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(Bloomberg) -- Record-breaking stock selloffs in two of China’s biggest consumer companies erased more than $18 billion from the fortunes of the nation’s richest people, underscoring deepening investor concern over the health of Asia’s biggest economy.

China’s wealthiest person, Nongfu Spring Co. founder Zhong Shanshan, lost some $4 billion as the beverage giant’s shares fell as much as 12.9% Wednesday in Hong Kong, according to the Bloomberg Billionaires Index, leaving him with a total of $45.5 billion.

Meanwhile, PDD Holdings Inc. founder Colin Huang’s wealth tumbled by $14.1 billion on Monday, as shares fell the most in company history after it warned revenue growth would inevitably dwindle. The retreat was Huang’s biggest one-day loss ever, dropping him to fourth on Bloomberg’s ranking after briefly holding the top spot earlier this month.

The slide continued Tuesday, when the Temu owner’s shares dropped a further 4.1%, knocking another $1.4 billion from Huang’s riches. Tencent Holdings Ltd. co-founder Pony Ma now holds the second spot on Bloomberg’s tracker.

Their respective wealth plunges underscore shaky longer-term confidence in Chinese consumption, where many of the world’s biggest businesses are facing a slowdown in demand. The battle for increasingly frugal shoppers has fueled steep price cuts, resulting in margin-obliterating products like a new purified water sold by Nongfu for under 1 yuan ($0.14) each.

“China’s economy is probably worse than people think if consumer companies like Nongfu and PDD are not doing well,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “They represent segments where demand is supposed to be resilient — drinks and value-for-money products.”

Both firms have also battled a series of public relations challenges this year. Nongfu was criticized on Chinese social media after the death of Zong Qinghou — founder of key rival Hangzhou Wahaha Group Co. — with some users alleging that Nongfu schemed to get an advantage over its competitor. Months later, a report from Hong Kong’s Consumer Council questioned the quality of Nongfu’s water, which it later clarified.

PDD faced backlash last month as hundreds of merchants staged a rally outside its southern China offices, protesting what they called unfair penalties increasingly being levied by the company. And there’s growing regulatory scrutiny of its e-commerce giant Temu, with the European Union working on a proposal to close an import tax loophole for cheap goods bought online.

Nongfu’s revenue from its packaged drinking water products fell by 18% over the first half, with the segment’s proportion of total revenue dropping to about 39%, from around 48% last year. The decline was attributed to negative public opinion toward the company and Zhong since the end of February.

Nongfu and PDD “have competitors eyeing their market share aggressively,” said Li Xuetong, fund manager at Shenzhen Enjoy Investment Management Co.

“One thing for certain is that the two firms, which investors were happy to value as the leaders in their respective fields, are not being spared from breakneck competition as seen in other industries — and investors seem to be rethinking how secure their perch is,” Li said.

--With assistance from Lulu Shen.