#nongfu spring

[zhu-yilong-laying-on-things]

[theleadersglobe]

Nongfu Spring Shares Drop 12% Amid Slowing Profit Growth

Shares of Nongfu Spring, China’s largest bottled water producer, fell by 12% on Wednesday. This decline follows a report revealing a significant slowdown in the company’s profit growth for the first half of the year. Nongfu Spring’s stock, listed on the Hong Kong exchange, has plummeted over 41% in 2024.

The company’s net income reached 6.24 billion yuan ($876 million), marking an 8% increase compared to the same period last year. However, this growth is a sharp decrease from the 23.3% rise reported in the first half of 2023. Analysts are concerned about this dramatic slowdown.

Read More: (https://theleadersglobe.com/business/nongfu-spring-shares-drop-12-amid-slowing-profit-growth/)

[food-and-bevarage]

🌟 Latest Research Report on Sparkling Coffee Market ☕

The 2024 research report on the Sparkling Coffee Market presents an in-depth analysis of the industry, uncovering key trends, opportunities, risks, and drivers. 📊 It provides a detailed assessment of the market's size, revenue, volume, and product portfolios, as well as the capacities and financials of leading players in the sector. This study also delves into various industry segments and provides essential insights for navigating challenges like those presented by COVID-19. 🌍

Market Snapshot:

According to Straits Research, the global Sparkling Coffee Market was valued at USD 1.47 Billion in 2022. The market is expected to soar, projected to reach USD 4.49 Billion by 2031, growing at a robust CAGR of 13.2% from 2023 to 2031. 🚀

For detailed insights, download the sample PDF of the report here: Sample Report 📄

🍹 Top Key Industry Players 🎯

The Sparkling Coffee Market is shaped by a handful of pioneering companies that drive innovation and growth. These include:

DrinkVIVIC

MATCHLESS COFFEE SODA

Keepers Sparkling Coffee

Upruit

Union Coffee

Paul

Slingshot Coffee Co.

Nongfu Spring

Stumptown Coffee Roasters

Manhattan Special

🔍 Sparkling Coffee Market Segmentation Analysis 📊

Thanks to the segmentation in the Sparkling Coffee Market, the industry is broken down into more manageable sub-segments, based on:

Product Type

Caffeinated

Decaffeinated

Distribution Channels

Hypermarket & Supermarkets

Convenience Stores

Online Platforms

Others

Explore the full segmentation here: In-depth Segmentation 🔍

🌍 Regional Analysis of the Sparkling Coffee Market 📈

The regional analysis section of the report takes a closer look at global trends and how various countries and regions are performing in the Sparkling Coffee sector. This section covers countries such as:

United States, Canada, Mexico

Germany, France, United Kingdom, Russia, Italy

China, Japan, India, Southeast Asia

Australia, Brazil, Saudi Arabia

North America, Europe, Asia-Pacific, South America, Middle East & Africa

The regional market performance is analyzed with a focus on volume, sales growth, and market share for each key country and region.

🚀 New Additions in the 2024 Report 🆕

This year, the report has been expanded and enhanced with several new features, such as:

Expanded Industry Overview: A more comprehensive view of the market landscape.

In-Depth Company Profiles: Detailed insights into leading market players.

Customized Reports & Analyst Support: Tailored research and direct access to experts.

Insights on Market Developments: Recent trends and future growth opportunities.

Regional/Country-Specific Customization: Tailor your report to your region’s needs.

🔑 Key Highlights 🌟

Market Overview: Understand the scope of the Sparkling Coffee Market, including product types, applications, and regional breakdowns.

Manufacturer Profiles: Dive deep into leading manufacturers, their business activities, market share, and financial performance.

Competitive Landscape: Gain insights into the strategies of top competitors in the market.

Market Segmentation Analysis: Understand how each market segment performs and its growth potential.

Regional Market Trends: Explore regional sales, revenues, and market share data to assess where the growth is happening.

