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Zhong Shanshan Beats Ali Baba To Emerge China’s Wealthiest Man

Zhong Shanshan, the founder of the popular Chinese bottled water brand Nongfu Spring, has emerged as China’s wealthiest person according to Bloomberg Billionaires Index, this new status quo means he overtaken Jack Ma founder of Ali Baba.

Zhong was already China’s third richest person after his company went public earlier this month with a blockbuster listing in Hong Kong. As of Wednesday the 23rd of September,2020 his estimated net worth had reached $58.7 billion, surpassing Jack Ma’s $56.7 billion, according to Bloomberg calculations.

This new status quo also puts him ahead or Pony Ma, founder of Tencent also know as TCEHY. Zhang is not a tech entrepreneur but rather a business man who has investment in Beijing Wantai Biological Pharmacy asides Nongfu Spring.

Zhong’s new status also puts him ahead of Pony Ma, who founded Tencent (TCEHY). Unlike Jack Ma and Pony Ma, Zhong is not a tech entrepreneur. Outside of his stake in Nongfu Spring, he is the head of a vaccine maker, Beijing Wantai Biological Pharmacy. That company went public in Shanghai this year, which also helped boost Zhong’s wealth.

Zhong is also known for being more low-profile and reclusive compared to other top business leaders, which has earned him the nickname “lone wolf.”He is now Asia’s second-richest person behind India’s Mukesh Ambani, the billionaire behind Reliance Industries and ranks 17th overall on its list of the world’s top 500 richest people.

Most of China’s new billionaires come from the tech industry. But rising tensions between China and the US over Huawei, TikTok and WeChat have pushed down valuations of Chinese tech stocks.

China’s food and grocery sector is now vying with its tech industry in producing the country’s richest business people.

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