China’s first-wave tycoons are retiring. Are their kids ready to step up?

When Zong Qinghou, once the richest person in China, passed away at 79, his daughter Kelly Zong Fuli inherited his fortune but faced a fierce battle to take control of Hangzhou Wahaha Group. Challenges from within the company led to a publicized struggle, highlighting the succession crisis looming over many of China’s family-owned businesses as the first generation of entrepreneurs age and their children must step up to lead. Over three-quarters of family-owned companies in China reported succession issues between 2017 and 2022, with many of the country’s top entrepreneurs on the New Fortune 500 Rich List being older individuals.

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