Credit: CFP
AsianFin -- Kelly Zong, the only publicly recognized daughter of the late Chinese beverage tycoon Zong Qinghou, is facing a legal challenge over a US$2 billion inheritance from three individuals claiming to be her half-siblings.
The trio—Jacky, Jessie, and Jerry Zong—filed a lawsuit in a Hangzhou court and are seeking an injunction to block Kelly from accessing or managing assets held in an HSBC account in Hong Kong, according to Bloomberg. The account reportedly contained approximately $1.8 billion as of early 2024.
Zong Qinghou, who died last year at age 79, founded Hangzhou Wahaha Group in 1987 and built it into one of China's largest beverage empires, famous for its bottled water, teas, and dairy-based drinks. Once ranked as China’s richest man, he left behind a fortune estimated at $3.3 billion, according to the Bloomberg Billionaires Index.
Kelly Zong, 43, has long been considered his sole heir and has held executive positions at Wahaha for more than two decades. She was named vice chair and general manager in 2021. Often referred to in local media as the “Princess of Wahaha,” she also runs her own beverage venture, KellyOne, under the Hongsheng Group, which she has led since 2007.
The plaintiffs allege that Zong Qinghou instructed his aides to set up three trusts—each worth $700 million—in their names at HSBC. When initial funds were insufficient, they claim he ordered currency conversions from yuan to U.S. dollars to ensure the trusts were adequately funded.
They are asking the court to compel Kelly to honor what they describe as their late father’s wishes, to pay accrued interest, and to compensate them for damages related to the asset transfer.
Kelly’s legal team has disputed the claims, arguing there is no evidence that these instructions were ever communicated to her. She also denies knowledge of the currency source used to fund the trusts.
A judge is currently reviewing the case, with a ruling expected in about two months.
The lawsuit comes at a time when Kelly is navigating a more competitive and challenging market. Wahaha faces mounting pressure from rivals including Nongfu Spring and new entrants in the bubble tea and ready-to-drink coffee segments.
A U.S. graduate of Pepperdine University, Kelly has sought to modernize Wahaha’s brand image, focusing on marketing to younger consumers through celebrity endorsements, TV product placements, and social media influencer campaigns.
Despite the legal uncertainty, the Zong family remains one of China’s wealthiest business dynasties—and the outcome of the case could reshape the future control of one of the country's most iconic private companies.
