Chairman of Bottled Water Company Becomes China's Richest, Surpassing Ma Yun

Jungsan San Nongpusanchuan Chairman, Net Assets $58.7 Billion... $100 Million More Than Ma Yun
Chinese Companies' IPO Parade Expected to Increase Further

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Zhong Shanshan, chairman of China’s Nongfu Spring, has surpassed Tencent founder Ma Huateng and Alibaba founder Ma Yun to become the richest person in China.

Hong Kong CNN cited the Bloomberg Billionaires Index and reported on the 25th that Chairman Zhong ranked first among Chinese billionaires and 17th worldwide. As of the closing price on the 23rd, Zhong’s net worth was $58.7 billion (KRW 68.7788 trillion), $100 million more than Chairman Ma Yun.

Unlike Tencent’s Ma or Alibaba’s Ma, Hong Kong CNN added that Chairman Zhong is not a technology company executive.

In the securities industry, it was expected that the top spot among Chinese billionaires would be held by a CEO of a technology company, but in reality, the richest person is the CEO of a bottled water company.

Known by the nickname “Lonely Wolf,” Chairman Zhong is one of the few individuals in China operating two businesses each worth over $10 billion.

Jungsan San, Chairman (Photo by Nongpuspring website capture)

In addition to his stake in Nongfu Spring, Chairman Zhong owns 75% of the pharmaceutical company Beijing Wantai Biological Pharmacy Enterprise. This company is listed on the Shanghai Stock Exchange, and the increase in its stock value has raised his total assets by $20 billion.

Hong Kong CNN reported that Zhong’s estimated net worth last month was $20 billion, but it nearly tripled in just a few weeks.

Hong Kong CNN also reported that the number of initial public offerings (IPOs) by Chinese companies is expected to increase further.

According to data provider Refinitiv, Hong Kong is the second most popular market after New York’s Nasdaq.

The Shanghai STAR Market, launched last year, has also been actively operating recently. Since the beginning of this year, the Shanghai STAR Market has raised a total of $21.6 billion through IPOs and secondary listings.

Alibaba’s financial services arm, ANT Group, is also preparing to raise $30 billion this year in the Shanghai and Hong Kong markets.