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China’s richest man: Bottled water billionaire

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China's largest bottled water company Nongfu Spring.

The rise of China’s richest man

A low-profile bottled water businessman, Zhong Shanshan now officially knocks Alibaba founder Jack Ma from his mantle of the richest man in China. Zhong also controls Beijing Wantai Biological Pharmacy, which went public at the Shanghai Stock Exchange in April 2020. This makes Mr Zhong the second-wealthiest person in Asia after Reliance Industries’ Mukesh Ambani. Moreover, Mr Zhong is now also the 17th richest man in the world.

At present, the individual wealth of Zhong Shanshan, who claims China’s biggest filtered water organization Nongfu Spring, has risen to $58.7 billion. This figure likewise puts him marginally in front of the notable tech business visionary Jack Ma, who has an estimated fortune of $56.7 billion.

Zhong Shanshan, founder of Nongfu Spring.

Aside from that, Nongfu Spring, which he chairs additionally recorded its shares in Hong Kong at the beginning of September 2020. Zhong’s new status likewise puts him ahead of Pony Ma, who founded Tencent (TCEHY). Notwithstanding, not at all like Jack Ma and Pony Ma, Zhong isn’t a tech entrepreneur. This could be because of the rising strains among China and the US over Huawei, TikTok and WeChat have pushed down valuations of Chinese tech stocks. Then again, China’s food and staple division is currently competing with its tech industry in delivering the nation’s richest businessmen.

The background of Zhong Shanshan

He was born in Hang-zhou. During the turbulent Cultural Revolution which occurred during the 1960s, he dropped out of elementary school. He later filled in as a construction worker, a newspaper columnist and a beverage sales agent before going into business.

He established Nongfu in 1996, in the Zhejiang region on China’s eastern coast. also, sales have increased drastically in light of the fact that the nation’s faucet water is commonly viewed as perilous for drinking. Nongfu has since extended to sell caffeinated drinks, espresso, yoghurt, and rice.

Zhong is additionally known for being all the more low-profile and withdrawn contrasted with other top business pioneers, which has earned him the moniker “lone wolf.”

Jack Ma, the second-wealthiest person in China and chairman of Alibaba Group Holding Ltd. Credit: Marlene Awaad/Bloomberg

The boom of millionaires in China

Prior to the commencement of economic reforms and trade liberalization almost 40 years back, China kept up policies that kept the country poor. Since opening up to foreign exchange and investment and implementing free-market policies in 1979, China has been among the world’s quickest developing economies. At present, China has become the world’s biggest economy (on a buying power equality premise), manufacturer, merchandise trader, and holder of foreign exchange reserves.

The mainland will be one of the top 10 economies for US dollar millionaires in 2020, Credit Suisse forecasts.

 

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Content Source:

  1. Zhong Shanshan: China’s new richest person is bottled water tycoon and vaccine investor
  2. China’s Economic Rise: History, Trends, Challenges, and Implications for the United States
  3. #1063 Zhong Shanshan
  4. Move over Jack Ma. China’s new richest man is a bottled water billionaire
  5. China’s new richest person is a bottled water tycoon

Prepared by: Chun Wai

 

 

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