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The richest particular person is China is a bottled water tycoon, knocking Alibaba founder Jack Ma from his mantle.
Zhong Shanshan based Nongfu Spring in 1996 within the Zhejiang province on China’s Jap coast.
The Bloomberg Billionaires Index now places Mr Shanshan in high spot with wealth of $58.7bn (£46.2bn).
The current inventory market itemizing of his bottled water agency and a controlling stake in a vaccine maker have helped enhance his fortunes.
Nicknamed the “Lone Wolf”, Mr Zhong is now Asia’s second-richest particular person behind India’s Mukesh Ambani, the billionaire behind Reliance Industries.
Mr Zhong now ranks 17th general on its listing of the world’s high 500 richest individuals.
Most of China’s new billionaires come from the tech business. However rising tensions between China and the US over Huawei, TikTok and WeChat have pushed down valuations of Chinese language tech shares.
China’s meals and grocery sector is now vying with its tech business in producing the nation’s richest enterprise individuals.
In April, Mr Zhong’s Beijing Wantai Organic Pharmacy Enterprise listed on the Chinese language inventory market. His controlling stake within the agency noticed his general wealth bounce as a lot as $20bn by August.
The pharma firm says it has partnered with two universities to develop a candidate vaccine to struggle Covid-19.
Crimson caps
Nongfu Spring shares jumped 54% on the primary day of buying and selling earlier this month after they have been listed on the Hong Kong inventory trade.
Nongfu Spring’s red-capped bottles are bought nationwide from small shops to high-end inns. The corporate additionally sells teas, flavoured vitamin drinks and juices.
The profitable inventory market itemizing propelled Mr Zhong into China’s high three richest individuals alongside Alibaba’s Mr Ma and Tencent boss Pony Ma.
However this week’s downturn for tech shares noticed the Chinese language tycoon transfer up the wealth rankings.
Mr Zhong might not keep forward of Mr Ma, who has held the highest spot for the previous six years, for lengthy.
Alibaba-backed Ant Group is because of listing on Chinese language and Hong Kong inventory exchanges subsequent month, which can enhance the tech boss’s wealth even additional.
The net funds agency might web Mr Ma an estimated $28bn if the corporate achieves the $250bn valuation it has been concentrating on.
