2024-11-21 20:02:00
The richest Chinese trades against two other billionaires. Zhong Shanshan, whose water brand Nongfu Spring is found in every corner of the Middle Kingdom, in recent days attacked Zhang Yiming, the founder of the Tiktok company Bytedance. The Temu Pinduoduo group, behind which Colin Huang is, also got rid of the fat. Huang and Zhang are ranked among the five richest Chinese in various rankings. They have assets of 40 billion dollars, Zhong has around 50 billion.
China’s water king has demanded an apology from Bytedance founder Zhang, Chinese media reported. The backdrop is the online insults at the beginning of the year. Zhong had attended the funeral of a colleague in the water industry. Users accused it of not being patriotic enough, unlike its late competitor. Because there were supposed Japanese symbols on his Nongfu bottles.
After the online shitstorm, sales fell by almost a fifth in the first half of the year. The water billionaire then called for the smears against him on social media to be immediately deleted. Bytedance with its Douyin platform, the Tiktok version in China, must not shirk its responsibilities. It is a “blasphemy against the technological civilization of humanity”. Zhang should abide by the rules of business decency and disclose the algorithm.
Does bad money drive out good money?
China’s richest man also worked on Pinduoduo, the low-cost provider among Chinese trading platforms. The price war, which “Pinduoduo in particular” is fueling, “hurts Chinese brands and Chinese industries,” Zhong said. Bad money drives out good money. Weak consumer demand and overcapacity in many sectors are leading to falling prices in China. The People’s Republic therefore struggles against deflationary developments.
The problem of billionaires also belongs to a generation. Zhong is in his 60s and is probably the best-known of the group of founders who made their fortunes in consumer brands. Zhang and Huang are in their early forties and are among the most famous tech entrepreneurs in the People’s Republic. The two are about the same age as the son of Nongfu’s founder. Social media users had once again accused him of being unpatriotic and of having renounced his Chinese citizenship. Zhong said: “My son is 36 years old. He should have the right to make his own decisions.”
After the authorities sidelined China’s most famous entrepreneur, Jack Ma, wealthy Chinese held back for a long time. Eventually they ventured out again. Nationalism and anti-Japanism on Chinese social media have been greatly fueled by Beijing’s propaganda. After attacks against the Japanese in the People’s Republic, calls for restraint have recently been made.
What are the main factors contributing to the rivalry between Zhong Shanshan and Zhang Yiming in China?
Time.news Interview: The Battle of the Billionaires in China
Editor (Alice Wang): Welcome to Time.news, where we dive into the heartbeat of global trends and events. Today, we’re exploring a fascinating clash among China’s elite billionaires. Joining us to unpack this rivalry is Dr. Li Chen, an expert in Chinese business dynamics and corporate social responsibility. Thank you for being here, Dr. Chen!
Dr. Li Chen: Thank you for having me, Alice. It’s great to be here to discuss such an intriguing topic.
Alice: So, Dr. Chen, we’re witnessing an unusual conflict between Zhong Shanshan, known as China’s “water king,” and Zhang Yiming, founder of ByteDance, the parent company of TikTok. First off, can you explain how this rivalry came to the forefront?
Dr. Li: Absolutely, Alice. The feud ignited following an event earlier this year when Zhong attended a funeral for a colleague in the water industry. Unfortunately, he faced significant backlash on social media for perceived unpatriotic behavior—a situation aggravated by allegations surrounding Japanese symbols on his Nongfu Spring bottles. The fallout was severe, with a reported drop in sales by nearly 20%.
Alice: That’s quite a significant hit to his business. And we also see Zhong leveraging this situation to demand accountability from Zhang, claiming that ByteDance and its platforms, like Douyin, played a role in spreading harmful commentary. How does this fit into the larger picture of corporate responsibility in China?
Dr. Li: This situation underscores the growing expectation for businesses in China to take social responsibility seriously. Zhong’s call for an apology from Zhang reflects a broader concern about how influential companies respond to and manage their digital platforms. As social media becomes a crucial component of brand reputation, there’s pressure for platforms to enforce standards of decency in discourse.
Alice: It’s fascinating how the digital realm intersects with traditional business ethics. Zhang has been criticized for not being transparent about algorithm controls. Why is algorithm transparency particularly important in this context?
Dr. Li: Algorithm transparency is vital because it impacts how information is disseminated on social media. Users and businesses rely on these platforms, and algorithms often dictate visibility. A lack of transparency can lead to the spread of misinformation—like the attacks Zhong faced—which can unfairly damage reputations and sales. It’s about accountability in digital influence.
Alice: So, would you say we’re seeing a trend where “bad money drives out good money,” as the old saying goes?
Dr. Li: In some ways, yes. This situation suggests that when businesses neglect ethical practices and accountability, it can lead to consumer backlash and a loss of trust. Companies like ByteDance must balance profitability with social impact, or they risk their consumers turning to competitors that uphold ethical standards.
Alice: It seems both Zhong and Zhang have a lot riding on how they navigate this evolving landscape. What do you think will happen next in this battle of billionaires?
Dr. Li: That’s hard to predict, but this drama highlights the pitfalls of unchecked corporate behavior in today’s digital age. Companies may soon find that public perception can be their biggest asset or liability. I wouldn’t be surprised to see more calls for collaboration in upholding ethical standards to restore trust among consumers.
Alice: Fascinating insights, Dr. Chen. We’ll certainly keep an eye on how this rivalry unfolds and what it means for the broader business landscape in China and beyond. Thank you for your valuable perspective today!
Dr. Li: Thank you, Alice. It’s always a pleasure to discuss these pressing issues.
Alice: And thank you to our readers for joining us in this engaging discussion. Stay tuned to Time.news for more insights into global affairs!