China’s richest man risks losing crown after $17.5 billion wipeout

Quick Summary:

Nongfu Spring founder Zhong Shanshan has lost US$13 billion so far in 2024.

Soon after, Nongfu introduced a new purified water in direct competition with C’estbon, pushing prices to the floor.

To shore up confidence, Nongfu announced earlier in July that Mr Zhong intended to buy up to HK$2 billion of the company’s shares via Yangshengtang, a holding company he controls.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaHong KongJapanMali

Topics: Richest Billion Water Crown China’s Competition Nongfu Consumer Bottled Losing Risks

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 09:00:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 809 words

Reading Time: 5 minutes read

Sentences: 35 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 21742766

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