look news india
Mumbai: The wealth of owners of two of China's largest consumer electronics companies has fallen by more than $18 billion this week as a result of a drop in their share prices. Stock prices fell due to the massive sell-off.
Zhong Shanshan, a Chinese billionaire who founded Nongfu Spring Company, has lost $4 billion. The share price of this cold drink company fell by 13 percent in the Hong Kong market on Wednesday.
Additionally, PDD Holdings founder Colin Huang's wealth fell by $14.10 billion on Monday, according to the Bloomberg Billionaires Index.
The company's share price took a hit after it warned of a decline in revenue.
Many of the world's largest companies operating in China are currently in trouble as demand has slowed down due to the economic slowdown in China. Reports also say that Chinese companies are engaged in a price war to capture customers.
China's economy does not look strong, given the poor condition of consumer companies like Nongfu and PDD.