(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.
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.