Zhong Shanshan, chairman of beverage giant Nongfu Spring, reclaims China’s richest person title

Zhong, aged 70, holds a fortune of $65.9 billion, primarily from his stake in Nongfu Spring, according to estimates by U.S. magazine Forbes as of Thursday afternoon.

The resurgence of the beverage magnate is driven by a 35% year-to-date surge in Nongfu Spring’s Hong Kong-listed shares.

This rally is supported by an improved outlook for the company’s core bottled water business, which faced challenges last year due to aggressive discounting by brands, including Nongfu Spring, to attract cost-conscious consumers.

Zhong Shanshan, founder and chairman of Nongfu Spring. Photo courtesy of the company

This year, competitive pricing pressures are expected to lessen as Beijing seeks to curb price wars across industries to counter deflationary economic pressures, according to Kenny Ng, a Hong Kong-based securities strategist at Everbright Securities International, as reported by Forbes.

As a market leader, Nongfu Spring is poised to capitalize on consumers stockpiling bottled water during the summer, particularly as Chinese e-commerce platforms offer subsidies to expand their food-delivery services, according to Jacky Tsang, a Hong Kong-based analyst at Morningstar.

In a July research note, Tsang projected that Nongfu Spring’s sales will increase by 13.6% year-on-year to CNY48.7 billion ($6.8 billion) in 2025, driven by strong performance in its tea business as well.

Last year, the company’s revenue remained nearly flat at 42.9 billion yuan, with Nongfu Spring describing the period as an "unprecedented assault and trial" in its annual report.

Zhong’s rise to wealth is a classic rags-to-riches tale. Having dropped out of elementary school, he worked various jobs, including construction, journalism, and beverage sales, before establishing Nongfu Spring, now China’s leading bottled water company.

Besides that, he also has a stake in Beijing Wantai Biological Pharmacy Enterprise, a medical supplies firm producing diagnostic kits and vaccines.

In the second place among China’s top billionaires, Yiming holds a $65.5 billion net worth, derived from his stake in TikTok’s parent company.

He is followed by internet giant Tencent chairman Ma Huateng with $56.9 billion in wealth.