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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Zhong Shanshan is the founder of Nongfu Spring, the Chinese bottled-water and beverage company whose Hong Kong listing helped propel him to a historic wealth ranking. Forbes reported in January 2021 that he had become Asia’s richest person the previous month, after Nongfu Spring’s shares surged. That was a dated ranking—not a claim about his position today.
Who is Zhong Shanshan?
Zhong Shanshan founded the business that became Nongfu Spring. The company’s August 2020 Hong Kong listing prospectus says he established its predecessor, Xin’an River Yangshengtang Drinking Water Company, in Zhejiang in September 1996. The prospectus identifies him as the company’s founder and a controlling shareholder.
Before Nongfu Spring, Zhong worked in several fields, according to Forbes’ profile summary, including construction, journalism and beverage sales. The core documented business story, however, is the growth of Nongfu Spring and the value markets assigned to his stake in it.
How did Zhong Shanshan make his money?
From a Zhejiang water business to a beverage portfolio
Nongfu Spring says it launched its first packaged Nongfu Spring drinking water in 1997, sourced from Zhejiang’s Thousand-Island Lake. The company’s prospectus records subsequent launches in juice in 2003, functional beverages in 2004, tea beverages in 2011, natural mineral water in 2015, and coffee and plant-based yogurt in 2019. This chronology comes from the company’s own prospectus; it establishes the product milestones, not an independent assessment of market share.
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The company’s 2020 listing gave investors a public market price for its shares, making Zhong’s substantial ownership a visible source of estimated wealth. In a January 5, 2021 report, Forbes said Nongfu Spring’s Hong Kong-listed shares had tripled over the preceding four months. Forbes estimated Zhong’s net worth at $92.1 billion at that time and said he had passed Mukesh Ambani to become Asia’s richest person the previous month.
When was Zhong Shanshan Asia’s richest man?
Forbes’ January 2021 account places the ranking in December 2020. Its estimate was a snapshot shaped in large part by Nongfu Spring’s share price and Zhong’s ownership—not a fixed measure of cash or an audited personal balance sheet. As share prices change, the value attributed to a major shareholder can move sharply.
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That volatility was visible again in August 2024. Forbes reported a $4.4 billion one-day fall in its estimate of Zhong’s fortune on August 28, following a decline in Nongfu Spring shares. The figure describes Forbes’ estimate on that date; it should not be read as a current wealth total.
What happened to Nongfu Spring’s business in the first half of 2024?
Nongfu Spring’s August 27, 2024 interim report showed sharply different year-over-year changes in two of its largest product categories for January through June. Tea beverage revenue rose, while packaged drinking-water revenue declined. Forbes reported total revenue of RMB22.2 billion for the half-year in its coverage of the results.
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| Product category | Revenue, January–June 2024 | Year-over-year change | Share of total revenue |
|---|---|---|---|
| Packaged drinking water | RMB8,531 million | Down 18.3% | 38.5% |
| Tea beverages | RMB8,430 million | Up 59.5% | 38.0% |
The category figures and shares are from Nongfu Spring’s interim report and compare the first half of 2024 with the same period in 2023. They show a shift in the reported revenue mix during that period; by themselves, they do not establish why the changes occurred or what happened afterward.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How did the company respond in its water business?
The interim report says Nongfu Spring launched a purified drinking-water product in April 2024, returning to that market after 24 years focused on natural drinking water. The company described the new 550 ml product’s green label as a way to distinguish it from its red-labeled natural water. It also reported launching a 19-liter PET barreled natural drinking-water product in January 2024. These descriptions reflect the company’s own product positioning.
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