Zhong Shanshan, founder of Nongfu Spring, became Asia’s richest man.
Zhong Shanshan, chairman of Chinese drinking water brand Nongfu Spring, became the richest man in New Asia with $77.8bn, according to Bloomberg’s Billionaires Index, overtaking Jack Ma and Mukesh Ambani, India’s richest man.
Nongfu Spring was founded in 1996. Its main product is bottled mineral water, and it also produces a variety of beverages.
The outbreak has prompted people to snap up basic supplies such as drinking water and zhong, who also owns a 75 percent stake in Wantai Biotech, a bio-reagent and vaccine development company, has seen its price rise.
“Lonwolf” Zhong created a bottled water empire in these standards
Nongfu Spring, a Chinese bottle-water maker, has seen its share price soar, thanks to founder Zhong Shanshan’s rising prices. His net worth surged to $77.8bn this year, according to Bloomberg Billionaires Index, making him Asia’s richest man and 11th in the world, surpassing tycoons such as India’s Ambani Wren and China’s Jack Ma.
The 66-year-old is known in The Chinese media as the “lone Wolf” for his lack of media interviews, his lack of political involvement and his business interests not linked to other wealthy families such as property tycoons.
Zhong, who has been in the news business, mushroom farming and healthcare, attributes his success to two major sectors; In April, Zhong called for a vaccine maker, Beijing Wantai Biopetry Co., LTD, to be listed in these standards. Separately, Nongfu Spring has become one of Hong Kong’s hottest initial public offerings. Nongfu Spring’s share price has risen 155 per cent since its listing, while Wangtai’s is up more than 2, 000 per cent. Zhong’s wealth increased by $70.9 billion this year, making it one of the fastest wealth builders in world history.
Ambani’s wealth surged $18.3 billion this year, to $76.9 billion, when he completed a deal to transform Reliance Industries into a technology and e-commerce giant.
‘Nongfu Spring has consolidated its market dominance and generated a lot of cash flow,’ citigroup analysts said recently. The news spurred the company’s share price to a new high this week.
His rise in the ranking comes as Chinese technology companies have been hit by increased government scrutiny. Mr. Ma, who briefly became Asia’s richest man this year, has seen his net worth shrink to $51.2 billion from a peak of $61.7 billion in October.
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