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China's richest man slams 2 internet giants after Nongfu shares are battered
The Straits Times
|November 23, 2024
He accuses PDD of instigating price war and ByteDance of fanning online vitriol
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BEIJING - China's richest man lashed out at two of the country's biggest internet giants for fanning online vitriol targeting him earlier in 2024 and instigating a price war that wiped out tens of billions in market value of his bottled water empire.
At an event in Jiangxi province earlier in November, Mr Zhong Shanshan, founder of Nongfu Spring, accused online budget shopping platform PDD Holdings of disrupting a pricing system his firm has worked hard to uphold.
"The price system like Pinduoduo's does great harm to Chinese brands and industries," he said, according to local media reports.
The next day at another event, Mr Zhong demanded an apology from Mr Zhang Yiming, founder of TikTok owner ByteDance, for tolerating online trolls that wrongfully pitted him against the late founder of rival company Hangzhou Wahaha Group in online posts.
Denne historien er fra November 23, 2024-utgaven av The Straits Times.
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