https://www.scmp.com/rss/517876/feed Nongfu Spring is a beverage company controlled by China's richest person, Zhong Shanshan. The company dominates the bottled water market in China, with nearly one in every three bottles sold in the country bearing the company's iconic green mountain logo. The company also produces packaged tea, coffee and fruit juices. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhang Shidong Zhang Shidong Hong Kong stocks extended their rebound on Wednesday on signs that a diplomatic solution to Middle East tensions was making progress. The Hang Seng Index rose 1.1 per cent to 25,335.95 at the close, adding to a 2.7 per cent gain a day earlier. Technology stocks advanced, driving the Hang Seng Tech Index up by 1.9 per cent, after China’s anti-monopoly regulator called for an end to the price war in the on-demand food delivery market. On the mainland, the CSI 300 Index climbed 1.4 per cent and the... https://www.scmp.com/business/china-business/article/3347782/hong-kong-stocks-extend-rebound-signs-diplomatic-path-iran-conflict?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347782/hong-kong-stocks-extend-rebound-signs-diplomatic-path-iran-conflict?utm_source=rss_feed Wed, 25 Mar 2026 02:03:21 +0000 Zhu Wenqian Zhu Wenqian Major Chinese consumer stocks listed in Hong Kong rose immediately after reporting strong full-year earnings, but retreated on Wednesday. Analysts said the results did not point to a broad recovery in the consumer market but instead underscored structural divergence and new growth drivers in mainland China consumption. Jeweller Laopu Gold posted stronger-than-expected results for 2025, with revenues of 27.3 billion yuan (US$4 billion) last year, a 221 per cent surge year on year, while net... https://www.scmp.com/business/banking-finance/article/3347779/china-consumer-stocks-jump-strong-earnings-analysts-warn-limited-recovery?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347779/china-consumer-stocks-jump-strong-earnings-analysts-warn-limited-recovery?utm_source=rss_feed Wed, 25 Mar 2026 01:39:46 +0000 Cao Li Cao Li Hong Kong stocks fell on Thursday as the Middle East conflict showed no signs of ending and oil prices once again crossed US$100 a barrel. The Hang Seng Index closed 0.7 per cent lower at 25,716.76. The Hang Seng Tech Index fell 0.5 per cent. On the mainland, the CSI 300 Index eased 0.4 per cent and the Shanghai Composite Index shed 0.1 per cent. “Markets are currently pricing low-probability left-tail outcomes, driven by uncertainty around the length and escalation path of the US-Israel war on... https://www.scmp.com/business/markets/article/3346286/hong-kong-stocks-fall-oil-once-again-trades-near-us100?utm_source=rss_feed https://www.scmp.com/business/markets/article/3346286/hong-kong-stocks-fall-oil-once-again-trades-near-us100?utm_source=rss_feed Thu, 12 Mar 2026 02:23:48 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks rose for a third day on Friday, sending the benchmark gauge to its longest winning streak in three weeks, after softer US inflation data bolstered the case for monetary easing and allayed concerns about frothy valuations of global equities. The Hang Seng Index advanced 0.8 per cent to 25,690.53 at the close, paring the weekly loss to 1.1 per cent. The Hang Seng Tech Index gained 1.1 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite... https://www.scmp.com/business/china-business/article/3336987/hong-kong-stocks-head-longest-rising-streak-3-weeks-cooling-us-inflation-data?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3336987/hong-kong-stocks-head-longest-rising-streak-3-weeks-cooling-us-inflation-data?utm_source=rss_feed Fri, 19 Dec 2025 02:28:46 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks dropped on Friday after four days of advances, as investors searched for fresh catalysts after pricing in expectations about a US interest-rate cut that reversed a tumble triggered by concerns about an artificial-intelligence bubble. The Hang Seng Index fell 0.3 per cent to 25,858.89 at the close. For the month, the benchmark fell 0.2 per cent, recording its second consecutive monthly decline. The Hang Seng Tech Index gained less than 0.1 per cent. On the mainland, the CSI 300... https://www.scmp.com/business/china-business/article/3334444/hong-kong-stocks-end-4-day-streak-investors-move-rate-cut-expectations?