China’s Two Richest People Lose Billions In Stock Rout

Record-breaking stock selloffs in two of China’s biggest consumer companies erased more than $16 billion from the fortunes of the nation’s richest people, underscoring deepening investor concern over the health of Asia’s biggest economy, Lulu Shen and Pui Gwen Yeung reported for Bloomberg News.

China’s wealthiest person, Nongfu Spring Co. founder Zhong Shanshan, lost approximately $3 billion. I Photo: China Daily

China’s wealthiest person, Nongfu Spring Co. founder Zhong Shanshan, lost approximately $3 billion as the beverage giant’s shares fell by a record 10% last week in Hong Kong, according to the Bloomberg Billionaires Index, leaving him with a total of $46.6 billion.

Meanwhile, PDD Holdings Inc. founder Colin Huang’s wealth tumbled by $14.1 billion on Monday, as shares fell the most in company history after it warned that revenue growth would inevitably dwindle.

The retreat marked Huang’s biggest one-day loss ever, dropping him to fourth on Bloomberg’s ranking after briefly holding the top spot earlier this month.

The slide continued on Tuesday when the Temu owner’s shares dropped a further 4.1%, knocking another $1.4 billion from Huang’s fortune. Tencent Holdings Ltd. co-founder Pony Ma now holds the second spot on Bloomberg’s tracker.

Their respective wealth plunges underscore shaky longer-term confidence in Chinese consumption, where many of the world’s biggest businesses are facing a slowdown in demand.