Summary of Key Points
This article explores a pattern through the cases of second-generation entrepreneurs such as Zong Fuli, Ding Jiamin, and Zhang Zilong: the way these individuals emerge (through lawsuits, video production, managing subsidiary brands, etc.) is not an accidental arrangement by the family; rather, it directly reflects the source of the company's profits during that particular era (the benefits of the times). As we move from an era of entrepreneurial entrepreneurship to one of capital expansion, and then to one of competitive market dynamics and digital presence, the roles of the second generation have evolved. Initially, their tasks involved dismantling the personal networks established by their parents and leveraging capital; later on, they became brand managers or creators of digital channels that connect with consumers on a more relatable level, each step reflecting changes in the company's overall strategy for survival.
Detailed Analysis
1. The Second Generation in the Entrepreneurial Era: Dismantling the Personal Networks Established by Their Parents
Wahaha is a prime example from this era, where success relied on sheer determination and unconventional methods (e.g., selling ice cream from a tricycle). Zong Qinghou built the company's foundation using a distribution system that required dealers to pay a deposit as a form of security. However, companies in this period often faced challenges such as strong individual leadership but poorly structured organizations based on personal relationships and unclear property rights.
After taking over, Zong Fuli’s main focus was not on sales but on reorganizing the company by replacing these personal ties with formal contractual agreements. The complexity arose from Wahaha’s shared ownership structure involving state-owned assets, employee stockholding groups, and the Zong family itself—no single party had ultimate control. Dealers were loyal to the brand “Wahaha” and, even more so, to the employees who had worked under Zong Qinghou. Her legal struggles (such as having her accounts frozen) were a direct result of these outdated organizational arrangements, a legacy from the era’s benefits derived from personal connections that needed to be addressed by the next generation.
2. The Capital Boom Era: The Second Generation as Capital Amplifiers and Trend Creators
During the capital boom, companies prioritized growth over quality, and valuation over profit. The second generation’s role shifted to generating more wealth or increasing brand recognition.
- Wang Sicong: Although not officially in charge of Wanda, he acted as a “living advertisement” for the company by investing in popular industries like esports and live streaming. Despite losses of up to 2 billion yuan from Panda Interactive Entertainment, his status as a well-known individual brought significant attention to Wanda.
- Zhang Kangyang: His purchase of Inter Milan was not just about football; it was an attempt to leverage the club’s equity to borrow 275 million euros at an annual interest rate of 12%. However, the debt grew to 395 million euros, and he lost control of the club due to financial issues.
The key terms for this generation were “traffic” (the ability to attract attention) and “leverage,” but these came with significant risks: mismanaged leverage could lead to failure, and overly hyped trends could quickly lose their appeal.
3. The Era of Competitive Market Dynamics: The Second Generation as Brand Managers
As the capital boom subsided, companies relied on a diversified brand portfolio and efficient organizational structures to sustain growth. The second generation was tasked with managing subsidiary brands, often starting from the grassroots level.
Anta is a classic example. Ding Shizhong’s son, Ding Shaoxiang, began his career in the factory and dropped out of university in the UK, later taking over Dsant. By 2025, Dsant’s annual revenue had exceeded 10 billion yuan. Another member of the family, Ding Sirong, started as a salesperson before managing Kelon and eventually transitioning to direct operations. Both had clear performance targets and reported to professional managers married into the family. The family relationships were transformed into formal organizational structures, with no special privileges for the second generation; they were expected to perform their roles professionally.
This “dull but stable” approach aligns well with the need to generate profits in a competitive market environment.
4. The Era of Digital Presence: The Second Generation Must Blend In
In today’s digital age, companies compete for visibility. The new role of the second generation is to create channels that engage consumers on a personal level, making them feel connected to the brand.
- Ding Jiamin (Xtep): Born in 1997, she became a content creator on REDnote, collaborating with celebrities like Fan Chengcheng. This continues Xtep’s tradition of leveraging influential partners (e.g., signing谢霆锋 as a brand ambassador). Using her status as a second-generation entrepreneur to attract attention is an advanced form of “star marketing.”
- Zhang Zilong (“Spicy Prince”): A post-2000s entrepreneur, he gained fame on TikTok with a video revealing that his family’s wealth had been hidden for 20 years. His approach was to present himself as an ordinary worker, appealing to viewers who identify with such relatable stories. While digital presence can increase brand awareness, it doesn’t necessarily lead to significant growth. For instance, the brand Solkan (managed by Ding Jiamin) generates only a few billion yuan in annual sales, compared to FILA’s 20 billion yuan.
Conclusion
The changing roles of the second generation reflect the evolving strategies of companies. From the boldness of the entrepreneurial era to the use of leverage during the capital boom, and then to professionalism in a competitive market, each generation faces unique challenges posed by the times. These changes are essentially tests of how companies adapt to their environment.