Since February 1, Nongfu’s share price has dropped nearly 20%, while PDD's has risen by about 6%, thanks to its affordable products and aggressive marketing strategies.
China’s richest man Zhong Shanshan is at risk of losing his top position after nearly three years. The chairman of Hangzhou-based Nongfu Spring Co. has seen his wealth decline the most among global billionaires this year, facing mounting competition and public relations issues for his bottled water company.
According to the Bloomberg Billionaires Index, Zhong has lost $13 billion (Rs 108000 crore) in 2024, leaving him with a fortune of $54.8 billion as of Monday. This places him just ahead of Colin Huang, the founder of the online shopping platform PDD Holdings Inc., whose wealth stands at $47.3 billion.
Nongfu Spring, listed in Hong Kong, is experiencing a price war in the bottled water market and facing challenges from a more nationalistic and health-conscious Chinese consumer base. Since February 1, Nongfu’s share price has dropped nearly 20%, while PDD's has risen by about 6%, thanks to its affordable products and aggressive marketing strategies.
Zhong Shanshan was born in Hangzhou, Zhejiang Province, in October 1954, and began his career as a journalist. Shanshan had once worked as a construction worker. He even dropped out of elementary school during China's chaotic cultural revolution. He first gained significant recognition by founding Shenzhen Hepalink Pharmaceutical Co., specialiing in anticoagulant drugs derived from pig intestines. This venture laid the foundation for his future successes.
Zhong's most notable achievement came with the establishment of Nongfu Spring in 1996. Under his leadership, the company quickly became one of China's leading beverage brands, known for its high-quality products. Through innovative marketing strategies and keen business insights, Zhong propelled Nongfu Spring to the forefront of the industry. The company's product line expanded to include bottled water, fruit juices, and tea, making it a household name across the country.
A pivotal moment in Zhong's career occurred in 2020 when Nongfu Spring went public on the Hong Kong Stock Exchange in September. The initial public offering (IPO) significantly boosted Zhong's net worth, which was estimated at $17 billion at the time. This marked the beginning of his remarkable financial ascent, solidifying his status as one of the wealthiest individuals globally.
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 "China’s richest man Zhong Shanshan")
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