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Bottled water billionaire passes Jack Ma to become China's richest

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/tvpatrol/09/22/20171025-alibaba-jack-ma-md-26.jpg"/><figcaption>China&#x27;s richest no more. Alibaba co-founder Jack Ma answers questions during a forum at the De La Salle University in Manila on October 25, 2017. Mark Demayo, ABS-CBN News file photo</figcaption></figure></div>BEIJING - A businessman who spun his wealth from bottled water and vaccines has usurped tech tycoon Jack Ma as China&#x27;s richest man, the Bloomberg Billionaires Index showed Thursday.Nongfu Spring founder Zhong Shanshan&#x27;s net worth has hit $58.7 billion after a massive listing by the bottled water company in Hong Kong earlier this month.This makes him $2 billion richer than previous number one, Alibaba founder Jack Ma, the wealth index said.Zhong&#x27;s Nongfu Spring, which claims to be number one in China&#x27;s massive bottled water market, is ubiquitous across a country where most people shun tap water for health reasons.The company raised nearly $1.1 billion in its initial public offering.Zhong is also the chairman of Beijing Wantai Biological Pharmacy Co. Ltd., a vaccine manufacturer that listed on the mainland in April.It is developing a Covid-19 vaccine nasal spray in conjunction with a prominent university.Zhong, a 66-year-old former reporter from Zhejiang who state media say was also once a construction worker, is often referred to by Chinese media as a &quot;lone wolf&quot; for his rare public appearances and reluctance to be interviewed.He founded Nongfu in 1996, just as China&#x27;s bottled water market began to take off.

A businessman who spun his wealth from bottled water and vaccines has usurped tech tycoon Jack Ma as China's richest man, the Bloomberg Billionaires Index showed Thursday.

A businessman who spun his wealth from bottled water and vaccines has usurped tech tycoon Jack Ma as China's richest man, the Bloomberg Billionaires Index showed Thursday.