Wahaha founder gets OK to manage funds

Zong Qinghou, founder of the beverage maker Hangzhou Wahaha Group, obtained a qualification certificate to manage funds in July, according to the Asset Management Association of China.

Zong, who was born in 1945, serves as the legal representative of the company's arm for venture capital investment, according to Tianyancha, a business information provider.

On July 9, Zhejiang Wahaha Venture Capital Co Ltd completed the registration for fund managers, which means the company can also manage private equity. According to regulations, fund managers need to issue products within half a year after registration, The Paper reported.

Wahaha Venture Capital was established on Nov 8, 2010, with a registered capital of 300 million yuan ($46.28 million). Its business includes private equity investment funds and venture capital funds.

Hangzhou Wahaha Hongzhen Investment Co Ltd, a company wholly owned by Zong, holds 90 percent of the shares of Wahaha Venture Capital, and another 10 percent are held by Zong's wife Shi Youzhen, according to Tianyancha.