Meet China's Richest Man who lost Rs 108000 crores in 2024
After almost three years, Zhong Shanshan, the richest man in China, might lose his top spot. Among all billionaires worldwide, the chairman of Hangzhou-based Nongfu Spring Co. has witnessed the biggest decrease in fortune this year due to growing competition and problems with his bottled water company's public relations.
Zhong has lost $13 billion (about Rs. 108,000 crore) in 2024, according to the Bloomberg Billionaires Index, leaving him worth $54.8 billion as of Monday. With $47.3 billion in fortune, Colin Huang, the founder of the online retailer PDD Holdings Inc., is just ahead of him.
Zhong has lost $13 billion (about Rs. 108,000 crore) in 2024, according to the Bloomberg Billionaires Index, leaving him worth $54.8 billion as of Monday. With $47.3 billion in fortune, Colin Huang, the founder of the online retailer PDD Holdings Inc., is just ahead of him.
Hong Kong-listed Nongfu Spring is facing difficulties from a more health-conscious and patriotic Chinese customer base, as well as a pricing war in the bottled water industry. Nongfu's share price has decreased by about 20% since february 1, but PDD's has increased by roughly 6% because of its aggressive marketing tactics and reasonably priced items.
Zhong Shanshan started his career as a journalist after being born in Hangzhou, Zhejiang Province, in october 1954. Shanshan was once employed in the construction industry. He even left elementary school during the unrest that accompanied China's cultural revolution. His creation of Shenzhen Hepalink Pharmaceutical Co., a company that specialized in anticoagulant medications made from pig intestines, brought him considerable notoriety in the beginning. His subsequent triumphs were made possible by this endeavor.
Zhong Shanshan started his career as a journalist after being born in Hangzhou, Zhejiang Province, in october 1954. Shanshan was once employed in the construction industry. He even left elementary school during the unrest that accompanied China's cultural revolution. His creation of Shenzhen Hepalink Pharmaceutical Co., a company that specialized in anticoagulant medications made from pig intestines, brought him considerable notoriety in the beginning. His subsequent triumphs were made possible by this endeavor.
Zhong's most noteworthy accomplishment was the founding of Nongfu Spring in 1996. Under his direction, the business swiftly rose to prominence as one of China's top beverage brands, renowned for producing top-notch goods. Zhong elevated Nongfu Spring to the top of the industry with creative marketing techniques and astute commercial acumen. The brand became well-known throughout the nation when its product line was expanded to include tea, fruit juices, and bottled water.
Zhong's career took a significant turn in 2020 when Nongfu Spring went public in september on the hong kong Stock Exchange. Zhong's net worth, estimated at $17 billion at the time, increased dramatically with the initial public offering (IPO). This was the start of his incredible rise in wealth, which cemented his place among the world's richest people.