Friday, September 25, 2020

Move over Jack Ma. China's new richest man is a bottled water billionaire

Zhong Shanshan delivering a speech at a press conference in Beijing in 2013.

By Michelle Toh, CNN Business

Hong Kong (CNN Business) - Meet China's new richest man.

Zhong Shanshan, the founder of the popular Chinese bottled water brand Nongfu Spring, has overtaken Alibaba (BABA) founder Jack Ma to become the country's wealthiest person, according to the Bloomberg Billionaires index.

Zhong was already China's third richest person after his company went public earlier this month with a blockbuster listing in Hong Kong. As of Wednesday, his estimated net worth had reached $58.7 billion, surpassing Ma's $56.7 billion, according to Bloomberg calculations.  Read more >>