💡 Why Should You Purchase This Report? 📈

Comprehensive Information: Access extensive research, data, and insights that would be difficult to gather on your own.

Enhanced Decision-Making: Make informed strategic decisions for investments, product development, and marketing.

Competitive Advantage: Stay ahead of the competition by understanding market dynamics and competitor strategies.

Credibility & Reliability: Trust data that’s been rigorously researched and authored by industry experts.

Cost-Effective Research: Save time and money with this comprehensive and well-researched report.

To understand the impact of COVID-19 on the market, check out the full details here: Covid-19 Impact 📊

📬 Contact Us

Email: sales@straitsresearch.com Address: 825 3rd Avenue, New York, NY, USA, 10022 Tel: UK: +44 203 695 0070 | USA: +1 646 905 0080

Straits Research is dedicated to providing top-tier market research services, offering tailored reports and insights that help businesses make informed, data-driven decisions. We specialize in providing customized research to fit your unique needs and challenges. 🌟

[bbcnews03]

China’s Wealthiest Man Criticizes Tech Giants and Government Inaction in Rare Public Reproach

China’s richest man, Zhong Shanshan, founder of beverage giant Nongfu Spring, has openly criticized online shopping platforms for triggering price wars that he claims have harmed businesses and industries amid the nation’s economic slowdown.

In a rare and bold statement, Zhong also directed criticism at the Chinese government, accusing it of being "negligent" in addressing the destructive trend of aggressive pricing strategies.

His remarks, made during a visit to a county in eastern China on Tuesday, were quickly censored by state-controlled media, reflecting the highly sensitive nature of such critiques.

Zhong specifically targeted Pinduoduo, a popular e-commerce platform owned by PDD Holdings, for its role in damaging Chinese brands and industries.

"Internet platforms have disrupted our pricing system," he said, according to the state-owned media outlet The Paper. "Pinduoduo’s pricing model has caused significant harm.

It’s not just a matter of bad money driving out good money—this has become the orientation of entire industries, with pricing dictating everything."

Public criticism of the government is exceedingly rare among Chinese business leaders, as those who speak out often face repercussions. Zhong’s comments stand out as an unusual and direct rebuke of both corporate and governmental practices in China’s evolving economic landscape.

Pinduoduo has experienced rapid growth in recent years, fueled largely by its aggressively competitive pricing strategies.

During the same press conference where he criticized Pinduoduo, Zhong Shanshan, China’s wealthiest individual, also took aim at the government, accusing it of failing to address this damaging trend.

These additional remarks, which were not widely covered by state media, were shared through a transcript published by Sina Technology and various videos circulated by news outlets.

"The government has not stepped in to address this industry orientation, and I believe it has been negligent in its duty," Zhong said.

CNN has reached out to Nongfu Spring and Pinduoduo (PDD) for comment.

A Nation of Budget-Conscious Consumers

Zhong’s remarks echo growing concerns about the impact of shifting consumer behaviors and business practices in China. Platforms like Pinduoduo have thrived by appealing to penny-pinching consumers in an economy marked by slowing growth.

This isn’t the first time a prominent business leader has openly criticized the system. In November 2020, Alibaba co-founder Jack Ma publicly condemned China’s banks and financial regulators. The backlash was swift:

Ant Group, Alibaba’s financial affiliate, was forced to cancel its record-breaking $37 billion IPO, and Ma largely withdrew from public life as Beijing launched a sweeping crackdown on the tech industry.

Among the companies affected by this regulatory tightening was Pinduoduo. Founded in 2015 by Colin Huang, the e-commerce startup has rapidly grown into a major player, leveraging shifts in consumer habits in the world’s second-largest economy. It also shares ownership with Temu, another rising star in online retail.

Zhong’s criticisms highlight the tension between innovation-driven growth and the challenges of maintaining fair market practices in an increasingly competitive landscape.

As China’s economy slows and job opportunities diminish, consumers are tightening their belts, cutting back on everything from groceries to electronics and even cars.

