China’s 'bottled water king' Zhong Shanshan's wealth surges past Warren Buffett

The stock opened 85.3 per cent higher than its IPO price of HK$21.50 each before retreating.

Five cornerstone investors led by fund manager Fidelity, hedge fund Coatue, and Singapore's GIC, have subscribed for the stock.

Buffett has a history of blasting asset managers for charging high management fees and collecting performance fees on gains that sometimes don’t beat broader markets.

Nongfu is the leading bottled water producer in China and is a top three player in the bottled tea and juice market.