(Bloomberg) -- Record-breaking stock selloffs in two of China’s biggest consumer companies erased more than $18 billion from the fortunes of the nation’s...
-- Record-breaking stock selloffs in two of China ’s biggest consumer companies erased more than $18 billion from the fortunes of the nation’s richest people, underscoring deepening investor concern over the health of Asia’s biggest economy.How the Cortiços of São Paulo Helped Shelter South America’s Largest City
The slide continued Tuesday, when the Temu owner’s shares dropped a further 4.1%, knocking another $1.4 billion from Huang’s riches. Tencent Holdings Ltd. co-founder Pony Ma now holds the second spot on Bloomberg’s tracker. PDD faced backlash last month as hundreds of merchants staged a rally outside its southern China offices, protesting what they called unfair penalties increasingly being levied by the company. And there’s growing regulatory scrutiny of its e-commerce giant Temu, with the European Union working on a proposal to close an import tax loophole for cheap goods bought online, a move that would impact Chinese retailers.
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