To attract budget-conscious buyers, brands—including those catering to premium markets—have increasingly resorted to discounts and special offers. The ripple effects of this shift have been widespread.

Zhong Shanshan’s recent remarks come at the close of a challenging year for the billionaire. Earlier this year, he faced backlash from nationalist critics who accused him of lacking patriotism. The campaign significantly impacted his beverage company, Nongfu Spring, slashing its sales and driving down its stock value.

According to Bloomberg, this nationalist-driven controversy erased tens of billions from Nongfu’s market capitalization, and by August, it had cost Zhong his title as China’s richest person. He was overtaken by Colin Huang, the founder of Pinduoduo, who remains a major shareholder in the company.

However, Zhong has since reclaimed the top spot on China’s rich list, with an estimated net worth of $52.2 billion, according to the Bloomberg Billionaires Index. Despite his financial recovery, his comments highlight the strains facing both businesses and consumers in China’s shifting economic landscape.

[everytechever]

TikTok Founder Becomes China’s Richest Person

TikTok founder Zhang Yiming tops China’s 2024 Rich List, with a net worth of $49.3 billion, according to Hurun Research Institute. Zhang Yiming is now the 18th person to hold the title of China’s richest individual since the Hurun China Rich List began in 1999. He takes over from Zhong Shanshan, founder of Nongfu Spring, who held the spot for three years. Zhang co-founded ByteDance, the company…

[josuejuniorworld]

Fundador do TikTok, Zhang Yiming, Torna-se o Homem Mais Rico da China

Zhang Yiming, fundador da ByteDance, empresa responsável pelo TikTok, é agora a pessoa mais rica da China, com uma fortuna avaliada em US$ 49,3 bilhões. O levantamento, realizado pelo Instituto de Pesquisa Hurun, mostra que o crescimento dos lucros da ByteDance em cerca de 30% no último ano consolidou a posição de Zhang no topo do ranking, desbancando Zhong Shanshan, presidente da Nongfu Spring,…

[babytyrantsandwich]

Shares of Nongfu Spring, China’s largest bottled water producer, fell by 12% on Wednesday. This decline follows a report revealing a significant slowdown in the company’s profit growth for the first half of the year. Nongfu Spring’s stock, listed on the Hong Kong exchange, has plummeted over 41% in 2024. Read more

[touchaheartnews]

Colin Huang Becomes China’s Richest Person

Colin Huang, the 44-year-old founder of Temu and Pinduoduo, has ascended to the position of China’s richest person, surpassing Zhong Shanshan, the bottled-water magnate and founder of Nongfu Spring. Zhong had held the title since April 2021. Huang’s rise to wealth has been driven by China’s evolving shopping habits and the success of his ventures in the e-commerce sector. As of now, Colin Huang’s…

[leprivatebanker]

Chinese bottled water group demands apology from consumer watchdog

Nongfu Spring criticises Hong Kong body after it released report detailing levels of bromate in 30 samples

[zhu-yilong-laying-on-things]

[waywardunknowntheorist]

Natural Mineral Water Market Analysis, Strategic Assessment, Trend Outlook, and Business Opportunities 2031

The “Natural Mineral Water Market Share, Size, and Trends | 2031” is market research by The Insight Partners. The Natural Mineral Water market has perceived tides of change in the recent past. This study offers precise projections after detailed scrutiny of a range of factors impacting the business.  Considering the present market scenario, this report brings forward correct predictions on revenue, market size, and CAGR of the Natural Mineral Water market. The novel market research which is based on a fact-based foundation is now accessible for purchase. This report can make a variance in wide decision-making and drive business forward in the right direction.

Business is no longer a game of instincts when it comes to capitalizing on new production lines. In a highly competitive Natural Mineral Water market, companies may face several challenges. Having trusted market research is always endorsed for both veteran and new entrants. Natural Mineral Water Market report presents a thorough analysis of local, regional, and global market scenarios through the following details.

