are required to issue products within half a year of registering. Zhejiang Wahaha Venture Capital is expected to begin managing private funds soon.

Zong’s achievement has impressed those working in the industry more than Wahaha Venture Capital’s. “You are never too old to learn,” was the general theme expressed among fund and investment managers who posted comments on their WeChat Moments.

Wahaha Venture Capital was set up in November 2010, with registered and paid-up capital of CNY300 million (USD46.3 million) each. Zong and his wife contributed 90 percent and 10 percent, respectively. The company has not yet filed any products.

Editor: Futura Costaglione

Follow Yicai Global on
Keywords:   Wahaha,Zong Qinghou