China: Vaccine tycoon has world's fastest growing fortune

WION Web Team New Delhi, Delhi, India Aug 06, 2020, 05.43 PM(IST)

Coronavirus vaccine Photograph:( AFP )

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In July alone, his net worth more than doubled, which is the fastest among the world's 500 richest people, and jumped by $14.3 billion in 2019

Potential coronavirus vaccine makers have seen a massive rise in their company's stocks if the drug has reported positive news to fight the deadly virus. And one such individual is Jiang Rensheng, chairman of Chongqing Zhifei Biological Products Co, whose wealth has seen a massive rise, making him enter.the club of China's ten richest people. 

The pharma company's shares have jumped 80 per cent since China's drug regulator gave green signal to clinical human trials of a potential vaccine to treat coronavirus. 

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This development has led to Jiang seeing his wealth soar up to $19.3 billion, according to the Bloomberg Billionaires Index. 

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In July alone, his net worth more than doubled, which is the fastest among the world's 500 richest people, and jumped by $14.3 billion in 2019. 

In a speech at his alma mater in May 2019, Jiang said social responsibility, not wealth is the true measure of success, reported Bloomberg. 

Chongqing Zhifei sells vaccines for diseases, including flu and meningitis and is China's sole marketer of a Merck & Co. treatment to avoid cervical cancer.

In the first six months of this year, Zhifei's net income rose up to 1.5 billion yuan or 30 per cent from last year. 

Interestingly, the pharma company has produced at least another billionaire this year. 

Wu Guanjiang, a former director of Chongqing Zhifei, has a stake of 8 per cent stake in the company, which doubled his fortune to $4.5 billion in 2020.