(Bloomberg) — 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.
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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.
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 revenue growth would inevitably dwindle. The retreat was Huang’s biggest one-day loss ever, dropping him to fourth on Bloomberg’s ranking after briefly holding the top spot earlier this month.
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