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Updated March 2nd, 2021 at 18:01 IST

Alibaba's Jack Ma loses China's richest title amid scrutiny by regulators: Report

Alibaba founder Jack Ma tumbled to fourth place behind Nongfu Spring’s Zhing Shanshan, Tencent Holding’s Pony Ma and  Pinduoduo's Collin Huang.

Reported by: Bhavya Sukheja
Alibaba
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Alibaba founder Jack Ma has lost the title of China’s richest man, according to a Shanghai-based Hurun report. Ma, who is also the founder of Ant Group, tumbled to fourth place behind Nongfu Spring’s Zhing Shanshan, Tencent Holding’s Pony Ma and  Pinduoduo's Collin Huang. It is worth noting that Jack Ma and his family had held the top spot for China’s richest in the Hurun Global Rich List 2020 and 2019, however, now he trails in fourth place because of scrutiny by Chinese regulators. 

The Hurun report said that Ma’s fall out of the top three comes after China’s regulators reined in Ant Group and Alibaba on anti-trust issues. His woes were triggered by his speech in October in which he had blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO just days before the fintech giant’s public listing. The Chinese regulators have since tightened anti-trust scrutiny on the country’s tech sector. 

READ: China Suspending Jack Ma's IPO Listings Has Political Connection, Says Report

READ: Jack Ma 'reappears'; Missing Alibaba Tycoon Now Spotted Golfing In China's Hainan

Highest concentration of billionaires in China 

Nongfu Spring's Zhong Shanshan, on the other hand, entered the list for the first time with an $85 billion fortune. Zhong had made his money on the $1.1 billion IPO in Hong Kong last year. Hurun reported that Zhong had made his first appearance at the top spot largely thanks to share price performances of his company and vaccine maker Beijing Wantai Biological Pharmacy Enterprise, which he also controls. 

Further, Tencent’s Pony Ma saw his wealth swell 70 per cent over the year to $74.16 billion. Pinduoduo's Huang's fortune grew 283% to 69.53 billion. Hurun reported that more than 200 billionaires were created in China last year and the country also added 490 new billionaires in the past five years compared with the 160 added in the US. The report said that six of the world’s top-10 cities with the highest concentration of billionaires are now in China with Beijing being the top city for the sixth consecutive year. 

(Image: AP)

READ: Jack Ma Left Out From List Of Entrepreneurial Leaders Published By Chinese State Media

READ: Jack Ma 'reappears' Amid Speculations Of Death Or Detention, Netizens Say 'he Is Back'

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Published March 2nd, 2021 at 18:01 IST

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