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BEIJING (THE BUSINESS TIMES) – Zhong Shanshan is a private billionaire who is rarely quoted in the press.
Now, after an unlikely career spanning journalism, mushroom farming and healthcare, he has become the richest person in Asia, outshining India’s Mukesh Ambani and a group of Chinese tech titans, including Jack Ma. .
Zhong’s net worth has risen $ 70.9 billion ($ 93.8 billion) this year to $ 77.8 billion, making him the 11th richest person on the planet, according to the Bloomberg Billionaires Index. It’s one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year it was little known outside of China.
Mr. Zhong, 66, is not involved in politics and his business interests are not intertwined with other wealthy families such as property tycoons, which is why he is known locally as the “Lone Wolf.”
It owes its success to two unrelated fields. In April, Covid-19 vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co went public, and months later, Nongfu Spring Co, a bottled water maker, became one of the most popular listings in Hong Kong. Nongfu’s shares have risen 155% since its debut, and Wantai’s shares have risen more than 2,000%.
Ambani has had an extraordinary year too, closing deals to transform his Reliance Industries conglomerate into a tech and e-commerce titan, and saw his fortune rise from $ 18.3 billion to $ 76.9 billion.
While Ambani was at one time the fourth richest person in the world, his Trust’s stocks have stalled as he comes under pressure to deliver on the digital transformation he promised.
Meanwhile, Nongfu shares peaked this week after analysts at Citigroup said the company has solidified its dominance of the market and is enjoying ample cash flow. Zhong’s other company, Wantai, is among those developing a Covid-19 vaccine.
Zhong has also risen through the ranks as China’s tech companies have slumped under increased government scrutiny.
Jack Ma, the richest person in Asia before Ambani took office this year, is now worth $ 51.2 billion, up from a peak of $ 61.7 billion in October.
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