Zhong Shanshan
Zhong Shanshan (born 1954) is a Chinese entrepreneur, best known as the founder and chairperson of Nongfu Spring, a leading bottled water company, and the majority shareholder of Beijing Wantai Biological Pharmacy Enterprise. His wealth primarily stems from his stake in these two companies, making him one of the richest individuals in China and Asia.
Early Life and Education
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| Born | 1954 (age 69–70) Hangzhou, China |
| Occupations |
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| Known for | Founder of Nongfu Spring Majority owner of Beijing Wantai Biological Pharmacy Enterprise |
| Children | 3 |
Zhong was born in Hangzhou, Zhejiang Province, China, in 1954. His early life was marked by hardship during the Cultural Revolution, leading him to drop out of school. Without formal education, he worked in construction before transitioning into journalism, working as a reporter for Zhejiang Daily. In 1988, he left his journalism career to explore business opportunities, moving to Hainan Island, where he sold mushrooms, prawns, and turtles.
His entrepreneurial spirit emerged from these humble beginnings, eventually leading him into the beverage and pharmaceutical industries.
Career
Nongfu Spring
In 1996, Zhong founded Nongfu Spring in Hangzhou as a bottled water company. The brand gained national prominence in 1999 when Zhong decided to stop removing natural minerals from the water during the purification process, marketing it as a healthier alternative to distilled water, which was the industry norm at the time.
This strategic move led to rapid growth, and by 2012, Nongfu Spring became the top bottled water brand in China. The company further expanded its product range to include fruit juices, teas, and vitamin drinks, maintaining its dominance as China’s top packaged beverage seller for eight consecutive years.
In September 2020, Nongfu Spring went public on the Hong Kong Stock Exchange, with its IPO raising significant capital and skyrocketing Zhong's net worth from $18.9 billion to over $50 billion.
Beijing Wantai Biological Pharmacy
Zhong also owns a majority stake in Beijing Wantai Biological Pharmacy, a pharmaceutical company specializing in diagnostics and vaccines. The company gained prominence during the COVID-19 pandemic, especially after launching a nasal spray vaccine candidate.
Wantai went public in April 2020, further contributing to Zhong’s rise in wealth and influence.
Net Worth and Wealth
Zhong’s wealth surged dramatically following the IPOs of both Nongfu Spring and Beijing Wantai Biological Pharmacy. As of 2022, his net worth was estimated at $62.3 billion, making him the wealthiest person in China and among the top billionaires globally.
His wealth is largely concentrated in his 84.4% stake in Nongfu Spring and 75% stake in Wantai. However, market fluctuations have occasionally caused his rankings to shift.
Controversies
In 2024, Zhong faced criticism from Chinese nationalists, who accused him of lacking patriotism. The backlash stemmed from two main points:
- Allegations that he disrespected a patriotic deceased business rival.
- His son’s reported U.S. citizenship, which sparked nationalist anger in China.
Despite the controversies, Zhong has largely maintained a low public profile and refrained from direct engagement in public political discourse.
Personal Life
Zhong is known for his reclusive lifestyle and minimal public appearances, earning him the nickname “lone wolf” in Chinese media. He resides in the Xihu District, Hangzhou, close to the famous West Lake, where Nongfu Spring’s headquarters are also located.
He is married to Lu Xiaoping, and the couple has three children. Despite his significant wealth, Zhong has remained relatively private about his personal life.
Awards and Recognition
- 2021: Ranked the richest person in Asia (briefly) before being overtaken by Mukesh Ambani.
- 2017: Recipient of the Hungarian Order of Merit.
References
- (No date) Bloomberg.com. Available at: https://www.bloomberg.com/billionaires/profiles/shanshan-zhong/ (Accessed: 09 January 2025).
- Goodreturn (no date) Zhong Shanshan: Zhong Shanshan net worth, biography, age, spouse, children & more, Goodreturn. Available at: https://www.goodreturns.in/zhong-shanshan-net-worth-and-biography-blnr14.html (Accessed: 09 January 2025).
- Lim, L. (2024) China’s richest person wants the BYTEDANCE founder to apologize for not stopping an online smear campaign, Fortune Asia. Available at: https://fortune.com/asia/2024/11/22/china-richest-person-zhong-shanshan-nongfu-spring-bytedance-pinduoduo-pdd-holdings/ (Accessed: 09 January 2025).
- Zhong Shanshan (not Jack Ma) is the richest guy in China and he sells water (2016) sharesansar.com. Available at: https://www.sharesansar.com/newsdetail/zhong-shanshan-not-jack-ma-is-the-richest-guy-in-china-and-he-sells-water-2021-01-04 (Accessed: 09 January 2025).
