Chinese Billionaire Takes Aim at Tech Firms
One of China’s richest people, Zhong Shanshan, has accused tech firms ByteDance and Pinduoduo of harming him and Chinese brands.
Zhong, 69, and his bottled water company Nongfu Springs have been facing intense pressure due to a price war and online personal attacks from nationalistic internet users, which have wiped billions of dollars off the company’s market value.
Criticism of Pinduoduo
At a public speech earlier this month, Zhong criticized Pinduoduo, a discount-focused e-commerce player founded by fellow billionaire Colin Huang, calling it "a huge harm for Chinese brands and Chinese industries." Pinduoduo is owned by PDD Holdings, which also runs Temu. The company has faced protests in the past from Temu merchants against its fees.
Criticism of ByteDance
At another event, Zhong took aim at ByteDance apps Toutiao and Douyin – the local version of TikTok – for not doing more to halt malicious rumors about him spreading online. "I hope Mr. Zhang Yiming, Douyin, Toutiao and all the media that have hurt me personally with rumors will apologize," he said. "I am waiting for your sincere apology! I’m waiting."
Reactions
Pinduoduo, ByteDance, and Nongfu Springs did not immediately respond to requests for comment on Zhong’s remarks, which sparked widespread discussion on Chinese social media.
Rankings
According to the Hurun China Rich List published at the end of October, Zhang is China’s richest person, with a personal wealth of US$49.3 billion, while Zhong is number two on the list with US$47.9 billion.
Conclusion
The feud between Zhong and the tech firms has highlighted the increasing tensions between traditional Chinese businesses and the country’s tech giants. The dispute may have implications for the future of China’s e-commerce landscape and the role of social media in spreading rumors and misinformation.
FAQs
Q: Who is Zhong Shanshan?
A: Zhong Shanshan is a 69-year-old Chinese billionaire and the founder of Nongfu Springs.
Q: What did Zhong say about Pinduoduo?
A: Zhong criticized Pinduoduo, calling it "a huge harm for Chinese brands and Chinese industries."
Q: What did Zhong say about ByteDance?
A: Zhong accused ByteDance apps Toutiao and Douyin of not doing enough to halt malicious rumors about him spreading online.
Q: How did the tech firms respond to Zhong’s remarks?
A: Pinduoduo, ByteDance, and Nongfu Springs did not immediately respond to requests for comment.
