Chinese business tycoon Zhong Shanshan briefly became China's richest man after his net worth shot up to nearly $59 billion following Nongfu Spring's initial public offering (IPO) this week. Earlier in the year, Zhong was already on Forbes' 2020 Billionaires List. He ranked at No. 1,063 on the list with a net worth of only around $2 billion.

The 65-year-old businessman's wealth grew to about $10 billion in June after Beijing Wantai Biological Pharmacy Enterprise launched its IPO in Shenzhen. Zhong was one of the company's largest shareholders.

On Monday, Zhong's wealth skyrocketed to nearly $59 billion after Nongfu Spring's share prices hit a high of HK$39.20 per share in early morning trading. Zhong controls about 9.4 billion shares, or roughly an 84 percent stake, in the company.  Around 17 percent of the entire stake is directly controlled by the billionaire, while the rest of the 67 percent stake is controlled by his company Yangshengtang.

The stock's surge sent Zhong's net worth past the Alibaba's Jack Ma, with a net worth of $51 billion, and internet tycoon Pony Ma Huateng, with a net worth of $57 billion. This made him China's richest man, albeit for just a few hours. Nongfu's share prices eventually corrected and close at HK$33.10 per share, which sent Zhong's net worth to around $50 billion, making him China's third-richest man.

Nongfu initially set its IPO price at HK$21.50 per share. The company, which controls about 25 percent of China's lucrative bottled water market, sold a total of 224.9 million shares during its IPO. This made it one of the largest IPOs on the Hong Kong Stock Exchange this year.

Apart from being one of the largest, Nongfu's IPO broke new records after it managed to lock up around HK$677 billion in new capital. The retail tranche of the listing was overbought by about 1,147 times. Nongfu raised a total of HK$8.35 billion through the listing. During its first day trading, more than HK$8 billion or roughly $387 million worth of shares had changed hands.

Analysts have stated that the massive demand for Nongfu's stock can partly be attributed to the pent-up investor demand for new IPOs given their relatively low price when compared to the secondary listings launched by tech companies. Investors are also banking on the perceived demand for healthier drinks in China, particularly after the global pandemic.