Chinese beverage heiress sued in Hong Kong over assets dispute

HONG KONG – Ms Kelly Zong Fuli, the daughter of the late Chinese billionaire Zong Qinghou and current chairman of beverage giant Hangzhou Wahaha Group, is being sued in a Hong Kong court as part of an assets dispute. 

A lawsuit was filed against Ms Kelly Zong by Mr Jacky Zong, Ms Jessie Zong and Mr Jerry Zong, according to a Hong Kong court filing in late December. It couldn’t be established if the plaintiffs are related to the beverage heiress. 

The trio have sought an interlocutory injunction order against Ms Kelly Zong to prevent her from disposing of, dealing with or diminishing the value of the assets in an HSBC Holdings bank account under the name of Jian Hao Ventures, which is listed as the second defendant in the case.

The plaintiffs also asked her to inform them of the latest balance in the HSBC account, and provide a “a full account of the movements of assets, income and expenditure” going back to Feb 2 last year.

Around US$1.1 million (S$1.5 million) had been moved out of the HSBC account as of May, according to one of the legal filings. The Hong Kong court documents also referenced another lawsuit filed by the plaintiffs against Ms Kelly Zong in the Hangzhou Intermediate People’s Court.

Ms Kelly Zong, dubbed the “Princess of Wahaha,”

took charge of the privately owned beverage empire

her father founded after the tycoon died last year at the age of 79. 

She has had to navigate through shareholder disputes and declining sales amid a broader Chinese economic slowdown. The Hangzhou-headquartered group is one of China’s largest drink producers, known for its milk and yogurt beverages, soft drinks, bottled water, teas and fruit juices. 

Ms Jacky Zong and Ms Jessie Zong are listed as directors of several Wahaha subsidiaries, according to Chinese commerce database Qichacha.

Ms Kelly Zong and the plaintiffs’ law firm didn’t respond to requests for comment. BLOOMBERG