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3334444/hong-kong-stocks-end-4-day-streak-investors-move-rate-cut-expectations?utm_source=rss_feed Fri, 28 Nov 2025 02:27:56 +0000 Daniel Ren Daniel Ren China saw a remarkable increase in the number of ultra-wealthy individuals over the past year, driven by a bull market in stocks, with leaders of “new economy” companies emerging as the primary beneficiaries, according to the Hurun Research Institute. A record 1,434 individuals made it onto Hurun’s latest China Rich List, each having a net worth of at least 5 billion yuan (US$702 million). This marked an increase of 340 individuals, or 31 per cent, from the previous year. The collective wealth... https://www.scmp.com/business/article/3330544/rich-list-chinas-billionaire-count-hits-record-stock-markets-surge?utm_source=rss_feed https://www.scmp.com/business/article/3330544/rich-list-chinas-billionaire-count-hits-record-stock-markets-surge?utm_source=rss_feed Tue, 28 Oct 2025 02:00:26 +0000 Audrey Jiajia Li Audrey Jiajia Li In early 2014, during China’s “two sessions”, I interviewed the late Zong Qinghou, the founder and chairman of Wahaha, in Beijing. He was 69 at the time, attending the National People’s Congress for the 12th time as a delegate. He appeared before my camera, travel-worn and wearing a pair of well-worn cloth shoes that cost just 20 yuan. During the interview, he was energetic and sharp-tongued, speaking frankly about the invisible barriers faced by private enterprises. He asserted that market... https://www.scmp.com/opinion/china-opinion/article/3319984/chinas-titans-industry-nationalism-double-edged-sword?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3319984/chinas-titans-industry-nationalism-double-edged-sword?utm_source=rss_feed Sun, 03 Aug 2025 21:30:08 +0000 Khushboo Razdan Khushboo Razdan China’s richest man, Zhong Shanshan, has come under scrutiny in the small northeastern US state of New Hampshire, home to just over 1 million residents, over a plan to develop an industrial site in the state’s second-largest city, Nashua. The controversy began in May when it emerged that a US subsidiary of Zhong’s firm, Nongfu Spring, NF North America, had quietly acquired a single-storey building on a 9.3-hectare (23-acre) industrial site in Nashua in January. The site had been abandoned for... https://www.scmp.com/news/china/money-wealth/article/3320054/chinese-tycoons-proposed-water-deal-spurs-objections-us-state-new-hampshire?utm_source=rss_feed https://www.scmp.com/news/china/money-wealth/article/3320054/chinese-tycoons-proposed-water-deal-spurs-objections-us-state-new-hampshire?utm_source=rss_feed Tue, 29 Jul 2025 18:32:01 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks rose on Tuesday, with the benchmark nearing a two-month high amid hopes the US and China will hold high-level talks to resolve the trade dispute. The Hang Seng Index closed 1.5 per cent higher at 23,512.49, near the highest level since March 19. The Hang Seng Tech Index added 1.1 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite Index strengthened 0.4 per cent. Electric-vehicle maker Li Auto jumped 5.8 per cent to HK$116.40 and machine... https://www.scmp.com/business/china-business/article/3312818/hong-kong-stocks-near-2-month-high-likely-trump-xi-trade-talks?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3312818/hong-kong-stocks-near-2-month-high-likely-trump-xi-trade-talks?utm_source=rss_feed Tue, 03 Jun 2025 02:26:20 +0000 Ng Kang-chung Ng Kang-chung The former head of the Hong Kong Consumer Council has denied her departure was prompted by the watchdog’s unusual backdown over its controversial verdict on a mainland Chinese brand of “natural drinking water”. Gilly Wong Fung-han, who stepped down as chief executive of the council earlier this month at the end of her term, said she had done so after suffering from two serious bouts of cold that left her “reflecting on life” and needing to “take a rest”. But she conceded the council had wronged... https://www.scmp.com/news/hong-kong/society/article/3311853/ex-head-hong-kong-consumer-council-denies-quitting-due-nongfu-spring-debacle?