China's bottled water king Zhong Shanshan dethrones Mukesh Ambani as Asia's richest

News Network
December 31, 2020

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Dec 31: Zhong Shanshan is a private billionaire who’s rarely quoted in the press.

Now, after an improbable career spanning journalism, mushroom farming and health care, he’s become Asia’s richest person, eclipsing India’s Mukesh Ambani and a group of Chinese tech titans including Jack Ma.

Zhong’s net worth has surged $70.9 billion this year to $77.8 billion, making him the 11th-richest person on the planet, according to the Bloomberg Billionaires Index. It’s one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year he was little known outside of China.

Zhong, 66, isn’t involved in politics and his business interests aren’t entwined with other rich families such as the property tycoons, which is why he’s known locally as the “Lone Wolf.”

He owes his success to two unrelated fields. He took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April, then months later Nongfu Spring Co., a maker of bottled water, became one of Hong Kong’s hottest listings. Nongfu shares have jumped 155% since their debut, and Wantai’s are up more than 2,000%.

Ambani has also had an extraordinary year -- striking deals to transform his conglomerate Reliance Industries Ltd. into a technology and e-commerce titan -- and seeing his fortune surge $18.3 billion to $76.9 billion.

While Ambani was at one point the world’s fourth-richest person, shares of his Reliance have stalled as he comes under pressure to deliver on the digital transformation he’s promised.

Meanwhile, Nongfu stock hit a peak this week after Citigroup Inc. analysts said the company has solidified its market dominance and enjoys ample cash flow. Zhong’s other firm, Wantai, is among those developing a Covid-19 vaccine.

Zhong has also climbed the ranks as China’s tech companies have tumbled among increased government scrutiny. Jack Ma, Asia’s richest person before Ambani took over this year, is now worth $51.2 billion, down from a high of $61.7 billion in October.

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Agencies
April 17,2025

The Supreme Court on Thursday stayed the operation of certain parts of the contentious Waqf law, including the inclusion of non-Muslims in the Waqf boards and council, till the next date of hearing on May 5. The Chief Justice-led bench also said that the 'waqf by user' provision should not be denotified till then.

The Centre assured the Supreme Court that no appointments would be made to Waqf boards. The new law tweaks the composition of Waqf boards, making it compulsory to include non-Muslims as its members.

"SG (Tushar) Mehta assured that till the next date, no appointment shall take place to board and councils under the 2025 Act. He also assures that the status of waqfs, including waqf by user, already declared by notification or gazetted, shall not be changed," the court said in its order.

The Centre, represented by Solicitor General Tushar Mehta, sought 7-days' time to file a response. The court allowed the petitioners to file their rejoinder within five days after that.

Details awaited.

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Agencies
April 22,2025

US President Donald Trump's administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125 billion e-commerce market, the Financial Times reported on Tuesday, citing industry executives, lobbyists and US government officials.

The US plans to push Prime Minister Narendra Modi’s government for a level playing field on e-commerce in wide-ranging talks on a US-India trade agreement set to also cover sectors from food to cars, the newspaper reported.

It did not mention what measures the Trump administration expects from the Indian government.

Amazon and Walmart operate in India through local units but face restrictions on holding inventory and directly selling to consumers, unlike domestic firm Reliance, which can open physical stores and leverage its vast retail network to reach customers across the country.

Amazon and Walmart did not immediately respond to Reuters' requests for comment.

India and US are in the middle of chalking out a trade deal as part of New Delhi's efforts to avoid US tariffs.

US Vice President JD Vance also met with Indian Prime Minister Narendra Modi on Monday, as officials in New Delhi expect to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners.

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Agencies
April 22,2025

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Palestinian officials have raised the alarm about the dire situation of abductees held in Israeli prisons. The warning came after several abductees released from Israeli jails gave harrowing accounts of conditions in the regime’s prisons.

The Palestinian Prisoners' Society (PPS) said in a statement on Monday that the number of Palestinian abductees killed in Israeli jails since the regime’s genocide in Gaza started has surged to 65, including a child.

It added that inmates abducted in Gaza account for at least 40 of those fatalities.

The society emphasized that among the slain detainees are 74 whose bodies are still being held by the Israeli regime, 63 of whom have been held since the beginning of the genocidal war.

Meanwhile, the Commission of Detainees and Ex-Detainees Affairs warned of inhumane conditions at Israel’s Damon Prison, where female abductees are enduring extreme hardship.

The Commission reported that food is scarce and of poor quality, leading to digestive issues and severe weight loss among inmates.

The Commission warned that Palestinian abductees are held in filthy, blood-stained cells, given only a small mattress and no food.

Most of the abductees also face insults and humiliation during their incarceration by the regime.  

It added that prisoner Karam Musa, 53, from the town of Surra in the Nablus Governorate, who was detained on February 25, 2025, was kept in a blood-stained and filthy cell, with no room for prayer, no food, and only a small mattress.

According to Karam, the Israeli Prison Service provides one plate of legumes for eight prisoners. The break period has been reduced to one hour, during which the prisoners shower.

A 44-year-old prisoner named Hanin Jaber lost eight kilograms due to malnutrition during her five months of detention.

Jaber was arrested on December 3, 2024, while out on a walk with her children in the park, on charges of sheltering and feeding her son, whom the Israeli regime claims is "wanted."

Prisoner Fidaa Suhail Assaf, 49, from the town of Kafr Laqif in the Qalqilya Governorate, has been suffering from leukemia for a year before her detention.
 

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