China’s richest man, Zhong Shanshan is worth $77.5 billion, fortune earned from sale of bottled water – Nairametrics
Zhong Shanshan is officially the richest man in China, according to Bloomberg’s Billionaires index. A few months ago, the entrepreneur behind Nongfu Spring mineral water and Wantai Biological Pharmacy Enterprise in Shanghai exceeded Alibaba’s Jack Ma ($38.7 billion) in fortune.
Shanshan’s net worth has now reached $77.5 billion. He can buy 43.4 million troy ounces of gold or 1.05 billion barrels of crude oil with his net worth
The Chinese bottled water billionaire made huge strides over the years. According to experts, Shanshan’s fortune has grown due to the following factors:
- Covid-19 test kits were in high demand, which benefited his pharmaceutical company.
- In the past year, the shares of Nongfu Spring and Wantai Biological Pharmacy have been listed on the stock market.
China-based Nongfu Spring is the source of most of the Chinese-born billionaire’s fortune, which comes from his 84% stake. This Hong Kong-listed company went public on September 20, 2020. Hangzhou Youfu and Yangshengtang are investment vehicles owned by Zhong, according to the company’s 2020 annual report.
Nongfu Spring’s valuation was revised when it became publicly traded on September 8, 2020. The result was an increase in net worth calculation of $32 billion.
A hepatitis test kit maker in China, Beijing Wantai Pharmacy Enterprise, is also owned by Zhong. In the company’s 2021 semi-annual report, he owned the stake both directly and through Yangshengtang.
Hangzhou, a city in eastern China, was the birthplace of Zhong. The Paper reports that he failed his college entrance exams twice before enrolling at the Open University of China in the late 1970s.
In the 1980s, Zhong became a reporter. An island province in southern China, Hainan, is where he set up a bottled water distributor business after a five-year stint in journalism.
Historically, most bottled water in China were distilled, despite science urging that this isn’t healthy. He instead emphasized natural water’s benefits, which further boosted its product’s upside.
