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It is no longer glorious to get rich in China – it is dangerous
Why no one wants to be the nation’s top tycoon any more
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Mr Colin Huang, founder of ecommerce powerhouse PDD, rose to become China’s richest man last August.
PHOTO: AFP
Ruchir Sharma
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In August, Mr Colin Huang, founder of e-commerce powerhouse PDD, attracted the usual headlines when he rose to become China’s richest man.
But shortly after, PDD surprised investors with a downbeat profit forecast. Its stock plummeted. Mr Huang lost US$14 billion (S$18 billion) overnight, and ceded the top spot to Mr Zhong Shanshan, founder of beverage giant Nongfu Spring. Within 24 hours, Nongfu Spring issued its own unexpectedly depressing outlook, and Mr Zhong, too, soon slipped from first place on the rich lists.
