China’s Bottled Water Magnate Gains $5 Billion In One Day, Turns into World’s Sixth Richest Person

(Describe by Jiang Xin/VCG through Getty Photos)

VCG through Getty Photos

China’s newly crowned richest person has added one more $5.4 billion to his fortune. Zhong Shanshan, the chairman of bottled water company Nongfu Spring, is now the arena’s sixth richest person, with a $92.1 billion accumulate price thanks to a stratospheric rise in his company’s share price. The Hong Kong listed agency went public last September; its inventory has tripled in price over the previous 4 months. Shares were up 6.5% on Tuesday by myself. 

In step with its offering prospectus, Zhong owns a wide 84.4% of the company; he and his better half’s relatives accept as true with an additional 6.2% combined, and 63 different traders, essentially recent and outmoded workers and consultants, accept as true with a collective 6%. Even if the company describes itself as having a 14% public float, essentially the final public owns one thing closer to actual 3.5%. The prospectus states that “Generally, no longer no longer up to 25% of the issuer’s total issued share capital have to at all occasions be held by the final public.” The company says it purchased a waiver from that requirement earlier than itemizing.

Zhong also overtook Mukesh Ambani of India to change into the richest person in Asia last month. Ambani, price $76 billion, now ranks No. 10 on Forbes right time ranking of the arena’s billionaires.

A rags to riches fable, Zhong reportedly dropped out of classic faculty for the length of China's Cultural Revolution and as soon as worked as a construction employee, a newspaper reporter and a beverage sales agent. He device up the predecessor company to Nongfu in his native Hangzhou in 1996. The company, known for its bottled water, also sells different packaged drinks like tea and juices. 

Zhong also owns a controlling stake in Beijing Wantai Natural Pharmacy Endeavor, which produces check kits for infectious ailments, including Covid-19. The company went public on the Shanghai Stock Commerce in April 2020; its shares accept as true with risen a wide 2500% since the IPO. 

In a single more stamp of a frothy market, Colin Zheng Huang, the founding father of Chinese online discounter Pinduoduo, received $7.2 billion on Tuesday. The outmoded Google engineer listed his company on the Nasdaq in July 2018. Its shares shot up by more than 12% on Tuesday, giving Huang a accumulate price of $66 billion. He's now the 2d richest person in China — earlier than Alibaba cofounder Jack Ma — and the No. 18 richest worldwide.

As the arena’s sixth richest person, Zhong is now leisurely easiest Amazon’s Jeff Bezos, Tesla’s Elon Musk, LVMH’s Bernard Arnault, Microsoft’s Invoice Gates and Fb’s Mark Zuckerberg. He's earlier than different American titans including Oracle’s Larry Ellison, Berkshire Hathaway’s Warren Buffett and Google’s Larry Web page.

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