Chairman of Zhongsheng Water Company Reclaims Top Spot as China's Richest Tycoon by Unexpected Turn(?)

Forbes: Chairman's Wealth at $64.4 Billion, No.1 in China, No.17 Globally
Shares Held by Ma Yun and Ma Huateng Plummet Due to Chinese Government's Antitrust Regulations

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Zhong Shanshan, founder of Chinese bottled water company Nongfu Spring, has surpassed Alibaba founder Ma Yun and Tencent founder Ma Huateng to reclaim the title of China's richest person.

As the Chinese government pushes forward with antitrust regulations on online companies, the stock prices of Chinese internet platform companies such as Alibaba and Tencent have fallen, allowing Zhong to rise to the top spot.

According to Forbes' real-time global billionaire list on the 18th (Korean time), Zhong's fortune is valued at $64.4 billion (approximately 71.2 trillion KRW), ranking first in China and 17th worldwide.

The fortunes of China's second and third richest, Ma Yun, former chairman of Alibaba, and Ma Huateng, chairman of Tencent, were estimated at $60.8 billion and $57 billion respectively.

Zhong reclaimed the top position because while the stock prices of major Chinese internet companies like Alibaba and Tencent sharply declined due to announcements of antitrust regulations, Nongfu Spring's stock price surged.

As of the 17th, Nongfu Spring's stock, in which Zhong holds a 75% stake, closed at HKD 44.2 on the Hong Kong Stock Exchange, up 7.28% from the previous trading day, marking an all-time high. On the 16th, Nongfu Spring's stock had also surged more than 20%.

Zhong, who was relatively less known in China, quickly rose to become the country's richest person following Nongfu Spring's listing in September.

In China's securities circles, it was widely believed that if Ant Group, Alibaba's fintech affiliate, had proceeded with its record-breaking initial public offering (IPO) as planned, Ma Yun would have solidified his overwhelming position as China's richest person.

It is known that Forbes' valuation of Ma Yun's fortune does not yet include his stake in the unlisted Ant Group.

Alibaba's stock price plummeted each time the IPO of its subsidiary Ant Group failed and when the Chinese government announced its antitrust regulatory plans.

On November 11, during the 'Guanggunjie (11.11 Shopping Festival)', Alibaba's stock price fell nearly 10%, reducing its market capitalization by more than 70 trillion KRW.

As of late October, Forbes' recently published official ranking of Chinese billionaires listed Ma Yun's fortune at $65.6 billion, but in less than a month, his estimated net worth dropped by about $1.2 billion (approximately 1.3 trillion KRW).