Jack’s “ant” is losing the title of China’s richest


A list published on Tuesday showed that Alibaba founder and Ant Group Jack Ma lost the title of the richest man in China, as conditions for other wealthy people flourished at a time when his empire is under intense scrutiny by Chinese regulators.
Ma and his family occupied the top spot in 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, owner of Tencent Holdings, and Colin Huang, owner of a recent e-commerce company. The Pindo Covenant.
The Hurun report said that his drop from the top three came “after Chinese regulators curbed 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.
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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