Once a poor school dropout, the man surpassed Jack Ma to become the richest man in China

Mr. Zhong Shanshan is one of the richest people in China, born in 1954 in Hangzhou. He is known for owning a large amount of shares in the country's number 1 pharmaceutical company (Beijing Wantai Biological Pharmacy Enterprise) and founding the bottled water company Nongfu Spring.

Unlike many other Chinese billionaires who amassed huge fortunes through technology and real estate, Zhong Shanshan made his fortune in health care and bottled water.

According to the “2024 Forbes Rich List”, Zhong Shanshan is ranked 24th in the world and one of the richest people in China, with an estimated net worth of $62.3 billion.

Zhong Shanshan founded the Nongfu Spring brand of bottled water. (Photo: uhnwidata)

Born and raised during China's tumultuous Cultural Revolution (1966–1976), Zhong Shanshan had a difficult childhood. To support his family, Zhong Shanshan had to drop out of elementary school and work as a carpenter and construction worker.

Later, when his family's economy was more stable, Zhong Shanshan returned to school to take a cultural supplementary course. After completing the cultural supplementary course, he continued to enroll in China Open University.

After graduating, he applied to work as a reporter for the Zhejiang Daily. During his time there, he honed his investigative skills and learned how several companies operated. This work gave him a deep understanding of the economic landscape of China at that time.

In 1988, he decided to quit journalism to pursue business ventures. He initially started a small farm growing mushrooms and raising turtles. Although this venture failed, these early efforts provided him with valuable insights into the consumer market and paved the way for future business ventures.

Zhong Shanshan found that consumer trust, quality and brand are important factors in running a successful business.

The Birth of Nongfu Spring

In 1996, Zhong Shanshan founded Nongfu Spring, a Hangzhou-based bottled water company. Although China's bottled water market was still relatively young at the time, Zhong Shanshan saw the growing demand for healthy and safe drinking water.

Unlike other bottled water companies at the time that used purified tap water, Zhong created Nongfu Spring with the luxury brand of water sourced from natural springs.

Zhong Shanshan focused on branding and marketing, using slogans like "Nongfu Spring: A Little Sweeter" to differentiate its products. His strategy was highly effective.

Chinese consumers began drinking bottled water more frequently, due to health and safety concerns, and Nongfu Spring quickly became known as one of China's trusted brands.

The success story of business tycoon Zhong Shanshan. (Photo: Rich Snob)

After the beverage industry began to take off, Nongfu Spring added tea, juice, and flavored water in the early 2000s, emphasizing the natural quality and purity of the water. This commitment to quality and clever marketing strategy helped the Nongfu Spring brand gain recognition in China.

Zhong Shanshan’s journey to building a powerful business empire is a testament to his wise leadership and deep understanding of consumer preferences. Driven by strategic vision, Zhong meticulously steered Nongfu Spring towards growth, and unparalleled dominance in the bottled water industry in China.

Instead of enjoying success, he ventured into investing in Beijing Wantai Biological Pharmacy Enterprise, a company specializing in vaccines and diagnostic tests.

Beijing Wantai Biological Pharmacy Enterprise rose to prominence during the pandemic, developing and distributing COVID-19 testing kits. The investment added to Zhong’s fortune, making him a healthcare industry celebrity, in addition to being a leader in the beverage industry.

Zhong has achieved considerable financial success, thanks to his smart business decisions. Nongfu Spring raised about $1.1 billion when it listed on the Hong Kong Stock Exchange in September 2020.

He became China's richest man after his net worth surpassed Tencent's Pony Ma and Alibaba's Jack Ma. His fortune continued to grow thanks to his controlling stakes in Wantai and Nongfu Spring.

By 2021, Forbes estimated his net worth at nearly $65 billion.

Thien Dang (According to Bysdo)

Source: https://vtcnews.vn/tung-bo-hoc-vi-ngheo-nguoi-dan-ong-vuot-jack-ma-tro-thanh-giau-nhat-trung-quoc-ar935420.html