Nongfu Spring (HKG:9633) Founder Zhong Shanshan said he will stop being involved in price wars that have dented his company's market value, the South China Morning Post reported Friday.
The online price wars, which have lasted for a year, are "destroying the quality of Chinese products and undermining China's economy," the SCMP quoted Zhong as saying during an event.
Zhong's remarks came after he lambasted e-commerce platform Pinduoduo for resorting to low pricing methods "that have stymied the development of the industry ecosystem," the report said.
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