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3311853/ex-head-hong-kong-consumer-council-denies-quitting-due-nongfu-spring-debacle?utm_source=rss_feed Mon, 26 May 2025 10:59:09 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks fell from a two-month high on Thursday, snapping two days of gains, with Chinese search engine operator Baidu slumping on concerns over the outlook of its advertising business and monetisation of its artificial intelligence (AI) operations. The Hang Seng Index closed 1.2 per cent lower at 23,544.31. The Hang Seng Tech Index declined 1.7 per cent. On the mainland, the CSI 300 Index dropped 0.1 per cent and the Shanghai Composite Index slipped 0.2 per cent. Baidu slid 4 per cent... https://www.scmp.com/business/china-business/article/3311301/hong-kong-stocks-retreat-2-month-high-baidu-slumps-ai-concerns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3311301/hong-kong-stocks-retreat-2-month-high-baidu-slumps-ai-concerns?utm_source=rss_feed Thu, 22 May 2025 02:30:46 +0000 Wynna Wong Wynna Wong Gilly Wong Fung-han, chief executive of Hong Kong’s consumer watchdog, has stepped down from her position, saying she decided to take a “well-deserved” break to pursue hobbies after serving in the role for more than a decade. The Consumer Council officially announced that Wong would be leaving her position upon the completion of her term on Tuesday, confirming an earlier report by the Post. “Open recruitment for the next [chief executive] has commenced and the selection results will be announced... https://www.scmp.com/news/hong-kong/society/article/3309195/hong-kong-consumer-watchdog-chief-steps-down-says-ready-open-new-chapter?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3309195/hong-kong-consumer-watchdog-chief-steps-down-says-ready-open-new-chapter?utm_source=rss_feed Tue, 06 May 2025 04:32:23 +0000 Yuke Xie Yuke Xie Zhong Shanshan, China’s richest man and the founder of bottled-water giant Nongfu Spring, has vowed to steer clear of price wars, after a year of aggressive price cuts and online personal attacks cost his company billions in market value. “[The] Blind pursuit of low prices, especially through internet-driven price wars, is destroying the quality of Chinese products and undermining China’s economy,” the billionaire said on Thursday at a company event. “Only the incompetent resort to price wars.... https://www.scmp.com/business/companies/article/3296050/nongfu-spring-founder-zhong-shanshan-pledges-end-price-war-after-year-online-attacks?utm_source=rss_feed https://www.scmp.com/business/companies/article/3296050/nongfu-spring-founder-zhong-shanshan-pledges-end-price-war-after-year-online-attacks?utm_source=rss_feed Fri, 24 Jan 2025 01:53:35 +0000 Zhong Shanshan, China’s bottled water king, remains the richest man in China, according to the Hurun Global Rich List 2024. But few people in China, it seems, are in the mood for congratulations. The rich list came out last month, right after Zhong, the founder of Nongfu Spring, found himself caught in the eye of an internet storm. A large number of nationalist internet users in China had attacked him, accusing his firm of, among other things, having pictures of Japanese religious buildings on... https://www.scmp.com/opinion/china-opinion/article/3257473/why-nongfu-springs-online-attackers-are-no-chinese-patriots?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3257473/why-nongfu-springs-online-attackers-are-no-chinese-patriots?utm_source=rss_feed Thu, 04 Apr 2024 01:30:22 +0000 China’s drinks giant Nongfu Spring, the country’s largest bottled water producer, has become the latest target in a series of attack campaigns from an increasingly vocal constituency of nationalists online, prompting concerns over what effect this group may have on an already fragile private sector. The company, helmed by China’s wealthiest individual Zhong Shanshan, has fallen under a wave of criticism for the perceived Japanese styling of its packaging, just days after it came under fire for... https://www.scmp.com/economy/china-economy/article/3254979/chinas-nationalists-put-water-firm-under-fire-dousing-private-sectors-flickering-confidence?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3254979/chinas-nationalists-put-water-firm-under-fire-dousing-private-sectors-flickering-confidence?utm_source=rss_feed Mon, 11 Mar 2024 12:00:15 +0000 Hang Seng Indexes Company, the compiler of Hong Kong’s Hang Seng Index, has added Nongfu Spring, China’s largest bottled-water seller, personal computer maker Lenovo to the benchmark in its latest quarterly review, it said on Friday. The compiler also removed Evergrande Property Services Group, which is part of the heavily indebted China Evergrande Group, from the Hang Seng China Enterprises Index, and replaced it with Xinyi Solar Holdings. It removed China Evergrande from the index that tracks... https://www.scmp.com/business/banking-finance/article/3167608/nongfu-spring-lenovo-are-added-hang-seng-index-while?