China’s bottled water king is now Asia’s richest

  • Zhong Shanshan, the chairman of bottled water manufacturer Nongfu Spring, is now the sixth richest man in the world!
  • Nongfu Spring stock has risen over 200% since IPO
  • Zhong Shahshan’s wealth likely to enter $100 billionaires club soon
  • Demand for bottled water in China to grow 5.7% annually: Reports

Nongfu Spring, the producer of bottled water, is based in Hangzhou city in China. The company’s $1.1 billion IPO in September last year in Hong Kong saw a stellar response. The stock has risen over 200% since it has entered the stock market.

Zhong is now richer than the former Asia’s richest Mukesh Ambani, the Chairman & MD of Reliance Industries Ltd. and than Warren Buffet, CEO of Berkshire Hathaway.

It is interesting to note that Nongfu shares jumped 18% in the first two trading days of 2021, taking the advance since their September listing to 200%.

Following is the list of the world’s 6 richest people as of today (Source: Bloomberg):

  1. Tesla’s CEO, Elon Musk ($195B)
  2. Amazon’s CEO, Jeff Bezos ($185B)
  3. Microsoft Co-founder, Bill Gates ($134B)
  4. LVMH Chairman, Bernard Arnault ($116B)
  5. Facebook’s Mark Zuckerberg ($102B)
  6. Nongfu Spring’s Chairman, Zhong Shanshan ($93.1B)

Chinese bottled water giant Nongfu Spring soars in Hong Kong debut

Zhong’s wealth surged $14.9 billion so far this year on top of a $7 billion rise last year. He is now close to entering the $100 billion club of individual net worth.

According to reports, per person consumption of bottled water in China rose from 41 litres in 2014 to 59 litres in 2019. However, China’s per capita consumption is just around one-fifth of that of the U.S. The industry is likely to grow annually by 5.7% according to reports.

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