How a 'Lone Wolf' tycoon created 68 millionaires with his water empire

 

Based on the HK$21.50 ($2.77) pricing, Zhong's 84% post-IPO stake in Nongfu is valued at $26 billion, putting his net worth at $38 billion.

He’s known as the “Lone Wolf.”

Zhong Shanshan has worked in construction, journalism, drug making and bottled water. Those last two endeavors have made him one of the world’s richest people, but he’s rarely quoted in the press, isn’t involved in politics and his business interests aren’t entwined with other rich families, such as the property tycoons. Hence the nickname.

That hasn’t hindered the popularity of Nongfu Spring Co., whose red-capped bottles are sold across China everywhere from mom-and-pop snack stalls to high-end hotels. The company is proving just as popular to investors. Its Hong Kong initial public offering was oversubscribed by 323 times by the end of last week and priced at the top of its marketed range.

Based on the HK$21.50 ($2.77) pricing, Zhong’s 84 per cent post-IPO stake in Nongfu is valued at $26 billion, putting his net worth at $38 billion. That would make him China’s third-richest man, behind Alibaba Group Holding Ltd.’s Jack Ma and Tencent Holdings Ltd.’s Pony Ma, according to the Bloomberg Billionaires Index.

Zhong, 65, is sharing some of his success. The prospectus lists 68 shareholders in addition to Zhong, with stakes ranging from 0.0063 per cent to 1.4 per cent. Some got their ownership last year, when the founder and his holding company transferred 0.79 per cent of Nongfu to 33 people as part of a staff incentive program.

“Often, the founders will put together these structures to name shareholders ahead of an IPO, or they might offer grants to long-time employees to reward them for sticking around to build the business with them,” said Clifford Ng, a partner at Zhong Lun Law Firm in Hong Kong. “It’s a fairly common practice in China, and you see it more in family-owned businesses who have had long-term employees.”

 

Asking banks to waive interest will adversely impact financial system: Govt

 

Solicitor General Tushar Mehta told the three-judge Bench that waiving interest or granting a blanket moratorium on repayment of loans will be a "knee jerk reaction".

The finance ministry and the Reserve Bank of India (RBI) told the Supreme Court on Wednesday that banks are playing a crucial role in reviving the economy. Hence, asking them to take a hit on interest rates will adversely affect the financial system as well as economic growth, the apex court was told.

Arguing on behalf of the Centre and the RBI, Solicitor General Tushar Mehta told the three-judge Bench that waiving interest or granting a blanket moratorium on repayment of loans will be a “knee jerk reaction” and not in the best interest of the economy.

The apex court said it will hear the matter again on Thursday even as a number of sectoral bodies joined hands with the original petitioner demanding waiver of interest, or waiver of interest on interest on the suspended monthly instalments during the moratorium period.

These included real estate bodies from various states, hotel associations, Association of Power Producers, and bodies representing shopping centres and malls, among others.

The Bench was hearing a plea, challenging levy of interest on loans during the moratorium period.

The plea, filed by Agra resident Gajendra Sharma, sought a direction to declare the portion of RBI’s March 27 notification as something beyond the RBI’s legal power or authority. That is, to the extent it charges interest on the loan amount during the moratorium period. It said this creates hardship to the petitioner, being the borrower, and is a hindrance and obstruction in ‘right to life’ guaranteed by Article 21 of the Constitution of India.

Sero survey shows 21.5% of those tested developed immunity against Covid-19

 

A total of 21.5% of those who were tested as part of a serological survey in Chennai were found to have developed immunity against coronavirus, the Greater Chennai Corporation (GCC) said.

A total of 21.5 per cent of those who were tested as part of a serological survey in Chennai were found to have developed immunity against coronavirus, the Greater Chennai Corporation (GCC) said.
Samples of upwards of 12,000 people, who were selected at random, had been collected in July and tested as part of the test, which showed 21.5 per cent of people have developed immunity, GCC Commissioner Prakash said at a press conference here on Tuesday.

The GCC Commissioner, however, urged people to follow the guidelines and SOPs for the disease, at least for the coming three months even after relaxations came into force, and to continue wearing face masks and avoid unnecessary travelling.

He also said that with relaxations being announced contact tracing would become more difficult, therefore, family members of the symptomatic patients and office premises, in case an employee tests positive, will have to be canceled.

Prakash said that the COVID-19 positivity rate has reduced from 30 to nine per 100 persons.

As per the Union Health Ministry on Tuesday, Tamil Nadu had 52,578 active coronavirus cases, while 3,68,141 persons have been cured and discharged in the state. The state has also reported a high 7,322 number of deaths due to the infection.

NASA congratulates Indian astronomers on Star Galaxy discovery

 

NASA has congratulated Indian astronomers on the discovery of one of the farthest Star galaxies in the universe estimated to be located 9.3 billion light-years away from Earth.

Washington DC [USA], September 2 (ANI): The National Aeronautics and Space Administration (NASA) has congratulated Indian astronomers on the discovery of one of the farthest Star galaxies in the universe estimated to be located 9.3 billion light-years away from Earth.

