Owner of China’s largest bottled water maker, Zhong Shanshan’s has overtaken Alibaba’s Jack Ma to become China’s richest man.

According to Financial Times report, Nongfu Spring founder, Zhong Shanshan’s net worth has hit $58.7 billion after a massive listing by the bottled water company in Hong Kong, following Bloomberg estimates that makes him richer than Mr. Ma, whose fortune dipped to $56.7bn after shares in e-commerce group Alibaba fell 0.9 percent in New York yesterday.

The wealth index said this has made him $2 billion richer than previous number one, Alibaba founder Jack Ma.

Zhong’s Nongfu Spring, which claims to be number one in China’s massive bottled water market, is everywhere across the country where most people reject tap water for health reasons.

The company has raised nearly $1.1 billion in its initial public offering.

Zhong, a 66-year-old former reporter from Zhejiang who was said to once be a construction worker, is often referred to by Chinese media as a “lone wolf” for his rare public appearances and reluctance to be interviewed.

He is the founder Nongfu whuch began in 1996, at the time China’s bottled water market began to take off.