Report Attributes

Details

Segmental Coverage

Type

Flavored

Plain

Packaging type

Bottles

Cans

Others

Distribution channel

Supermarkets and Hypermarkets

Convenience Stores

Online Retail

Others

Geography

North America

Europe

Asia Pacific

and South and Central America

Regional and Country Coverage

North America (US, Canada, Mexico)

Europe (UK, Germany, France, Russia, Italy, Rest of Europe)

Asia Pacific (China, India, Japan, Australia, Rest of APAC)

South / South & Central America (Brazil, Argentina, Rest of South/South & Central America)

Middle East & Africa (South Africa, Saudi Arabia, UAE, Rest of MEA)

Market Leaders and Key Company Profiles

Nestl?

PepsiCo

The Coca-Cola Company

DANONE

Primo Water Corporation

FIJI Water Company LLC

Gerolsteiner Brunnen GmbH and Co. KG

VOSS WATER

Nongfu Spring

RHODIUS Mineralquellen und Getr?nke GmbH and Co. KG

Other key companies 

Competitive Landscape

Knowing the state of rivals is a strategically right move to outperform them. This report is the right place to explore key strategies, developments, and recent launches by key Natural Mineral Water market players. This report emphasizes an analysis of business strategies and expected growth opportunities for brands.

Key Coverings:

Current and Future Market Estimates- Natural Mineral Water Market Share, CAGR, and Forecast | 2031

Market Dynamics – Drivers, Challenges, Regional Trends, and Market Opportunities

Market Segmentation – Product, Application, End-use Industries, and Regional Growth Prospects.

Competition Matrix – Key Market Players and Strategies

Recent Developments and Innovation Contributing Market Growth

Need a Customized Market Research Report?

You can always share any specific requirements that you have, and our team will adjust the scope of research offerings as per your needs.

The following are some customizations our clients frequently ask for:

The Natural Mineral Water market report can be customized based on specific regions/countries as per the intention of the business

The report production was facilitated as per the need and following the expected time frame

Insights and chapters tailored as per your requirements.

Depending on the preferences we may also accommodate changes in the current scope.

Key Questions Addressed in the Natural Mineral Water Market Research Include:

What are present Natural Mineral Water market values, and what can be expected in the upcoming decade?

What are the key segments in the Natural Mineral Water market?

What is the regional distribution of the Natural Mineral Water market report?

What are the key players and their recent strategies?

What are the key factors driving Natural Mineral Water market growth?

What are regulatory concerns and requirements businesses have to compel?

About Us:

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us: www.theinsightpartners.com

[robertsteven65]

Bottled Water Market Brand Differentiation Strategies

Bottled Water Market is anticipated to be USD 551.2 billion by 2033. It is estimated to record a steady CAGR of 5.3% in the Forecast period 2023 to 2033. It is likely to total USD 328.9 billion in 2023.

The bottled water market refers to the global industry dedicated to producing, distributing, and selling water packaged in bottles, typically made from plastic or glass, for human consumption. This market encompasses various types of bottled water, including purified water, which is treated to remove impurities; spring water, sourced from natural springs; and mineral water, containing natural minerals and trace elements. 

The industry operates through an intricate supply chain, involving extraction, purification, bottling, distribution, and retail, with major players ranging from multinational corporations to local producers.

In recent decades, the bottled water market has experienced substantial growth, fueled by multiple factors. Increasing concerns about the safety and taste of tap water have led consumers to seek alternative hydration options.

Get a Sample Copy with Graphs & List of Figures @ https://market.us/report/bottled-water-market/#requestSample 

Key Market Segments

By Product Type

Still Water

Sparkling Water

Functional Water

Others

By Packaging

Plastic Bottle

Cans

Others

Distribution Channel

Online

Offline

In 2023, the Bottled Water market showcased robust segmentation by product type, with Still Water leading at 72.3% market share due to its purity and simplicity. Sparkling Water and Functional Water followed, reflecting preferences for effervescence and health benefits, respectively. By packaging, Plastic Bottles dominated with a 68.5% share for their convenience, while the Offline distribution channel remained predominant despite the rise of online shopping.

