At 75, Wahaha chairman qualifies as fund practitioner
Wahaha Chairman Zong Qinghou obtained his qualification certificate as a fund practitioner at the age of 75.
The official website of the Asset Management Association of China said Zong Qinghou, founder, chairman and CEO of the Hangzhou Wahaha Group, China's leading beverage company, got the certificate as a qualified fund practitioner on July 12, along with six other Wahaha employees.
As a billionaire businessman and one of the wealthiest people in China, Zong's story was a classic tale of rags to riches, which has stimulated important changes in the country's reform and opening-up. This time, the 75-year-old has again been acclaimed as an inspirational figure for his great diligence.
Zong won his accreditation through qualification recognition instead of the examination.
The AMAC has previously stipulated that qualified senior managers of private equity (including venture capital fund managers) may apply to the association as fund practitioners.
One of the qualifications is to have served as a senior executive of listed companies or large and medium-sized enterprises with paid-up capital of no less than 1 billion yuan (US$150 million), with at least 12 years' experience in the industry.
Zong and the six staff members were registered under the Zhejiang Wahaha Venture Capital Co Ltd as their institution, a company which formally completed the registration for fund managers on July 9.
Although it became a registered fund manager only a month ago, Wahaha Venture Capital is not a new company.
Founded on November 8, 2010 with a registered capital of 300 million yuan, its business at the time covered industrial investment, investment consulting service, and business management consulting service.
At the end of April this year, the company has changed its scope of business, adding private equity investment funds, venture capital funds, and other business.
Before the recent registration for fund manager, it had conducted indirect investments as a limited partner several times, including investing in the Hillhouse Capital Group, an Asia-focused private equity firm.
The company can now directly participate in the PE/VC business as a general partner.