[5] In 1992, Zong sought an initial public offering for Wahaha, but the Chinese stock market was not yet developed and few businesses qualified to be listed.

During this period it launched a sour plum drink, alcoholic beverages and pseudo-medicinal potions, but these would successively fail.

In 1995, Peregrine Investments Holdings introduced Zong to Danone, and discussions about the creation of a joint venture began.

The business had grown into 39 joint venture entities by 2007,[7] and the total injected capital amounts to US$131 million.

Danone has accused Zong of selling identical products using the Wahaha brand outside of the joint ventures, and demands a 51% stake in these.

[9] Its largest facility is located in Hangzhou's Xiasha Economic and Technological Development Zone, where one-third of the company's production occurs.

Wahaha is one of 3 brands which has few distribution gaps in rural China, with more than 2 million sales outlets across the country.

The distribution has given "Future Cola" a close third in national market share through its domination of rural China, its tertiary and secondary cities.

[10] The Hangzhou Wahah Group Co. Ltd. was 29.4% owned by Zong, 24.6% by the employees and management as represented by Zhejiang Wahaha Industries Joint-stock Co. ("ZHI") (浙江娃哈哈实业股份有限公司), and 46% by Shangcheng District Government.

[5] Zong's shares are controlled by British Virgin Islands registered Ever Maple Trading Ltd. (恒枫) through Hangzhou Hongsheng Beverage Co Ltd (杭州娃哈哈广盛投资公司).

[12] Whilst the group has many subsidiaries, both local and foreign registered, there are also a number of entities which were essentially private companies owned or controlled by Zong.

It was 65% owned by Zong, 10% by his wife, and 25% by Platinum Net Ltd.[14] The Hangzhou Wahaha Food and Beverage Sales Co. (杭州娃哈哈食品饮料营销有限公司) "WHHFBSC", registered on 19 December 2006, is an external company allegedly now the centre of a parallel distribution network.

Danone alleges that distributors were asked to set up new bank accounts for their deposit payments in the name of WHHFBSC to sell products from these factories.