Jack Ma lost the title of the richest man in China after being subjected to heavy control

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Alibaba and Ant Group founder Jack Ma lost the title of China’s richest man, according to a list released Tuesday as his peers prospered while his empire was tightly controlled by Chinese regulators.

Ma and his family were in the first place for the richest in China in Hurun’s Global Rich List in 2020 and 2019, but now ranks fourth behind bottled water producer Zhong Shanshan at Nongfu Spring, At Tencent Pony Ma and e-commerce up Pinduoduo’s Colin Huang showed the last list.

Its fall on antitrust issues, “the Hurun report said.

Ma’s recent woes were sparked by a speech on October 23 in which he blew up China’s regulatory system, halting his Ant Group’s A $ 37 billion (approximately Rs 2,71,540 crore) IPO just days before the fintech giant’s public announcement.

Since then, regulators have stepped up antitrust control over the country’s technology sector, v Ali Baba absorption of much of the heat; the market regulator launched a formal antitrust investigation in Alibaba in December.

Chinese regulators have also begun tightening control over the fintech sector and have asked Ant to fold part of its business into a financial holding company that will be regulated like traditional financial companies.

Ma, who is not known for deviating from the spotlight, then disappeared from the public eye for about three months, sparking insane speculation about his whereabouts. He reappeared in January with a 50-second video appearance.

The current richest man in China, Zhong, first appeared in the first place thanks to the presentation of spring stock prices Nongfu and vaccine manufacturer Beijing Wantai Biological Pharmacy Enterprise, which he also controls.

Tencent’s Ma has seen its wealth swell 70 percent year-over-year to CNY 480 billion (approximately 5,44470 kroner), while Pinduoduo’s Huang’s fortune has risen 283 percent to CNY 450 billion (approximately 5,100 kroner), the list said. By comparison, the wealth of Ma and his family increased by 22 percent to CNY 360 billion (approximately 4,088,250 crores).

Zhang Yiming, founder of TikTok owner ByteDance, broke for the first time in the top five rankings among Chinese billionaires in Hurun ‘s Global Rich List, with approximately personal wealth of $ 54 billion (approximately Rs.

© Thomson Reuters 2021

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