China Has A New Richest Man

Zhong Shanshan, the founding father of the favored Chinese language bottled water model Nongfu Spring, has overtaken Alibaba (BABA) founder Jack Ma to turn out to be the nation’s wealthiest individual, in keeping with the Bloomberg Billionaires index.

Zhong was already China’s third richest individual after his firm went public earlier this month with a blockbuster itemizing in Hong Kong. As of Wednesday, his estimated internet value had reached $58.7 billion, surpassing Ma’s $56.7 billion, in keeping with Bloomberg calculations.

Zhong’s new standing additionally places him forward of Pony Ma, who based Tencent (TCEHY). In contrast to Jack Ma and Pony Ma, Zhong just isn’t a tech entrepreneur. Exterior of his stake in Nongfu Spring, he’s the pinnacle of a vaccine maker, Beijing Wantai Organic Pharmacy. That firm went public in Shanghai this 12 months, which additionally helped increase Zhong’s wealth.

“You’d have sometimes anticipated the primary in China to return from [technology],” stated Rupert Hoogewerf, chairman of wealth analysis agency Hurun Report.

Zhong can also be recognized for being extra low-profile and reclusive in comparison with different prime enterprise leaders, which has earned him the nickname “lone wolf.”

“He is not recognized to have many entrepreneur mates,” stated Hoogewerf, a longtime China watcher who is predicated in Shanghai. “He simply type of will get on along with his personal enterprise.”

However even previous to his newest success, Zhong’s observe file was spectacular.

“Zhong Shanshan is without doubt one of the few individuals in China to not simply construct one $10 billion enterprise, however two $10 billion companies,” stated Hoogewerf. “It is fairly outstanding.”

New breed of billionaires

Zhong’s ascent underscores the speedy tempo of wealth creation in China.

Earlier this 12 months, China was already house to a lot of the world’s billionaires, with greater than america and India mixed, in keeping with a worldwide wealthy listing compiled by the Hurun Report.

Based on Bloomberg calculations, Zhong’s estimated internet value was $20 billion final month — suggesting he has tripled his fortune in only a matter of weeks.

The increase is anticipated to proceed.

In latest months, a parade of initial public offerings has unfolded world wide, particularly in China.

Hong Kong is the world’s second hottest venue for inventory market listings to date this 12 months, behind solely the tech-heavy Nasdaq in New York, in keeping with information supplier Refinitiv.

Shanghai’s Star Market, a Nasdaq-style tech board launched final 12 months, has additionally seen an enormous swell in exercise these days. IPOs and secondary listings have raised a mixed $21.6 billion to date this 12 months, in keeping with Refinitiv.

And that is even earlier than the extensively anticipated mega-IPO of Ant Group, Alibaba’s monetary companies arm, which is anticipated to be one of the biggest listings in history. Ant is getting ready to hit the markets in each Shanghai and Hong Kong this 12 months, which may elevate as much as $30 billion.

The occasion may simply let Jack Ma reclaim his title because the nation’s richest man.

A report launched by Deloitte on Wednesday stated that “a number of different developments are set to maintain the prevailing pattern of listings within the Chinese language Mainland and Hong Kong over the remainder of this 12 months,” together with the approval of cross-listing guidelines and a new tech index in Hong Kong.

That may doubtless spawn much more billionaires in China, Hoogewerf predicts.

He estimates that about 100 new billionaires might be created in China this 12 months due to the IPO increase. That is “one each 4 days. Two per week,” he stated.

— Laura He contributed to this report.

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