How spring water catapulted Zhong into the China billionaire club

IN AN era dominated by tech billionaires and real estate tycoons, China’s richest person is a 71-year-old who sells something far more fundamental: bottled water.

Zhong Shanshan, with a staggering net worth of US$74.3 billion, is an anomaly among the ultra-wealthy. He doesn't code, he doesn’t build sprawling digital ecosystems, and he certainly doesn’t court the spotlight. In fact, he actively shuns it.

Known as the “Lone Wolf”, Zhong has built his empire — spanning the ubiquitous beverage company Nongfu Spring and vaccine maker Beijing Wantai Biological — on a foundation of relentless focus, contrarian thinking, and a profound understanding of the consumer psyche. His journey from a sixth-grade dropout during the Cultural Revolution to the pinnacle of Chinese business is more than a rags-to-riches story; it’s a masterclass in brand building, strategic patience, and the art of turning a simple commodity into a cultural icon.

Learning through adversity

Zhong’s rise was forged in adversity. Born in Hangzhou in 1954 to a scholarly family, he experienced early hardship: his family was sent to the countryside, and he left school prematurely. Years of manual labor as a bricklayer and construction worker instilled in him a resilience and discipline that would become his defining traits.

In the late 1970s, following the resumption of the college entrance exam, he pursued further education through adult learning at Zhejiang Radio & TV University, overcoming repeated failures in the traditional high school exam system. After graduating, he entered the media world, working as a reporter for Zhejiang Daily. Over five years, he covered more than 80 counties, interviewed over 500 entrepreneurs, and developed deep insights into business, human nature, and market dynamics.

His early entrepreneurial ventures in the 1980s were a series of experiments — selling mushrooms, prawns, and even acting as a sales agent for beverage company Wahaha. These efforts failed, but each provided practical lessons in distribution, pricing, and competition.

In 1993, he founded Yangshengtang, a health supplement company, which brought his first financial success. However, his real breakthrough came in 1996, at the age of 42, when he entered the bottled water market with a radically different vision.

At the time, the Chinese bottled water market was dominated by purified water. Zhong broke with convention, founding Nongfu Spring and positioning it as natural mineral water, sourced from Qiandao Lake and other locations.

A bold decision

In 1999, he made a bold declaration: Nongfu Spring would cease selling purified water and focus entirely on natural water, arguing purified water’s lack of minerals made it less healthy. This turned a technical distinction into a national conversation, cementing the brand’s dominance.

The iconic slogan “Nongfu Spring is a little sweet” reinforced the brand’s identity, linking it to purity and nature rather than price or promotion. Zhong’s marketing philosophy — integrating product DNA with storytelling — has remained consistent: “Advertising isn’t thought up; it must start from before manufacturing the product. The genes are already there.”

Zhong’s approach emphasises patience, reputation, and product integrity. He rarely engages in trends like livestreaming sales, believing that short-term hype undermines long-term brand value. In 2024, when social media users claimed that some Nongfu Spring packaging resembled Japanese cultural elements, he personally intervened to protect his brand, demonstrating the depth of trust he has built with consumers over time.

Zhong’s management style is as unconventional as his rise. He avoids elite business clubs, shuns industry gatherings, and rarely gives interviews. As he once said, “I am a lone wolf. I don’t care what my peers are doing or thinking.” This isolation is a strategic advantage, allowing him to make long-term bets and maintain a clear vision without outside pressures.

His philosophy can be summarized in a few core principles:

1. Reputation over assets: Zhong believes that a company’s trust and integrity are more valuable than its fixed assets. Consumer confidence cannot be bought back once lost.

2. Data is secondary: Data verifies decisions, but true vision comes from intuition and courage, not spreadsheets.

3. Products are not commodities: Products are built on research, innovation, and storytelling; they should not be reduced to pricing alone.

4. Marketing is event-driven: Memorable events and narratives matter more than traditional ads. The 1999 announcement that Nongfu Spring would focus on natural water is a classic example.

5. Innovation requires freedom: Researchers must have room to explore without commercial pressure. Immediate ROI cannot be allowed to stifle creativity.

Ability to act decisively

This philosophy is reflected in Zhong’s control over his empire: he owns nearly 84% of Nongfu Spring’s Hong Kong-listed shares. This allows him to act decisively, whether handling nationalist backlash on social media or launching new products. His focus on autonomy, long-term thinking, and brand integrity exemplifies the “Lone Wolf” mindset — quiet, disciplined, and fearless.

Nongfu Spring is just one facet of Zhong’s empire. His majority ownership of Beijing Wantai Biological Pharmacy, which specialises in vaccines, complements his focus on essential goods. The IPOs of Wantai in April 2020 and Nongfu Spring in September 2020 cemented his rise to the top of wealth rankings.

Nongfu Spring is just one facet of Zhong’s empire. His majority ownership of Beijing Wantai Biological Pharmacy, which specialises in vaccines, complements his focus on essential goods. The IPOs of Wantai in April 2020 and Nongfu Spring in September 2020 cemented his rise to the top of wealth rankings.

Innovation and marketing continue to be key. From Nongfu Orchard fruit drinks to Tea Pi and C100 beverages, each launch leverages event marketing and product differentiation. This focus on authenticity and quality allows Zhong to maintain control and weather challenges — including legal disputes, media controversies, and competitive pressure — without compromising his business philosophy.

Zhong’s story is a testament to the power of a singular vision, executed with unwavering discipline over decades.

Nongfu Spring demonstrates that the most enduring brands are built not on hype, but on authenticity.

In the end, Zhong’s success is not about selling water. It’s about delivering a promise — of purity, health, and a taste of nature in a complex world. And that is a lesson worth billions.

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Reprinted with the author's permission from Jing Daily

 

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Ashley Dudarenok is a Chinese entrepreneur, author, and media personalitywho keenly follows emerging trends in China. She is the founder of ChoZan, a China-focused research and digital transformation consultancy. Ashley and her team help multinationals learn from China through tailored tours, research, and briefings. She is a speaker, author of best-selling books,and shares her insights with a community of over 500,000 China watchers across LinkedIn and YouTube. Her latest show is The Hidden Switch, spotlighting billion-dollar founders from emerging countries.