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3167608/nongfu-spring-lenovo-are-added-hang-seng-index-while?utm_source=rss_feed Fri, 18 Feb 2022 13:00:23 +0000 China’s biggest producers of semiconductor chips, bottled water and baby-milk formula are likely to join the Hang Seng Index in the next rebalancing exercise, strengthening the country’s linkages in the world’s fourth-biggest stock market. Chip maker Semiconductor Manufacturing International Corporation (SMIC), Nongfu Spring, the milk producer China Feihe, JD Health and the vaping device maker Smoore International could make the cut when the list is announced on February 18, according to common... https://www.scmp.com/business/markets/article/3167156/smic-nongfu-spring-and-feihe-tipped-join-hang-seng-index-after?utm_source=rss_feed https://www.scmp.com/business/markets/article/3167156/smic-nongfu-spring-and-feihe-tipped-join-hang-seng-index-after?utm_source=rss_feed Wed, 16 Feb 2022 00:30:24 +0000 Nongfu Spring, China’s water-bottling group controlled by the nation’s second-richest billionaire, surpassed market expectations with its first annual report card since completing Hong Kong’s hottest stock offering in 2020. Earnings rose 6.6 per cent in 2020 to 5.28 billion yuan (US$809 million) from a year earlier, the company said in an exchange filing after the market closed on Thursday. That is ahead of the 5.1 billion yuan consensus in a Bloomberg poll of 21 analysts. Revenue grew 4.8 per... https://www.scmp.com/business/companies/article/3127012/nongfu-spring-hong-kongs-hottest-ipo-2020-beats-earnings?utm_source=rss_feed https://www.scmp.com/business/companies/article/3127012/nongfu-spring-hong-kongs-hottest-ipo-2020-beats-earnings?utm_source=rss_feed Thu, 25 Mar 2021 11:31:45 +0000 As China overtook the US as the country with the most billionaires last year, it’s no surprise that there’s an equally fierce battle for the title of “richest man in China”. Earlier this year, Nongfu Spring founder Zhong Shanshan was announced as the richest man in China with an estimated net worth of US$68.5 billion, replacing Tencent founder Pony Ma who held the title in 2020. Then in mid-March, Ma booted Zhong out of the top spot, only to lose his crown to Zhong again just days later as both... https://www.scmp.com/magazines/style/celebrity/article/3126779/battle-chinas-richest-man-nongfu-springs-zhong-shanshan?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3126779/battle-chinas-richest-man-nongfu-springs-zhong-shanshan?utm_source=rss_feed Wed, 24 Mar 2021 21:00:19 +0000 Zhong Shanshan’s inspirational journey to becoming a self-made billionaire started with decades of perseverance and hard work. Now China’s richest man, with an estimated fortune of US$66.8 billion, according to Bloomberg’s Billionaires Index, the 66-year-old is not only the chairman of Nongfu Spring but also the owner of Beijing Wantai Biological Pharmacy Enterprise. From Zoom to fintech AI: 8 times Li Ka-shing’s tech investments paid off To get to his current exalted position, Zhong learned the... https://www.scmp.com/magazines/style/news-trends/article/3126417/chinas-richest-man-zhong-shanshan-tried-journalism?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3126417/chinas-richest-man-zhong-shanshan-tried-journalism?utm_source=rss_feed Mon, 22 Mar 2021 06:45:54 +0000 Zhong Shanshan, chairman of Nongfu Spring and owner of Beijing Wantai Biological Pharmacy Enterprise, currently holds the title of China’s richest man. The 66-year-old holds a fortune worth US$68.5 billion, according to Bloomberg’s Billionaires Index, and was briefly even Asia’s richest person – dethroning India’s Mukesh Ambani earlier this year. While many would expect China’s richest man to come from the IT industry, Zhong has made his fortune from bottled water and pharmacy companies. One... https://www.scmp.com/magazines/style/luxury/article/3124605/chinas-richest-man-nongfu-spring-billionaire-zhong-shanshan?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/article/3124605/chinas-richest-man-nongfu-spring-billionaire-zhong-shanshan?utm_source=rss_feed Tue, 09 Mar 2021 00:00:21 +0000 Mukesh Ambani might have enjoyed a sweet end to 2020 by welcoming his first grandchild, but the beginning of 2021 is less rosy – the Reliance Industries kingpin has been spectacularly booted from his position as Asia’s richest person. So who is the man who stole Ambani’s title, and what do we know about him? His name is Zhong Shanshan and his incredible rise from mushroom farmer and construction worker to the global rich list has enraptured the world. Here’s everything you need to know about the... https://www.scmp.com/magazines/style/news-trends/article/3116736/mukesh-ambani-dethroned-how-chinas-zhong-shanshan?