Jack Ma, the founder of online trading company Alibaba, has is no more China's richest man. The award was snatched from Jack Ma by Zhong Shanshan, the founder of a mineral water company.

Zhong founded a company called Nong Fu Spring in 1996 in the eastern Chinese province of Xinjiang.

According to the Bloomberg Billionaire Index, Zhong Shanshan has become the richest man in China with a net worth of USD 58.7 billion.

The main reason for the sudden increase in Zhong's assets is that his company, Beijing Wantai Biological Pharmacy Enterprise, which has partnered with two universities to develop a vaccine for the corona virus.

As of August this year, the company's assets had reached $20 billion.

According to data, Zhong has now become the second richest man in Asia, followed by Indian industrialist Mukesh Ambani and is now ranked 17th on the list of the world's 500 richest people.

It is believed that most of China's billionaires are in the technology sector, but the value of the technology company i.e. TikTok and WeChat have declined recently due to tensions between the US and China over Huawei.