Udayavni Special

School dropout from China dethrones Mukesh Ambani as Asia’s richest person

Team Udayavani, Dec 31, 2020, 10:39 AM IST

New Delhi: Zhong Shanshan, vaccine magnate and founder of China’s largest bottled water company Nongfu Spring has replaced Reliance Industries (RIL) Chairman and Managing Director Mukesh Ambani to become Asia’s richest person.

The 66-year-old, also known as ‘Lone Wolf’ was barely known outside of China until this year. Having dropped out of primary school, during the chaos of the Great Proletarian Cultural Revolution in China, Zhong worked as a construction worker, a newspaper reporter, drugmaker and beverage sales agent before setting up his own business.

According to Bloomberg Billionaires Index, Zhong is currently the 11th richest person in the world after his net worth soared to $77.8 billion from $70.9 billion this year. It’s one of the fastest accumulations of wealth in history.

Zhong’s fortunes surged after he took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April 2020, then months later Nongfu Spring Co., a maker of bottled water, became one of Hong Kong’s hottest listings. Since being listed on the Hong Kong stock exchange, in September this year, Nongfu shares surged around 155 per cent

Nongfu Spring’s red-capped bottles are sold across China from small shops to high-end hotels. The company also sells teas, juices and flavoured vitamin drinks.

Ambani, 63, who earlier this year rose to the fourth spot on the Bloomberg Billionaire Index, is pushed to the 12th slot following a correction in the share prices of Reliance as he comes under pressure to deliver on the digital transformation he’s promised. Reliance share prices have dropped nearly 16 percent from its all-time high of Rs 2,369.35 after the announcement of its deal to buy retail and wholesale assets of Kishore Biyani-controlled Future group.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

FM Sitharaman’s FY22 Budget will be a conjurer’s illusion: Chidambaram

In 2020 India showed ability to meet all challenges, be it from coronavirus or at borders: PM Modi

Biometric security feature for WhatsApp Web to curb unauthorized access

Offline classes for class nine, first PU students to resume from Feb 1

No difference between Ullal and Pak, elect non-Muslim as MLA if you want to be safe: Prabhakar Bhat

Holding minor’s hands, unzipping pants not sexual assault: HC

SSLC 2020-21: Suresh Kumar releases timetable

Related Articles More

India’s gold demand down 35 pc to 446.4 tonne in 2020; rebound in 2021 likely

RBI issues framework for strengthening grievance redress mechanism in banks

IT min to launch ‘Work from Anywhere’ portal, Tejas virtual intelligence tool at NICSI event

FinMin releases Rs 12,351 cr to 18 states for RLB grant

Reliance Industries shares decline over 2 pc; Future Retail tanks 5 pc


Farmers’ protest – confusion, conflict, analysis

Mangaluru: DK dist admin permits Kambala from Jan 30

Farmers across Country back Centre’s Farm Bills

KAMIL RAZA | Incredible Portrait Paintings by Artist from udupi

Deralakatte Ayyappa temple robbery case: Two arrested

Latest Additions

Health benefits of lemon tea

Dylan McDermott to star with Christopher Meloni in ‘Law and Order: Organized Crime’

FM Sitharaman’s FY22 Budget will be a conjurer’s illusion: Chidambaram

India could be next big trade market for Australian exporters, says Trade Minister Dan Tehan

In 2020 India showed ability to meet all challenges, be it from coronavirus or at borders: PM Modi

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.