Speaking about the achievement to ANI on Tuesday, NASA described this discovery as an effort that will further humankind's understanding. "NASA congratulates the researchers on their exciting discovery," NASA's Public Affairs Officer Felicia Chou told ANI.

Chou further added, "Science is a collaborative effort around the world, and discoveries like these help further humankind's understanding of where we come from, where are we going, and are we alone."

India's first Multi-Wavelength Space Observatory "AstroSat" detected extreme-UV light from a galaxy located 9.3 billion light-years away from Earth. The galaxy called AUDFs01 was discovered by a team of astronomers led by Dr Kanak Saha from the Inter-University Centre for Astronomy and Astrophysics(IUCAA) Pune.

India's AstroSat/UVIT was able to achieve this unique feat because the background noise in the UVIT detector is much less than one on the Hubble Space Telescope of US-based NASA.

Director of IUCAA, Dr Somak Ray Chaudhury, stated that the discovery offers a very important clue to how the dark ages of the Universe ended and there was light in the Universe. "We need to know when this started, but it has been very hard to find the earliest sources of light," he said.

India's first Space Observatory AstroSat, was launched by the Indian Space Research Organization (ISRO) on September 28, 2015.

Microfinance body issues advisory for member firms as moratorium ends

 

Reserve Bank of India (RBI), in March, had announced a moratorium on repayment of term loans in order to provide relief to borrowers impacted by the Covid-19 related disruptions.

Microfinance Institutions Network (MFIN), an industry association for the microfinance industry, on Tuesday said it has issued an advisory to its members on engaging with borrowers after the RBI moratorium ended on August 31, 2020.
Reserve Bank of India (RBI), in March, had announced a moratorium on repayment of term loans in order to provide relief to borrowers impacted by the Covid-19 related disruptions. Initially, the moratorium was allowed till May 31 but was later extended till August 31.

MFIN said the detailed advisory is a reiteration of points covered in Industry Code of Conduct and Code of Responsible Lending such as fair interactions with borrowers, ensuring transparency, training for employees engaging with borrowers, among several others and also covers safeguards for Covid-19.

"There could be borrowers who might be facing stress. All providers (of microcredit) agree that we must continue to show empathy with these borrowers and allow them time to get on their feet, even though credit discipline is important," MFIN's CEO and Director Alok Misra said in a release.

There is a need to handhold those who availed the moratorium and are willing to repay with relevant documents; revised loan card, accrued interest amount, changes in repayment amounts and schedule, tenure, among others, he added.

MFIN, a RBI-recognised self-regulatory organisation, has a Customer Grievance Redressal Mechanism (CGRM) in place wherein any customer can complain on its toll-free number 1800 102 1080, the release said.

MFIN members include 56 NBFC-MFIs (Non-Banking Financial Company- Microfinance Institutions) and 40 associates, including banks, small finance banks and NBFCs.

Google, Apple launch coronavirus exposure notifications to phones

 

Contributing in the fight against Covid-19, Apple and Google are launching a new auto-generated software framework to help states deploy their own contact tracing apps.

Contributing in the fight against COVID-19, Apple and Google are launching a new auto-generated software framework to help states deploy their own contact tracing apps.

According to The Verge, the app developed as an extension of the earlier exposure notification framework, allows public health authorities to avoid the broader development work of launching a standalone app, simply configuring the basic framework to their state's needs.

"As the next step in our work with public health authorities on Exposure Notifications, we are making it easier and faster for them to use the Exposure Notifications System without the need for them to build and maintain an app," The Verge quoted Apple and Google's statement.

"Exposure Notifications Express provides another option for public health authorities to supplement their existing contact tracing operations with technology without compromising on the project's core tenets of user privacy and security," the statement further read.

However, the existing applications will not be affected by the new framework, and adopting the framework will not prevent states from launching more involved apps in the future.

 

Apple asks suppliers to make 75 million 5G iPhones for later this year

 

The company expects shipments of these next-generation iPhones to reach as high as 80 million units in 2020, the report said, citing people familiar with the matter.

Apple Inc has asked suppliers to make at least 75 million 5G iPhones for later this year, along with new Apple Watch models, a new iPad Air and a smaller HomePod, Bloomberg News reported on Tuesday.

The company expects shipments of these next-generation iPhones to reach as high as 80 million units in 2020, the report said, citing people familiar with the matter.

Apple is aiming to launch four new iPhone models next month with 5G wireless speeds, a different design and a wider choice of screen sizes, Bloomberg reported, adding lower-end phones are expected to be shipped sooner than the Pro devices.

Apple is also preparing a new iPad Air with an edge-to-edge iPad Pro-like screen, two new Apple Watch versions and its first over-ear headphones outside the Beats brand, according to the report.

The company has also been developing a new Apple TV box with a faster processor for improved gaming and an upgraded remote control, although it might not ship until next year, Bloomberg reported.

Apple did not immediately respond to a Reuters request for comment.