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China's Billionaires Face Economic Challenges

The Hurun China Rich List reveals a significant decline in billionaires, with only 753 remaining in 2024. Zhang Yiming of ByteDance tops the list, reflecting the impact of China's economic struggles on wealth accumulation. The report highlights a shift from traditional industries to tech and e-commerce as new wealth sources emerge.

Pinduoduo Faces E-commerce Challenges

Pinduoduo's shares dropped nearly 11% after reporting disappointing revenue of 99.35 billion yuan for Q3 2024, missing analyst expectations. The company faces intensified competition and economic headwinds in China, impacting consumer confidence and spending.