China’s Bottled Water King Zhong Shanshan Pips Mukesh Ambani To Emerge Asia’s Richest Person

Zhong Shanshan took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April, then months later Nongfu Spring Co., a maker of bottled water, became one of Hong Kong’s hottest listings.

Zhong Shanshan, a private billionaire and not-so-popular businessman who’s rarely quoted in the press emerge as Asia’s richest person toppling India’s Mukesh Ambani and a group of Chinese tech titans including Jack Ma. As per the Bloomberg Billionaires Index, Zhong’s net worth has surged $70.9 billion this year to $77.8 billion, making him the 11th-richest person on the planet.

Who is Zhong Shanshan?

Hangzhou-born Zhong has dropped out of elementary school during China's chaotic Cultural Revolution. Later he picked up a job of construction worker, then joined as a newspaper reporter and also worked as beverage sales agent before starting his own business.

Zhong’s case has come to be known as one of the fastest accumulations of wealth in history besides that the selfmade entrepreneur is little popuar outside of China.

Moreover, the 66-year-old business leader isn’t involved in politics and neither his business interests are entwined with other rich families such as the property tycoons. Also refereed to as the “Lone Wolf" because of the same reason.

He owes his success to two unrelated fields. He took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April, then months later Nongfu Spring Co., a maker of bottled water, became one of Hong Kong’s hottest listings. Nongfu shares have jumped 155% since their debut, and Wantai’s are up more than 2000%.

How did he overtake Ambani?

Ambani also struck several deals in 2020 with a view to transform his conglomerate Reliance Industries Ltd into a technology and e-commerce giant which witnessed his fortune surging $18.3 billion to $76.9 billion.

Even as Ambani remained at one point the world’s fourth-richest person, shares of his Reliance seen a downside as he came under pressure to deliver on the digital transformation he’s promised.

Meanwhile, Nongfu stock hit a peak this week after Citigroup Inc. analysts said the company has solidified its market dominance and enjoys ample cash flow. Zhong’s other company, Wantai, is among those developing a Covid-19 vaccine.

Zhong has also climbed the ranks as China’s tech companies have tumbled among increased government scrutiny. Jack Ma, Asia’s richest person before Ambani took over this year, is now worth $51.2 billion, down from a high of $61.7 billion in October.