Zhong Shanshan Criticizes Pinduoduo, ByteDance

Zhong Shanshan, chairman of Nongfu Spring and China's richest man, has publicly criticized Pinduoduo and ByteDance for their roles in damaging his company's reputation and initiating a price war that severely affected its market value. At a recent event, he condemned Pinduoduo's pricing strategy as harmful to Chinese brands, which has contributed to a broader price war in the e-commerce sector. Zhong also called for an apology from ByteDance's founder, Zhang Yiming, for the spread of misinformation about his company on platforms like Douyin and Toutiao, which he claims has caused significant reputational harm. Earlier this year, Zhong's company faced backlash for perceived Japanese aesthetics in its packaging, resulting in a consumer boycott that wiped billions off its market value. This public confrontation marks a notable shift in how business leaders in China address social media's impact on brand perception. Both Pinduoduo and ByteDance have not yet commented on Zhong's allegations.