Some of the major key players in the global bottled water market include:

Nestlé

PepsiCo

The Coca-Cola Company

DANONE

Primo Water Corporation

FIJI Water Company LLC

Gerolsteiner Brunnen GmbH & Co. KG

VOSS WATER

Nongfu Spring

National Beverage Corp.

Keurig Dr Pepper Inc.

Other Key Players

Drivers: Increasing health consciousness and the demand for convenient, portable hydration are key factors driving the bottled water market. Additionally, the rise of flavored and functional water varieties is attracting a broader consumer base.

Restraints: Environmental impact from plastic waste and competition from high-quality tap water infrastructure are significant challenges. Strict regulations and negative consumer perceptions about the source and purity of bottled water also hinder market growth.

Opportunities: Premium and functional water segments, e-commerce expansion, and emerging markets offer substantial growth potential. Brands focusing on sustainable packaging and ethical practices can capitalize on the conscious consumer market.Challenges: Addressing environmental concerns and maintaining compliance with stringent regulations pose ongoing challenges for the bottled water industry. Ensuring consumer trust amidst scrutiny over purity and sourcing practices is also crucial

[priyanshisingh]

Bottled Water Market Analysis: Global Industry Trends and Forecast (2023-2032)

The global demand for Bottled Water was valued at USD 304518.2 Million in 2023 and is expected to reach USD 518861.8 Million in 2032, growing at a CAGR of 6.10% between 2024 and 2032.

The bottled water market has grown significantly over the past few decades, driven by increasing consumer demand for convenience, perceived health benefits, and the growing awareness of the importance of hydration. The market encompasses various types of bottled water, including still, sparkling, flavored, and functional waters, catering to diverse consumer preferences. Factors such as urbanization, rising disposable incomes, and a shift towards healthier lifestyles have contributed to the market's expansion.

Additionally, the scarcity of safe drinking water in certain regions and the increasing concerns over water contamination have made bottled water a necessity for many. Marketing strategies emphasizing the purity, quality, and health benefits of bottled water have also played a crucial role in driving demand. Furthermore, the rise of on-the-go lifestyles and the convenience of portable, single-use bottles have made bottled water a popular choice among busy consumers.

However, the market faces several challenges, including environmental concerns related to plastic waste and the carbon footprint associated with production and transportation. In response, companies are increasingly adopting sustainable practices, such as using recycled materials, developing biodegradable packaging, and investing in water conservation initiatives. Technological advancements in filtration and purification processes have also enhanced product quality and safety, appealing to health-conscious consumers. The bottled water market is highly competitive, with numerous global and regional players vying for market share. Major companies are continuously innovating to differentiate their products, such as introducing new flavors, enhancing packaging, and offering premium options.

Here are key points about bottled water:

Convenience: Provides a portable and easy way to stay hydrated, especially important for on-the-go lifestyles.

Perceived Health Benefits: Often marketed as a healthier alternative to sugary drinks, appealing to health-conscious consumers.

Variety: Available in multiple forms, including mineral water, spring water, purified water, and enhanced waters with added vitamins and minerals.

Safety: Preferred in regions with concerns over tap water quality or availability, providing a reliable source of safe drinking water.

Environmental Concerns: Faces challenges related to plastic waste and the environmental impact of production and transportation.

Sustainability Efforts: Companies are increasingly adopting eco-friendly practices such as using recycled materials, developing biodegradable packaging, and investing in water conservation.

Technological Advancements: Improvements in filtration and purification processes enhance product quality and safety.

