Mineral water mogul replaces Jack Ma as China’s richest person

Chinese mineral water mogul Zhong Shanshan has replaced Alibaba founder Jack Ma as the country’s richest person, according to the rich list from Hurun magazine.

The 66-year-old climbed to first place from third last year, the publication’s founder Richard Hoogewerf said Thursday in an online event hosted by China newsletter Supchina.

Zhong comes in ahead of the Alibaba founder Jack Ma and the head of the Chinese internet giant Tencent, Pony Ma.

The elevation of Nongfu Spring boss Zhong, who is relatively unknown even in China, is notable, Hoogewerf said.

Alongside his mineral water empire, Zhong has built up the pharmaceutical company Beijing Wantai Biological Pharmacy.

His wealth climbed as both firms went public this year. Hopes for the development of a coronavirus vaccine spurred on Wantai’s success.

Zhong’s wealth is estimated at more than 100 billion dollars, Hoogewerf said. His pharmaceutical firm is worth more than 10 billion dollars.

Hoogewerf said there are only a handful of enterpreneurs in the world who have managed to simultaneously gain success with two business projects of this kind. He pointed to Jack Ma and Tesla founder Elon Musk as rare examples.

“He is now the number one. He is bigger than Jack Ma or Pony Ma,” Hoogewerf said.

Nonfu Spring is based in the eastern Chinese city of Hangzhou, as is Alibaba, the world’s biggest online trading platform.

Alibaba and its boss have come under pressure since Jack Ma sharply criticized Chinese regulators in a speech last year.

At the beginning of November, Chinese authorities halted a planned initial public offering (IPO) of Alibaba’s financial subsidiary Ant Group.

Authorities are now seeking to restructure the firm and more tightly regulate it. The process saw Alibaba’s stock value fall, which brought down its founder’s wealth.

Shanghai-based Hurun magazine publishes its Chinese rich list every year.

Source: GNA