China’s richest man’s net worth plunges steepest among global billionaires

The wipeout was largest among 500 individuals in the Bloomberg Billionaires Index.

Zhong remains the richest man in China with a $52.2 billion net worth.

But the gap between him and the second richest individual in China is narrowing.

Tech entrepreneur Colin Huang, founder of online shopping platform PDD Holdings, now has a net worth of $47.3 billion.

Hong-Kong-listed Nongfu has seen its shares plunging by 20% since Feb. 1, besieged by a price war in its core bottled water space, Bloomberg reported.

“Recent issues with Hong Kong’s consumer watchdog regarding product quality, heightened competition in the sector amid decreased consumer spending, and a boycott earlier this year due to concerns over business practices are likely to have contributed to these apprehensions,” Bloomberg Intelligence consumer analyst Ada Li said, as cited in the report.

Many internet users earlier this year called for boycotting Nongfu. They said that Zhong’s son, who is expected to inherit his assets, holds a U.S. passport. They also questioned the family’s allegiance to China.

In a blow to Nongfu, its competitor Wahaha sales spiked.

Zhong has made efforts to set the record straight about his reported rivalry with the founder of Wahaha, but has been unable to calm tempers online, according to CNN.