Consumer
China’s Two Richest People Lose Billions in Consumer Stock Rout
- Founders of Nongfu, PDD see fortunes slip as companies tumble
- Highlights investors’ growing concerns about Chinese economy
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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.
China’s wealthiest person, Nongfu Spring Co. founder Zhong Shanshan, lost some $3 billion as the beverage giant’s shares fell by a record 10% Wednesday in Hong Kong, according to the Bloomberg Billionaires Index, leaving him with a total of $46.6 billion.