Core Viewpoint - The ongoing family dispute surrounding Wahaha and the $2.1 billion offshore family trust remains a focal point, with significant uncertainty regarding its establishment and legal validity as the court hearing approaches on August 1, 2025 [1]. Group 1: Trust Establishment and Validity - There is currently no evidence indicating that Zong Qinghou established a legally effective family trust in Hong Kong, as key documents such as trust agreements and asset transfer records are absent [3]. - Oral trusts can theoretically be established in Hong Kong but are rarely used due to high legal risks and insufficient evidence; written trusts are the standard, especially for real estate and family wealth [4][5]. - If Zong Qinghou's children can provide clear evidence of his intent to establish a trust, they may attempt to claim a constructive trust in court, which will be a key observation point [6]. Group 2: Testamentary Trusts vs. Living Trusts - Discussions also revolve around whether a testamentary trust could be established through a will, which requires the will to be valid and effective [9]. - A living trust, if validly established, means that assets transferred to it before the grantor's death do not belong to the estate, making any will provisions regarding those assets ineffective [10]. - The ongoing litigation in Hong Kong may be related to the inheritance case in Hangzhou, as the original plaintiff seeks asset preservation in the context of potential trust claims [10]. Group 3: Role of Jian Hao Ventures Limited - Jian Hao Ventures Limited, registered in the British Virgin Islands and linked to Zong Qinghou's daughter, may serve as a special purpose vehicle (SPV) for the family trust, although its exact relationship with the trust remains unclear [12]. - The company appears to function more as a personal asset platform rather than being controlled by a trust, raising questions about governance and accountability within the trust structure [13]. - The absence of a robust governance mechanism could lead to risks regarding the independence and transparency of the trust, which is critical in legal assessments [13]. Group 4: Legal Applicability Issues - The legal applicability of the offshore family trust is crucial, as courts in different jurisdictions may not necessarily apply the laws of the offshore location where the trust was established [16]. - If the family trust exists, it may be structured as a Foreign Grantor Trust (FGT), which allows the grantor to retain significant control over the trust assets, complicating legal interpretations [16]. - The classification of trusts under U.S. tax law may not hold the same significance in other jurisdictions, emphasizing the need for clarity in legal frameworks across different regions [16].