A businessman who spun his wealth from bottled water and vaccines has usurped tech tycoon Jack Ma (馬雲) as China’s richest man, the Bloomberg Billionaires Index showed yesterday.
Nongfu Spring Co (農夫山泉) founder Zhong Shanshan’s (鍾睒睒) net worth has reached US$58.7 billion after a massive listing by the bottled water company in Hong Kong earlier this month.
This makes him US$2 billion richer than previous No. 1, Alibaba Group Holding Ltd (阿里巴巴) founder Jack Ma, the wealth index said.
Photo: AP
Nongfu, which claims to be No. 1 in China’s massive bottled water market, is ubiquitous across a country where most people shun tap water for health reasons.
The company raised nearly US$1.1 billion in its initial public offering.
Zhong is also the chairman of Beijing Wantai Biological Pharmacy Co (北京萬泰生物), a vaccine manufacturer that listed in China in April.
It is developing a COVID-19 vaccine nasal spray in conjunction with a prominent university.
Zhong, a 66-year-old former reporter from Zhejiang who state media says was also once a construction worker, is often referred to by Chinese media as a “lone wolf” for his rare public appearances and reluctance to be interviewed.
He founded Nongfu in 1996, just as China’s bottled water market began to take off.
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