Colin Huang Loses Title as China's Richest

A dramatic selloff in shares of China's two largest consumer companies has resulted in over $18 billion in losses for the country's wealthiest individuals. Zhong Shanshan, founder of Nongfu Spring, lost around $4 billion as his company's shares plunged by 12.9%, while Colin Huang of PDD Holdings saw his fortune drop by $14.1 billion—the largest single-day loss ever—after the company warned of slowing revenue growth. This downturn highlights increasing investor concerns about the health of China's economy, as both companies face fierce competition and changing consumer demand that has driven down prices and profit margins. Analysts suggest that the economic situation may be worse than perceived, especially as consumer staples like beverages and budget items should normally perform better. Both firms have also encountered public relations challenges this year, impacting their reputation and market confidence.