A list published on Tuesday showed that Alibaba founder and Ant Group Jack Ma lost the title of the richest man in China, as other wealthy people thrived at a time when his empire is under intense scrutiny by Chinese regulators.
Ma and his family took the top spot on Hurun Global Rich’s list of China’s richest people in 2020 and 2019, but the latest list showed that he is now slipping to fourth place behind Nongfu Spring Bottled Water’s Zhong Shanshan and Bonnie Ma’s owner Tencent Holdings and Colin Huang, owner of the newly formed e-commerce company Pinddu. .
The Hurun report said that his fall from the top three came “after Chinese regulators restrained Ant Group and Ali Baba over antitrust issues.”
It caused trouble recently in a speech on October 24 criticizing China’s regulatory system, which led to the suspension of its $ 37 billion initial public offering (IPO) Ant Group, just days before the financial technology giant’s public listing.
Since then, regulators have tightened antitrust scrutiny on the country’s tech sector, and Alibaba has been receiving a lot of that pressure, as the market regulator opened a formal antitrust investigation of Alibaba in December.
After that, Ma, who is not known to be keen on staying out of the limelight, disappeared from public view for about three months, prompting much speculation about his whereabouts. He reappeared in January in a 50-second video clip.
Chung, China’s richest man, now rose to the top for the first time with a fortune of 550 billion yen ($ 85 billion), largely due to the share price performance of Nongfu Spring, vaccine maker Beijing, Wentai Biological Pharmaceutical Enterprises, which he also controls.
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