China's Wealthiest Man Criticizes Tech Giants for Business Woes

• Zhong Shanshan, founder of Nongfu Spring Co., criticizes PDD Holdings and ByteDance for instigating a price war and spreading negative publicity.
• The fallout led to a $20 billion loss in market capitalization for Nongfu and Zhong's temporary dethronement from China's rich list.
• Zhong also criticizes the government for allowing ecommerce platforms to foster low-pricing trends.

Source: Bloomberg