Zong Qinghou, chairman of the Hangzhou Wahaha Group, China’s largest beverage company, said recently that he is fed up with internet rumors. During this year’s National People’s Congress, Zong complained that his company suffered a 5 billion yuan (US$797 million) decline in sales last year due to an internet rumor about Nutri-Express, a popular milk-based drink marketed by the company, China’s National Business Daily reported…Full Article: WantChinaTimes Mar 2015
- From 2013 to 2014, Wahaha’s reported revenue fell from CNY 78.3 billion (US$12.5 billion) to CNY 72 billion yuan (US$11.5 billion).
- Founded in 1987 in Zhejiang province, Wahaha (the sound of laughter in Chinese) is China’s largest beverage company. The company has over 150 subsidiaries in 29 provinces, with total assets of 30 billion yuan [US$4.83 billion] and 30,000 employees (as of early 2013). The company produces milk drinks, carbonated soft drinks, juice drinks, tea drinks, health-care foods, canned foods and bottled drinking water. Zong Qinghou is the founder, Chairman and CEO of the company.