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China’s richest man faces US$13bn loss, crown at risk

Source: TodayFeedsMedia

24/07/2024

Zhong Shanshan
China’s richest man is at risk of losing the pole position he’s held for almost three years, with his wealth slipping the most among billionaires worldwide as intensifying competition and public relations challenges plague his bottled water giant.

Zhong Shanshan, chairman of Hangzhou-based Nongfu Spring, has lost US$13 billion so far in 2024, according to the Bloomberg Billionaires Index, with a fortune of US$54,8 billion as of Monday.

That keeps him a whisker above Colin Huang, founder of online shopping platform PDD Holdings Huang’s fortune stands at US$47,3 billion.

The potential changing of the guard reflects a consumer sector that’s increasingly complex for businesses to navigate, as the economy slows and competition from upstart brands intensifies.

Besieged by a price war in its core bottled water space, Hong Kong-listed Nongfu has also found itself on the wrong side of growingly nationalistic and health-conscious Chinese in recent months.

This has led to an almost 20 percent plunge in its share price since February 1, compared to a roughly 6 percent rise for PDD, with its dirt-cheap products and aggressive deals. — Bloomberg.

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