Key Players:

Nestle Waters (Switzerland)

PepsiCo (US)

Coca-Cola (US)

Danone S.A. (France)

Suntory Beverage & Food Ltd. (Japan)

Nongfu Spring (China)

Tingyi (China)

Bisleri International Pvt. Ltd. (India)

Fiji Water (US)

Grupo Vichy Catalan (Spain)

Gerolsteiner Brunnen GmbH & Co. KG (Germany)

Otsuka Holdings Co., Ltd. (Japan)

Mountain Valley Spring Water (US)

ITO EN, Ltd. (Japan)

Icelandic Glacial (Iceland)

Voss Water (Norway)

Essentia Water, LLC (US)

CG Roxane, LLC (US)

Ferrarelle SpA (Italy)

Highland Spring Group (Scotland)

The bottled water market is highly competitive, characterized by the presence of numerous global and regional players vying for market share-

Marketing and Branding

Strong branding and marketing campaigns highlighting health benefits, purity, and environmental consciousness.

Leveraging celebrity endorsements and partnerships with events and sports teams to enhance brand visibility.

Innovation

Introducing new flavors, enhanced waters, and innovative packaging designs to attract health-conscious and environmentally aware consumers.

Utilizing smart technology for better product tracking and customer engagement.

Geographic Expansion

Expanding presence in emerging markets with growing urban populations and increasing disposable incomes.

Tailoring products and marketing strategies to local preferences and cultural practices.

Price Competitiveness:

Offering a range of price points to cater to different consumer segments, from budget-conscious shoppers to premium buyers.

Utilizing economies of scale to reduce production costs and maintain competitive pricing.

Environmental Impact:

Addressing consumer concerns over plastic waste and the environmental impact of bottled water production and transportation.

Navigating regulatory pressures to reduce plastic usage and increase recycling rates.

Health and Safety Concerns:

Ensuring product quality and safety amid increasing scrutiny over bottled water sources and production practices.

Managing public perceptions regarding the health benefits of bottled water versus tap water.

Economic Factors:

Dealing with economic fluctuations that can impact consumer spending on non-essential goods like bottled water.

Mitigating the effects of supply chain disruptions and rising raw material costs.

More About Report- https://www.credenceresearch.com/report/bottled-water-market

The bottled water market is influenced by several key drivers that contribute to its growth and expansion.:

1. Health and Wellness Trends

Increasing Health Consciousness: Consumers are becoming more health-conscious and are seeking healthier beverage options. Bottled water is often perceived as a healthier alternative to sugary drinks.

Hydration Awareness: Growing awareness about the importance of staying hydrated for overall health and well-being boosts the demand for bottled water.

2. Urbanization and Lifestyle Changes

Urbanization: Rapid urbanization leads to higher disposable incomes and a greater demand for convenient and portable drinking options.

On-the-Go Lifestyle: Busy lifestyles and the need for convenient hydration solutions drive the consumption of bottled water, especially among urban populations.

3. Quality and Safety Concerns

Safe Drinking Water: In many regions, concerns over the quality and safety of tap water drive consumers to opt for bottled water, which is perceived as safer and more reliable.

Water Contamination Issues: Incidents of water contamination and pollution enhance the demand for bottled water as a trusted source of clean drinking water.

4. Product Innovation and Diversification

Variety and Flavors: Introduction of various types of bottled water, including still, sparkling, flavored, and functional waters with added vitamins and minerals, attracts a wide range of consumers.

Packaging Innovations: Innovative packaging designs and materials, such as eco-friendly bottles and convenient sizes, enhance product appeal and market reach.

5. Rising Disposable Incomes

Economic Growth: Rising disposable incomes, particularly in emerging markets, increase consumer spending on premium and convenient products like bottled water.

Affordability: While premium brands thrive, affordable bottled water options also cater to a broad consumer base, driving overall market growth.

6. Environmental and Sustainability Initiatives

Sustainable Practices: Companies adopting sustainable practices, such as using recycled materials and developing biodegradable packaging, attract environmentally conscious consumers.

Corporate Social Responsibility: Investments in water conservation and community initiatives enhance brand reputation and consumer trust.

7. Technological Advancements

Filtration and Purification: Advances in filtration and purification technologies ensure high product quality and safety, appealing to health-conscious consumers.

