Massive stock sell-offs erase $18bn from fortunes of China's richest, Nongfu Spring and PDD Holdings, amid investor concerns over China's economic health and reduced consumer demand.
Nongfu Spring and PDD Holdings, two of China's largest consumer companies, experienced massive stock sell-offs, erasing over $18 billion from the fortunes of China's wealthiest individuals, Zhong Shanshan and Colin Huang. The losses highlight investor concerns over China's economic health and reflect a lack of confidence in Chinese consumer spending due to reduced demand.
August 27, 2024
186 Articles