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The Times of India
The Times of India
World
Bloomberg

China’s two richest people lose billions in consumer stock rout

China Colin Huang Economy PDD Zhong Shanshan Asia

Record-breaking stock selloffs in two of China’s biggest consumer companies erased more than $18 billion from the fortunes of the nation’s richest people, underscoring deepening investor concern over the health of Asia’s biggest economy.

China’s wealthiest person, Nongfu Spring Co founder Zhong Shanshan, lost some $4 billion as the beverage giant’s shares fell as much as 12.9% Wednesday in Hong Kong, according to the Bloomberg Billionaires Index, leaving him with a total of $45.5 billion.

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