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3116736/mukesh-ambani-dethroned-how-chinas-zhong-shanshan?utm_source=rss_feed Thu, 07 Jan 2021 03:22:07 +0000 The year was blighted by the Covid-19 pandemic, but that did not stop companies from tapping the Hong Kong stock market to raise funds. A bottled water maker, a detergent giant and new economy behemoths were among the 142 companies that pushed Hong Kong’s IPO fundraising to a 10-year high in 2020 at US$50.83 billion, according to Refinitiv data. Chinese companies occupied the top 10 blockbuster IPOs in Hong Kong, with five of them ranking in the global top 10. The Post looks at some of the... https://www.scmp.com/business/banking-finance/article/3116259/nongfu-spring-blue-moon-and-smoore-popular-ipos-provided?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3116259/nongfu-spring-blue-moon-and-smoore-popular-ipos-provided?utm_source=rss_feed Mon, 04 Jan 2021 00:30:10 +0000 Hong Kong and China stocks gained on Tuesday, after Chinese water bottler Nongfu Spring’s stellar trading debut offset a correction in technology stocks as well as a threat by US President Donald Trump to scale back economic ties between the United States and China. In Hong Kong, the Hang Seng Index edged up 0.1 per cent to 24,624.34, while the CSI300 index, which tracks the performance of the top 300 stocks on the Shanghai and Shenzhen exchanges, gained 0.5 per cent to 4,694.39. On the... https://www.scmp.com/business/markets/article/3100614/hong-kong-and-china-stocks-rise-early-trading-nongfu-spring-debut?utm_source=rss_feed https://www.scmp.com/business/markets/article/3100614/hong-kong-and-china-stocks-rise-early-trading-nongfu-spring-debut?utm_source=rss_feed Tue, 08 Sep 2020 03:06:01 +0000 Shares of Chinese bottled water giant Nongfu Spring soared in early trading on their debut on Tuesday, after receiving an overwhelming response from retail investors in Hong Kong, boosting the fortunes of Zhong Shanshan, its low-profile billionaire founder. The company, which is based in China’s eastern city of Hangzhou, saw its shares surge 85 per cent to HK$39.80 in market debut from an initial public offering price of HK$21.50. As many as 224.9 million shares valued at HK$8 billion (US$387... https://www.scmp.com/business/markets/article/3100606/chinese-bottled-water-giant-nongfu-spring-rises-71-cent-trading?utm_source=rss_feed https://www.scmp.com/business/markets/article/3100606/chinese-bottled-water-giant-nongfu-spring-rises-71-cent-trading?utm_source=rss_feed Tue, 08 Sep 2020 02:22:20 +0000 Nongfu Spring, which makes 60 per cent in profit for every bottle of water it sells, has become the hottest initial public offering (IPO) in Hong Kong’s financial history, locking up so much money that it sent the cost of funds soaring in the city. The company, based in the Zhejiang provincial capital of Hangzhou, offered 388.2 million shares at HK$21.50 each in Hong Kong, aiming to use its IPO proceeds of HK$8.35 billion to fund its growth. Instead, Nongfu’s retail shares were overbought by a... https://www.scmp.com/business/markets/article/3100484/chinese-water-bottler-nongfu-spring-soaks-more-third-hong-kongs?utm_source=rss_feed https://www.scmp.com/business/markets/article/3100484/chinese-water-bottler-nongfu-spring-soaks-more-third-hong-kongs?utm_source=rss_feed Mon, 07 Sep 2020 04:16:21 +0000 The upcoming listing in Hong Kong by Nongfu Spring, mainland China’s largest bottled water company by market share, is set to shine a spotlight on Zhong Shanshan, its low profile founder and controlling shareholder. Zhong, 65, is currently estimated to be worth US$11.6 billion, and is the 29th wealthiest person in China and the 160th richest person globally, according to Forbes. He holds a 87 per cent stake in Nongfu Spring, and its listing is expected to push him further up the ranks of China’s... https://www.scmp.com/business/companies/article/3098718/will-chinese-bottled-water-giant-nongfu-springs-hong-kong-ipo?utm_source=rss_feed https://www.scmp.com/business/companies/article/3098718/will-chinese-bottled-water-giant-nongfu-springs-hong-kong-ipo?utm_source=rss_feed Tue, 25 Aug 2020 06:30:11 +0000