The president of chinas biggest bottled water group is just about the countrys third-richest person with a king's ransom of more than $50bn, after shares in his business surged on their first in hong-kong.

Zhong shanshan, nongfu springs biggest shareholder, enjoyed a multibillion-dollar windfall following the stock closed 54 percent higher on tuesday.

At one point on tuesday mr zhongs fortune exceeded the $51.3bn net well worth of pony ma, the creator of chinese internet group tencent and chinas second-richest man, relating to bloomberg estimates. jack ma, the creator of e commerce business alibaba, remains chinas wealthiest person with approximately $57.8bn fortune.

Nongfu, whose red-capped plastic bottles tend to be common at formal gatherings in china, lifted significantly more than $1bn in its hong-kong initial community providing recently.

The pop in nongfus stock pushed the value of mr zhongs 84 % risk within the organization to $40.3bn, in accordance with bloomberg estimates. combined with their $9.4bn risk in beijing wantai biological pharmacy enterprise, a maker of covid-19 test kits, and money alongside possessions of $1bn, mr zhong happens to be worth $51bn on paper.

The ipo almost trebled the net well worth of mr zhong, an old mushroom grower and reporter just who founded nongfu in 1996. ahead of the hong kong offering their fortune endured at $18.9bn.

Mr zhong is well known in chinese company groups as the lone wolf because of their unique character. im a guy by myself, he as soon as informed regional media. i do not care about exactly what my colleagues are doing and thinking.

He dropped out-of-school at age 12 after their parents were focused throughout the cultural revolution. after a spell since a reporter, he went into company during the early 1990s attempting to sell pills used in asia to take care of impotence problems. whilst the efficacy of mr zhongs remedies that have been based on turtle components came under regulatory scrutiny, he changed to water in bottles.

Their wide range has actually surged above 670 % since the beginning of this current year. part of that windfall had been produced by their holding in wantai biological, whoever shares tend to be up a lot more than 2,000 percent as it listed in shanghai in april. mr zhong today ranks 22nd on bloombergs worldwide wealthy listing, right above the mexican telecoms mogul carlos slim.

Above 700,000 retail people in hong kong submitted instructions totalling hk$670.8bn (us$86.5bn) for the retail percentage of nongfus share offering, which makes it 1,148 times oversubscribed.

Analysis cited in nongfus ipo prospectus indicated that retail sales in chinas water in bottles market rose to rmb201.7bn ($29.5bn) in 2019, with nongfu appreciating a 20 every share of the market the biggest of every organization. industry is expected to develop at a typical yearly price of greater than 10 per cent between now and 2024, according to analysis company frost & sullivan.

Nongfu reported net profit of rmb5bn in 2019 on income of rmb24bn, according to the prospectus. its marketplace capitalisation around $47bn exceeds us drinks team constellation companies but lower than the uks diageo.

Dealers and agents said retail need for the offering pointed to huge demand for listings of chinese organizations.

Companies from the worlds second-biggest economic climate have actually raised billions of dollars in hong kong this year against a backdrop of increasing tensions between beijing and washington.

The trump management features proposed pushing chinese organizations to delist from new york exchanges if us regulators are not offered use of audit reports.

Ant group, the alibaba-backed chinese repayments company, is expected to offer up to $30bn well worth of stocks in hong kong and shanghai this year with what will be the globes largest ipo.

Hong kongs hang seng index ended up being up 0.7 % on tuesday.

Additional reporting by daniel shane in hong-kong