Besieged by a price war in China’s bottled water market, Zhong Shanshan’s company has found itself on the wrong side of the country’s increasingly nationalistic consumers.
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 around the world as intensifying competition and mishaps plague the bottled water giant he founded.., has lost $US13 billion so far in 2024, according to the Bloomberg Billionaires Index, with a fortune of $US54.8 billion as the beginning of this week. That keeps him a whisker above Colin Huang, founder of online shopping platform PDD Holdings.
This has led to an almost 20 per cent plunge in its share price since February 1, compared to a roughly 6 per cent rise for PDD, with its dirt-cheap products and aggressive deals.
Nongfu didn’t immediately respond to a request for comment about its founder’s wealth and any setbacks it’s encountered this year.Earlier this year, the company — and Zhong himself — were barraged by criticism after the February death of Zong Qinghou, founder of key rival Hangzhou Wahaha Group. In April, China Resources Beverage Holdings filed for a Hong Kong listing, a move set to provide additional resources for its bottled water brand C’estbon — one of Nongfu’s major competitors.
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