(CNN Business) -
Meet the new richest man in China.
Zhong Shanshan, the founder of popular Chinese bottled water brand Nongfu Spring, surpassed Alibaba founder Jack Ma and is now the richest person in the country, according to the Bloomberg Billionaires Index.
Zhong was already the third richest person in China after his company went public (listed on the stock exchange) earlier this month with a highly successful listing in Hong Kong.
As of Wednesday, her estimated net worth had reached $ 58.7 billion, topping Ma's $ 56.7 billion, according to Bloomberg calculations.
Zhong's new status also puts him ahead of Pony Ma, who founded Tencent.
Unlike Jack Ma and Pony Ma, Zhong is not a tech entrepreneur.
Outside of his involvement with Nongfu Spring, he is the director of a vaccine manufacturer, Beijing Wantai Biological Pharmacy.
That company went public in Shanghai this year, which also helped boost Zhong's wealth.
"Normally, I would have expected the number one in China to come from [the technology]," said Rupert Hoogewerf, president of wealth research firm Hurun Report.
Zhong is also known for being more low-key and reclusive compared to other top business leaders, earning him the nickname "lone wolf."
"He is not known to have many entrepreneurial friends," said Hoogewerf, a long-time China observer living in Shanghai.
"He just goes about his own business."
But even before his latest success, Zhong's track record was impressive.
"Zhong Shanshan is one of the few people in China who built not just a $ 10 billion business, but two $ 10 billion businesses," Hoogewerf said.
"It is quite remarkable."
New generation of billionaires in China
Zhong's rise underscores the rapid pace of wealth creation in China.
At the beginning of this year, China was already home to the majority of the world's billionaires, with more than the United States and India combined, according to a list of the global rich compiled by the Hurun Report.
According to Bloomberg calculations, Zhong's estimated net worth was $ 20 billion last month, suggesting that he has tripled his fortune in just a few weeks.
The boom is expected to continue.
In recent months, a parade of initial public offerings (IPOs) has developed around the world, especially in China.
Hong Kong is the second most popular place in the world to trade on the stock market so far this year, behind only the high-tech Nasdaq New York, according to data provider Refinitiv.
The Shanghai Star Market, a Nasdaq-style tech tip launched last year, has also seen a big spike in activity lately.
IPOs and secondary listings have raised a total of $ 21.6 billion so far this year, according to Refinitiv.
And that's even before the widely anticipated mega-IPO of Ant Group, Alibaba's financial services arm, which is expected to be one of the largest listings in history.
Ant is preparing to hit the Shanghai and Hong Kong markets this year, which could raise as much as $ 30 billion.
The event could allow Jack Ma to regain his title as the richest man in the country.
A report released by Deloitte on Wednesday said that "several other developments are poised to sustain the predominant listing trend in mainland China and Hong Kong for the remainder of this year," including the passage of cross-listing rules and a new technology index in Hong Kong.
That will likely generate even more billionaires in China, Hoogewerf predicts.
Hoogewerf estimates that around 100 new billionaires will be created in China this year due to the IPO boom.
That's' one every four days.
Two a week, ”he said.
- Laura contributed to this report
billionaires in China
