KEY STAT | CEO of beverage company topples Alibaba and Tencent founders to become the richest man in China

Written by Julianna Wu Published on 

Zhong Shanshan, CEO of Nongfu Spring, beats his technology counterparts Jack Ma and Pony Ma on net worth.

Chinese entrepreneur Zhong Shanshan, the 66-year-old founder of Chinese beverage brand Nongfu Spring (HKEX: 9963), became the richest man in China after an enthusiastic market response to the public debut of the bottled drinks company he founded 24 years ago.

The company’s share surged 85.12% on Tuesday to HKD 39.8 (USD 5.14) from an IPO price of HKD 21.5, adding more than HKD 375.8 billion (USD 48.4 billion) to his personal wealth through the 84% of shares he owns.

This, together with the USD 9.4 billion worth of shares he controls at Beijing Wantai Biological Pharmacy Enterprise, boosted his wealth to USD 57.8 billion, higher than both Tencent founder Pony Ma’s USD 56 billion and Alibaba founder Jack Ma’s 51.3 billion dollars, both according to figures collated by Forbes.

More on this please read: KEY STAT | Jack Ma to donate 22% of his Ant Group stake to charity

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.


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