A list released on Tuesday showed that Jack Ma, the founder of Alibaba and Ant Group, has lost the title of China’s richest man, and while Chinese regulators are closely scrutinizing their empire, Alibaba’s peers have also Prosperous day by day.

Ma Yun and his family ranked first in China’s richest man in the Hurun Report in 2020 and 2019, but are now second only to Zhongshan Fir from Nongfu Spring, a bottled water producer, Ma Xiaoma from Tencent, and new e-commerce products A lot of Huang Lin, ranked fourth. The latest list is displayed.

He fell down on the issue of antitrust. “

Jack Ma’s recent dilemma was triggered by a speech on October 23, in which he attacked China’s regulatory system, resulting in the suspension of Ant Group’s US$37 billion (approximately Rs 27,154 crore) IPO. The fintech giant’s public offering was completed only a few days ago.

Since then, regulators have strengthened antitrust review of the country’s technology sector, and Alibaba has been under great pressure. The market regulator conducted a formal antitrust investigation of Alibaba in December.

Chinese regulators have also begun to strengthen their control over the financial technology sector and have asked Ant Financial to fold part of its business into a financial holding company in order to be regulated like a traditional financial company.

Jack Ma is known for avoiding the limelight, and then disappeared from the public eye for about three months, sparking wild speculation about his whereabouts. He reappeared in a 50-second video in January.

China’s current richest man, Zhong, made his debut on stage, largely due to the stock price of Nongfu Spring and the vaccine manufacturer Beijing Wantai Biopharmaceuticals under his control.

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The list shows that Tencent’s Jack Ma’s wealth increased by 70% a year to 480 billion yuan (approximately Rs 5,44,470 crore), while Pinduoduo’s Huang’s wealth increased by 283% to 450 billion yuan (approximately). 5,100 crore). In contrast, the wealth of Jack Ma and his family increased by 22% to 360 billion yuan (about 408.25 billion rupees).

Zhang Yiming, the founder of TikTok owner ByteDance, is among the top five Chinese billionaires on the Hurun Global Rich List for the first time, with an estimated personal wealth of 54 billion U.S. dollars (approximately 396.49 billion rupees).

Thomson Reuters 2021 ©

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