A list published on Tuesday showed that the founder of “Alibaba” and “Ant Group”, Jack Ma, has lost the title of the richest man in China, as his “empire” is under intense scrutiny by Chinese regulators.
“Ma” and his family ranked first in the “Hurun Global Rich” list of the richest people in China in 2020 and 2019, but the latest list showed that he fell to fourth place behind Zhong Shanshan, owner of Nongfu Spring Bottled Water Company, and Bonnie Ma owner of “Tencent Holdings” Colin Huang is the owner of the fledgling e-commerce company Pinddu.
The Hurun report indicated that “a drop from the first three places came after Chinese regulators restrained the reins of its institutions against the background of antitrust issues.”
A speech by the Chinese billionaire on October 24, in which he criticized China’s regulatory system, caused trouble that led to the suspension of the initial public offering of “Ant Group” of his $ 37 billion, just days before the general listing of the financial technology giant.
The market regulator opened a formal antitrust investigation into Alibaba in December 2020.
Currently China’s richest man, Chung, 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” and the vaccine maker, Beijing Wentai Biological Pharmaceutical Enterprises, which he also controls.
Source: “Interfax” + “Reuters”