Alibaba and Ant Group founder Jack Ma has misplaced the title of China’s richest man, a listing revealed on Tuesday confirmed, as his friends prospered whereas his empire was put beneath heavy scrutiny by Chinese language regulators.
Ma and his household had held the very best spot for China’s richest within the Hurun International Wealthy Checklist in 2020 and 2019 however now path in fourth place behind drinking water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma, and e-commerce upstart Pinduoduo’s Collin Huang, the foremost recent record confirmed.
His fall on anti-trust points,” the Hurun report mentioned.
Ma’s latest issues had been triggered by an Oct. 23 speech by which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO simply days before the fintech large’s public itemizing.
Regulators have since tightened anti-trust scrutiny on the nation’s tech sector, with Alibaba taking tons of the warmth; the market regulator launched a politician anti-trust probe into Alibaba in December.
Chinese language regulators additionally began to tighten their grip on the fintech sector and have requested Ant to fold a couple of of its companies right into a monetary holding firm to be regulated like conventional monetary corporations.
Ma, who just isn’t recognized for shying faraway from the limelight, then disappeared from the overall limelight for about three months, triggering frenzied hypothesis about his whereabouts. He re-emerged in January with a 50-second video look.
China’s present richest man, Zhong, made his first look on the highlight largely due to the share worth performances of Nongfu Spring and vaccine maker Beijing Wantai Organic Pharmacy Enterprise, which he additionally controls.
Tencent’s Ma noticed his wealth swell 70% over the 12 months to 480 billion yuan ($74.16 billion) whereas Pinduoduo’s Huang’s fortune grew 283% to 450 billion yuan, the record mentioned. Compared, the wealth of Ma and his household grew 22%, to 360 billion yuan.
Zhang Yiming, founding father of TikTok proprietor ByteDance, broke into the very best 5 rankings amongst Chinese language billionaires in Hurun’s International Wealthy Checklist for the first time, with an estimated private wealth of $54 billion.