Market Chatter: Nongfu Spring Owner Hits Pinduoduo, ByteDance for Unsavory Comments

MT Newswires Live11-25

Nongfu Spring (HKG:9633) owner Zhong Shanshan slammed ByteDance and Pinduoduo for alleged harmful comments against him and Chinese brands, Reuters reported Friday.

The bottled water magnate said he and his company were the butt of online personal attacks from nationalistic netizens, leading to a reduction of the company's market value, the report said.

Zhong said Pinduoduo harmed Chinese brands and industries. He also hit ByteDance apps Toutiao and Douyin for not doing anything to stop the rumors against him, the report said.

Zhong sought an apology from the brands, the report said.

Pinduoduo, ByteDance and Nongfu Spring did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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