Jack Ma loses his crown as China's richest man

Jack Ma loses his crown as China's richest man

Iconic Jack Ma, China's e-commerce pioneer, lost title of richest man in his country to boss of bottled water giant, according to billionaire ranking released Thursday.

He is now preceded by Zhong Shanshan, the boss of Nongfu Spring, a bottled water giant whose products are essential in China.

His fortune is valued at $ 58.7 billion, according to the billionaire ranking established by the financial agency Bloomberg.

With an estimated fortune of $ 56.7 billion, Jack Ma loses one place.

Former English teacher Jack Ma, founder of the Alibaba platform that revolutionized online commerce, has long held the top step of the podium of China's wealthiest personalities.

Until then, the ranking of billionaires in China was mainly dominated by bosses from the tech, notes Bloomberg.

Nongfu Spring made a sensational entry on the Hong Kong Stock Exchange earlier this month, raising more than 900 million euros.

Zhong Shanshan is also a director of a major vaccine manufacturer, Beijing Wantai.

The company, which is working on a nasal spray against COVID-19, has been listed on the stock market since April.

The operation allowed Zhong Shanshan to increase his fortune by $ 20 billion in early August, Bloomberg said.

Zhong Shanshan, 66, started his career as a construction worker before becoming a journalist and then setting up his business, according to Chinese media.

He is often referred to as a “lone wolf” because of his rare public appearances and his reluctance to accept interviews.

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