Zhong Shanshan, the founder and chairman of beverage giant Nongfu springs, has emerged as China’s richest person after a three-year turnaround in his business and family struggles. As reported by Forbes, Zhong’s net worth stands at $65.7 billion, significantly higher than his younger brother Zhang Yiming, who holds $65.5 billion through his stake in the parent company of TikTok. This prominence places Zhong siblings closely ahead of Raymond Che, vice chairman of Nongfu springs and Hong Kong-based firm Everbright Securities International, who lists him at No. 2.
Nongfu springs has reignited its former dominance as a corrupt-distressed global beverages集团 in a surprising arc. The Hong Kong-listed shares surged 35.8% during the year to date, driven in part by a bright outlook for the company’s core bottled water line. However, the company’s long-standing business hazards, such as the use of aggressive discounts to entice frugal shoppers, may have played a role in this rise. The company’s decision to continue attracting customers despite price war concerns is supported by Everbright Securities International’s financial strategist Kenny Ng, who cautions against disappointment, noting that the market is quieting for now.
As the industry leader, Nongfu springs is expected to benefit from continued grass roots demand for bottles during the summer, particularly as e-commerce platforms provide subsidies to expand their food-dispatch platforms. Morningstar analyst Jacky Tsang outlines a potential sales growth of 13.6% to hit $48.7 billion in 2025, reflecting the company’s ability to capture market share despite lower margins.
In an earlier report, Zhong was accused of amassing so much wealth by underperforming his former partner Zong Qinghou, eventually passing away at 79. While he denied the allegations, Zong’s supernumerary criticism of Nongfu spring’s packaging became evident in a court case, during which some nationalist customers criticized the product’s design as resembling Japanese art. This was despite Zong’s claims of ownership of Kelly Zong, a famous Chinese actress, as the founder of Wahaha Group. The company’s private handling of controversy led to-month-long legal battles.
The feud between Zhong and Wahaha group partners is tarnishing Wahaha’s image, particularly in its official image of a national brand led by Zong. Kelly Zong is still the formal owner of a 29.4% stake, although Wahaha holds 46% of its largest shareholder through investment arms and 24.6% through employees. This year’s competitive landscape is viewed favours Nongfu springs as Wahaha management grapples with an escalating family conflict. Everbright Securities International’s Ng notes that the suit may divert management’s attention from business concerns, much like competition heating up during the summer.
As global consumer growth accelerates, some early adopters have shown increased interest in bottles. A July research note by Morningstar estimates that Nongfu springs sales are expected to rise by 13.6% to $48.7 billion in 2025, reflecting demand for beverages and the rise in online platforms’ subsidies. Despite the price wars and challenges with stakeholders, Zhong is poised to remain China’s richest person despite the loss of his HK$97.5 billion stake through Wahaha Group.
