China has a new richest person, with Jack Ma dethroned

The initial public offering of bottled-water company Nongfu Spring Co. — which turned out to be Hong Kong’s most popular among retail investors — propelled Zhong to China’s top three richest earlier this month. That came after the April listing of vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. pushed his net worth to $20 billion by early August.

Zhong has surpassed Ma as China’s wealthiest.

Zhong now leads a wealth ranking in China that is typically dominated by people who made their fortunes from tech companies.

While Zhong has surpassed Ma as China’s wealthiest, the tech tycoon might soon regain the top spot, which he’s held for most of the past six years after Alibaba went public in the U.S. Ant Group’s IPO next month is poised to boost his fortune, with his stake estimated at $28 billion if the company achieves the $250 billion valuation people familiar with the matter have said it’s targeting.

Wednesday was brutal for U.S. tech stocks, which tumbled the most since earlier this month. The plunge in Musk’s wealth was the biggest among the people on the Bloomberg ranking of the world’s 500 richest, followed by Bezos, whose net worth dropped by $7.1 billion. Musk is now worth $93.2 billion and Bezos $178 billion. Zhong added almost $4 billion Wednesday, more than anyone else in the index.