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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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