Richest Chinese billionaire flagship records double-digit gains in tough economy

You can’t be China’s richest man without business acumen, and Zhong Shanshan has performed well during a difficult first half of the year for China’s economy.

Currently worth $69.7 billion in Forbes Real-Time Billionaires, Zhong is the chairman and founder of Nongfu Spring. The Hangzhou-based beverage supplier Wednesday said its net profit in the first half of this year rose nearly 15% from the same period last year to 4.6 billion yuan, or $676 million, after the close of trading on the Hong Kong stock exchange. announced that it was

Revenue increased by 9.4% to 16.6 billion yuan. Nongfuquan’s mainstay bottled water and tea products both rose. (Click here for details)

Nongfu Spring’s Hong Kong-traded shares have risen 17% over the past year, while Hong Kong’s benchmark Hang Seng Index has fallen by a whopping 25%.

China’s GDP increased by 0.4% in the second quarter as China’s ‘corona-free’ policy hit economic growth. Overall, China’s economy rose 2.5% year-on-year in the first half.

Zhong, 67, dropped out of primary school during China’s chaotic Cultural Revolution. After that, he worked as a construction worker, a newspaper reporter, and a beverage distributor before starting his own business. His 15th richest person in the world, Mr. Zhong, also controls Beijing Wandai Biopharmaceutical, which was listed on the Shanghai Stock Exchange in April 2020.

Zhong’s son, Zhong Shu Zi, 34, holds a Bachelor of Arts degree in English from the University of California, Irvine. In March 2021, he received a master’s degree in international business from Zhejiang University and is a non-executive director of Nongfu Spring.

China has the most billionaires in the world after the United States. Zhang Yiming, the principal founder of TikTok owner ByteDance, is second with an estimated net worth of $49.5 billion, and Internet Ma Huateng, chairman of internet stalwart Tencent, with an estimated net worth of $33.9 billion. It is the rank.

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