ByteDance office in Shanghai, China. Zhong demanded an apology from Zhang Yiming, founder of TikTok owner ByteDance Ltd, for tolerating online trolls that wrongfully pitted him against the late founder of rival company Hangzhou Wahaha Group Co in online posts.— ByteDance
China’s richest man lashed out at two of the country’s biggest tech giants for fanning online vitriol targeting him earlier this year and instigating a price war that wiped out tens of billions of market value for his bottled-water empire.
At an event in Jiangxi province earlier this month, Zhong Shanshan, the founder of Nongfu Spring Co, accused online budget shopping platform PDD Holdings Inc of disrupting a pricing system it has worked hard to uphold. "The price system like Pinduoduo’s does great harm to Chinese brands and industries,” Zhong said, according to local media reports.
