Jack Ma is no longer the richest Chinese man

The founder of Alibaba, billionaire Jack Ma, lost his first place in the list of the richest people in China, writes Bloomberg.

According to the agency, Zhong Shanshan, the owner of Nongfu bottled water and Beijing Wantai, became the richest Chinese citizen in the index of billionaires. Now with a fortune of $58.7 billion, he is Asia's second billionaire after Indian tycoon Mukesh Ambani and seventeenth in the world ranking.

The success of Shanshan, nicknamed "Lone Wolf", sharply out of the collectivist business culture of China, brought the recent IPO of Nongfu in Hong Kong. The South China Morning Post calls the placement of just 4% of the shares one of the most overbought in history thanks to small investors. However, it pushed the valuation of the company, 84% owned by Shanshan, to $55 billion.

The success is well-deserved: founded in 1996, the company "saddled" the theme of natural products in China and introduced itself into the minds of ordinary people, the newspaper notes. Recently, Nongfu has diversified into juices and coffees.

Another success for Shanshan was the spring IPO of Beijing Wantai, which is also engaged in the production of vaccines. By August, his fortune was estimated at $20 billion.

Jack Ma is likely to regain leadership soon, Bloomberg predicts: the current week has been too bad for all technology companies.