Smart Packaging: Technological innovations in packaging, such as QR codes for product information and tracking, enhance consumer engagement and trust.

8. Convenience and Accessibility

Wide Availability: The widespread availability of bottled water through various retail channels, including supermarkets, convenience stores, vending machines, and online platforms, ensures easy access for consumers.

Portability: The convenience of carrying bottled water for immediate consumption meets the needs of active and on-the-go consumers.

Segmentation:

By Type of Water:

Natural Mineral Water

Spring Water

Purified Water

Distilled Water

Sparkling Water

Flavored Water

Others

By Packaging Material:

PET Bottles

Glass Bottles

Cartons

Browse the full report –  https://www.credenceresearch.com/report/bottled-water-market

Browse Our Blog: https://www.linkedin.com/pulse/bottled-water-market-dynamics-global-growth-trends-e3qif

Contact Us:

Phone: +91 6232 49 3207

Email: sales@credenceresearch.com

Website: https://www.credenceresearch.com

[bbcnews03]

China’s Richest Man Condemns Tech Giants and Government Inaction in Rare Criticism

China’s richest man has publicly criticized online shopping platforms, accusing them of triggering price wars that have harmed numerous companies and industries amid the nation’s economic downturn.

In rare and heavily censored remarks, Zhong Shanshan, the founder of Nongfu Springs, also directed criticism at the Chinese government, accusing it of “negligence” for failing to curb the rise of cut-throat pricing practices.

Such open criticism of the government is highly unusual for Chinese business leaders, as it often carries significant personal and professional risks.

During a visit to a county in eastern China on Tuesday, Zhong specifically called out Pinduoduo, the e-commerce platform owned by PDD Holdings, blaming it for damaging businesses with its aggressive pricing strategies.

“Internet platforms have disrupted our pricing system, with Pinduoduo’s approach causing significant harm to China’s brands and industries,” said Zhong Shanshan, founder of Nongfu Springs, in remarks reported by state-owned media outlet The Paper. “It’s not just a case of bad money driving out good money. The entire industry has shifted its focus, and pricing has become the dominant driver.”

Pinduoduo’s rapid growth in recent years has been fueled in large part by its aggressive pricing strategies, which have drawn both praise and criticism.

In comments from the same press conference that were largely overlooked by state media, Zhong also criticized the Chinese government for its lack of action in addressing the issue.

“The government has failed to intervene in this industry trend, and I believe this represents negligence in its duties,” Zhong stated, according to a transcript published by Sina Technology and multiple videos shared online by news outlets.

Penny-Pinching Consumers

After Alibaba co-founder Jack Ma's public criticism of China’s banks and financial regulators in November 2020, Ant Group—Ma's financial affiliate—was forced to cancel its $37 billion IPO at the last minute. Following the incident, Ma withdrew from the public eye, and Beijing launched a sweeping crackdown on the tech sector.

One of the companies impacted by the crackdown was Pinduoduo, founded in 2015 by Colin Huang. Despite being only eight years old, the e-commerce platform—now partnered with Temu—has successfully capitalized on shifting consumer habits in China, the world’s second-largest economy.

As China’s economic growth slows and unemployment rises, consumers are tightening their belts, cutting back on everything from groceries to electronics and cars. In response, businesses—both domestic and foreign—are offering discounts and promotions, even in premium markets. The effects have been widespread.

Zhong Shanshan’s comments come at the close of a challenging year for the billionaire. Earlier in 2024, he faced a nationalist backlash accusing him of lacking patriotism, a campaign that caused a significant drop in Nongfu Springs' share price and harmed its sales.

According to Bloomberg, the campaign erased tens of billions from Nongfu’s market capitalization. In August, it cost Zhong his position as China’s richest man, with Colin Huang reclaiming the top spot. However, Zhong has since regained his position, with a net worth of $52.2 billion, according to the Bloomberg Billionaires Index.