Inventory of Wahaha’s assets

　　Zong Qinghou’s death caused public grief and collective mourning among entrepreneurs. As a representative of a generation of Zhejiang businesspeople, Zong Qinghou built a business empire from scratch and is a model for the world to learn from.

　　(Source: Screenshot of the homepage of Wahaha’s official website)

　　According to the official data of Wahaha Group, Wahaha has 81 production bases and 187 subsidiaries in 29 provinces and autonomous regions across the country, and has nearly 30,000 employees. The scale and efficiency of the enterprise have been in the leading position in the industry for 20 consecutive years, ranking among the top 500 Chinese enterprises, the top 500 Chinese manufacturing enterprises, and the top 500 Chinese private enterprises.

　　Hangzhou Wahaha Group (hereinafter referred to as "Hangzhou Wahaha") Co., Ltd. is the core platform of Wahaha and the main body of the statistics of the industrial and commercial department. Zong Qinghou holds a 29.4% stake in this company. However, Zong Qinghou also designed a number of asset maps and has no direct equity affiliation with Hangzhou Wahaha.

　　Hangzhou Wahaha

　　The majority shareholder of Hangzhou Wahaha is Hangzhou Shangcheng District Wen Business Travel Investment Holding Group Co., Ltd. (referred to as "Shangcheng Wen Business Travel Holdings"), with a 46% shareholding. The company is successively controlled by the Shangcheng District Finance Bureau, the Shangcheng District State-owned Assets Supervision and Administration Commission, and the Shangcheng District State-owned Capital Operation Company. It is wholly state-owned in Hangzhou Shangcheng District.

　　Zong Qinghou himself holds a 29.4% stake in Hangzhou Wahaha, making him the second largest shareholder, while Wahaha Employee Stock Holding Association holds the remaining 24.6% stake.

　　From the perspective of equity ratio, Zong Qinghou’s shareholding ratio is far behind that of state-owned assets, but when added to the employee shareholding, it will exceed 51%, which is advantageous.

　　Hangzhou Wahaha is the core platform of Wahaha, founded in 1993, Qichacha data shows that there are 403 employees, and the operating income in 2022 is 51.20 billion yuan. The registered capital is 526 million yuan.

　　The revenue ranking disclosed by the industry and commerce department is also based on this company. From the perspective of the shareholding structure and historical context, Wahaha founded by Zong Qinghou was this company from the beginning. At that time, the government injected tens of thousands of yuan in capital, and the government also received a lot of benefits.

　　Hangzhou Wahaha has 16 foreign investment companies, 4 of which have been cancelled, and the shareholding is below 49%, including Hangzhou Wahaha Food Co., Ltd., Hangzhou Wahaha Beverage Co., Ltd., Hangzhou Wahaha Hongzhen Packaging Co., Ltd.

　　From the perspective of these holdings, Hangzhou Wahaha is the core platform, but its holdings only account for a part of the entire Wahaha territory.

　　Zhejiang wahaha industrial joint stock company

　　On December 29, 2023, 100,000 shares of "Wahaha" are being transferred by auction, or because Wahaha is not listed on the public market, the auction has attracted a lot of attention from the market. The 100,000 shares of "Wahaha Industrial" will be auctioned from 13:00 on December 28, with a starting price of 1.84 million yuan, a deposit of 368,000 yuan, and a price increase of 5,000 yuan. The transfer party of the shares is Zhejiang Feed Co., Ltd., which belongs to Wahaha Social Legal Person Shares. The final auction price reached 2.94 million yuan, equivalent to 29.40 yuan per share.

　　This "Wahaha" is a joint stock company of Zhejiang Wahaha Industrial Industry. It was established in 1993 and has a registered capital of 91.79 million shares, of which the promoter shareholders hold 43.0322%, the internal employees hold 31.4693%, and the social legal person shares hold 25.4985%.

　　Zhejiang Wahaha often pays dividends, with a dividend of 0.43 yuan per share in 2022 and 0.45 yuan per share in 2019.

　　Zhejiang Wahaha has 8 foreign investment companies, including Zhejiang Wahaha Drinking Water Co., Ltd., Hangzhou Wahaha Beverage Co., Ltd., Hangzhou Wahaha Food Co., Ltd.

　　Zhejiang Wahaha and Hangzhou Wahaha have no affiliation, but their shareholdings overlap.

　　In terms of equity, Zhejiang Wahaha has absorbed a lot of social forces. As early as the 1990s, Wahaha tried to go public, but failed.

　　Zong Qinghou directly holds shares

　　The above two categories account for only a small fraction of the 207 companies linked to Mr. Zong, according to Qichacha, and a large number of companies are directly and heavily owned by Mr. Zong and others.

　　For example, Zong Qinghou wholly owns Hangzhou Wahaha Hongzhen Investment Co., Ltd. Hongzhen Investment was established in 2007 with a registered capital of 180 million yuan and 27 foreign investment enterprises, and most of them are held by more than 51%, including Wahaha joint stock company, Hangzhou Wahaha Food Co., Ltd., Hangzhou Wahaha Health Food Co., Ltd., Hangzhou Wahaha Beverage Co., Ltd., Hangzhou Wahaha Hongzhen Packaging Co., Ltd., and Hongzhen Liquor Sales Co., Ltd., Maotai Town, Renhuai City, Guizhou Province. Occupies a core position in Wahaha’s asset map.

　　Zhejiang Qili Investment Co., Ltd., with a registered capital of 200 million yuan, Zong Qinghou holds 60% of the shares, and the remaining 40% is held by the trade union, holding the shares of 28 companies, including Tianjin Wahaha Food Co., Ltd., Nanjing Wahaha Beverage Co., Ltd., which are mostly dairy and beverage companies.

　　Zhejiang Zhenzong Investment Co., Ltd. also has a registered capital of 200 million yuan, Zong Qinghou holds 60% of the shares, and the remaining 40% is held by the trade union. It invests in 15 companies abroad, including Shenyang Wahaha Dairy Co., Ltd., Guizhou Hengfeng Beverage Co., Ltd.

　　Guangyuan Jinxin Investment Co., Ltd. and Hangzhou Wahaha Guangsheng Investment Co., Ltd. are also 60% owned by Zong Qinghou, investing in a number of Wahaha companies.

　　It can be seen that many of Wahaha’s core assets are directly held by Zong Qinghou.

　　Hongsheng Beverage Group

　　Hongsheng Beverage Group was established in 2003 and is headquartered in Hangzhou. In 2007, Zong Fuli returned from studying abroad and took over the company at the age of 25.

　　The majority shareholder of Hongsheng Beverage Group is Hengfeng Trading Co., Ltd. (referred to as "Hengfeng Trading"), holding 98% of the shares. Hengfeng Trading is a foreign-funded enterprise registered in the British Virgin Islands.

　　According to the data, there are 13 Hengfeng trade and investment enterprises, many of which have the words "Wahaha". Hongsheng Beverage Group has 37 foreign investment companies.

　　Hongsheng Beverage Group also has a strong connection with Wahaha Group. Hongsheng Beverage Group focuses on beverages, and also operates beverage upstream industry chain ingredient production, high-end equipment manufacturing, printing and packaging business, providing beverage production industry chain solutions.

　　At the end of 2022, the Zhejiang Business Manufacturing Top 100 list was released, and Hongsheng Beverage was listed with operating income 10.42 billion yuan and net profit 1.47 billion yuan.