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BEIJING (BLOOMBERG) – A bottled water and vaccine mogul has become China’s richest person on a day also marked by massive losses among the global tech elite.
Zhong Shanshan’s net worth reached $ 58.7 billion (Singapore $ 80.62 billion) on Wednesday (Sept. 23), $ 2 billion more than Jack Ma’s, according to the Bloomberg Billionaires Index.
Zhong is now the second richest person in Asia, behind Mukesh Ambani from India, and he is the 17th richest person overall, ahead of Charles Koch and Phil Knight.
Nicknamed the “Lone Wolf” for his avoidance of politics and club business groups, Zhong’s fortune has risen by nearly $ 52 billion in 2020, more than anyone else in the world except Amazon.com Inc.’s Jeff Bezos and Elon. Musk from Tesla Inc.
Both suffered sharp declines on Wednesday as tech stocks faltered and Tesla plunged after its “Battery Day” event fell short of expectations.
Musk’s fortune was reduced by nearly $ 10 billion.
The initial public offering of bottled water company Nongfu Spring Co, which turned out to be Hong Kong’s most popular among retail investors, boosted Zhong to the three richest in China earlier this month.
That came after the April listing of vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co raised its net worth to $ 20 billion in early August.
Zhong now leads a wealth ranking in China that is generally dominated by people who made their fortunes from tech companies.
While Zhong has surpassed Ma as China’s richest, the tech mogul could soon regain top spot, which he held for most of the past six years after Alibaba went public. US Ant Group’s IPO next month is poised to boost its fortune, with its stake valued at $ 28 billion if the company achieves the $ 250 billion valuation that people familiar with the matter have said it targets.
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