Auto-generated video transcript:
The richest man in China is almost invisible. Something strange happened when we started planning and researching this video. When you look for information on Zhong Shanshan, you find almost none. But it this story from Waxter riches is one that deserves to be told. We will explore the life of the construction worker, reporter, farmer, salesman, founder, CEO and loving father and how he rose from nothing against all the odds to become China’s most successful businessmen, leading one of the most successful IPOs of all time.
Samsung was born in 1954 in Hong Kong, a city in Eastern China. Not much is known about his early childhood due to Shanshan’s private nature, which has earned him the nickname the Lone Wolf. The only thing known about Shanshan was that he grew up in a working class family that worked tirelessly to ensure that he would grow up with a high quality education, just like most Chinese parents do. But something unexpected happened.
In 1966, the Cultural Revolution happened in China. This was a period characterized by mass violence and chaos. Massacres took place nationwide in which cannibalism frequently occurred. China was now in a battle with itself for the spirit of its people, and as a result, Shanshan, still a young child, had his education prematurely cut off. With seemingly his future taken away from him.
A young Shanshan had nothing to lose in everything to gain, he often would work labor jobs in construction as bricklayer or Carpenter in order to support his family. However, despite these hard times, Samsung believed deep down inside that he was destined for more. The long hours and the grueling labor have made him hungry, resilient and ruthless, and this made him very dangerous.
In 1997, a year after the Cultural Revolution ended, Samsung had saved up enough money and enrolled into Cech Young Radio and TV University, where he studied Chinese. Soon after graduation, he got his first job as a reporter for Setshank Daily. This is where a young and ambitious Shanshan began to see his opportunity to break into business. As a reporter, he would often rub shoulders interviewing startup businessmen where he quickly became intrigued by the prospect of starting his own business. During these times, China was undergoing a massive transformation as the country ramped up its efforts to accelerate economic growth with the backing of a new Communist government through opening up its borders for foreign investment.
This became known as Special economic zones, where foreign and domestic investments can be made by the people, for the people, without the authorization of the central government. And in 1988 Heinan became a Special economic zone and became China’s largest city. It was at this time that Jong knew what he had to do. He immediately quit his media job and ambitiously moved two 0 km away to Hannan, a growing island in the south. During this time in the 90s, he tried his hand in several sectors, including setting up his own newspaper, farming mushrooms and prawns and selling Chinese turtle medicine, which all led to failure.
But despite his trials, he did not give up because he knew deep down in sight it was only a matter of time before he would find the right business.
And during his time as a sales agent for Baja, a bottle company in China, Shanshan saw a once in a lifetime opportunity which will ultimately change his life in this country forever.
In 996, Jung found his own bottled company, Nang Fu Spring, in his hometown, Hanjo. Initially, sales from the company came from selling water, which was bottled from nearby reservoir to local vendors. However, the company’s growth accelerated off the back of two major factors. First, the ultimate opportunity. China’s tap water is largely undrinkable.
The Ministry of Water Resources reported that more than 80% of can’t respond water was unsafe for consumption. This, in combination with China’s huge economic upturn, result in a massive demand for bottled water. The International Bottled Water Association estimates that in 2013, China consumed 39.5 billion liters of bottled water compared to just 2.8 billion liters in 1997. During this time, majority of bottled water in China was distilled as there was increasing scientific report showing evidence that distilled water was not the healthiest, Nongfu Spring made a strategic decision and stopped removing the natural minerals out of their water and as a result became hugely popular. This cutter polluted Nankfu Spring to be the major player in the beverage production industry in China.
According to the research conducted by Nielsen, Ngfu Spring became China’s most popular bottled water in 2012 and has held the title for the past nine consecutive years since. Ngfu currently occupies approximately 26% market share and remains dominant within the beverage industry.
Today, Shanshan sits at a throne of greatness, a modern King. But even with all its success, the Lone Wolf is still not yet satisfied. In 2020, Nonfu Spring went public on the Hong Kong Stock Exchange, one of the most iconic and successful IPOs in the Exchange’s history. Pre IPO ninefour raised 1.1 billion on the first day of trading September 8. Shares closed at plus 54% from opening.
Shanshan’s 84.3 of stake in Non Fu was worth 40 point 33 billion by the end of the day, instantly shooting him up the leaderboards to become China’s wealthiest person and even briefly made Samsung the wealthiest person in all Asia. In 2020, Samsung also took over Beijing One Thai, a major Pharmaceuticals company. As of February 2022, Beijing One Thai has market cap of $172,000,000. Shanshan’s success did not go unnoticed where he quickly gained the reputation and dubbed the nickname the Lone Wolf due to the low profile he keeps, which is a truly ironic twist from the guy who once was a business reporter. But it says a lot about his mentality, his determination, grit and ultimately his hardships made him into the man that he is today.
I don’t like making friends with business people in the business world. I want it to be just business.
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