Jack Ma loses title as China’s most extravagant man in the wake of going under Beijing’s investigation

jack ma, man, portrait

BEIJING (Reuters) – Alibaba and Ant Group organizer Jack Ma has lost the title of China’s most extravagant man, a rundown distributed on Tuesday appeared, as his companions thrived while his domain was put under substantial examination by Chinese controllers.

jack ma and his family had held the best position for China’s most extravagant in the Hurun Global Rich List in 2020 and 2019 yet now trail in fourth spot behind filtered water creator Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma and web based business upstart Pinduoduo’s Collin Huang, the most recent rundown appeared.

His drop out of the best three comes “after China’s controllers got control over Ant Group and Alibaba on enemy of trust issues,” the Hurun report said.

Mama’s new burdens were set off by an Oct. 24 discourse in which he impacted China’s administrative framework, prompting the suspension of his Ant Group’s $37 billion IPO only days before the fintech monster’s public posting.

Controllers have since fixed enemy of trust investigation on the country’s tech area, with Alibaba taking a significant part of the warmth; the market controller dispatched an authority hostile to confide in test into Alibaba in December.

Chinese controllers likewise started to fix their grasp on the fintech area and have requested Ant to crease some from its organizations into a monetary holding organization to be directed like customary monetary firms.

Mama, who isn’t known for avoiding the spotlight, at that point vanished from the public eye for around a quarter of a year, setting off furious hypothesis about his whereabouts. He reappeared in January with a 50-second video appearance.

China’s present most extravagant man, Zhong, showed up at the best position with a fortune of 550 billion yuan ($85 billion), generally because of the offer value exhibitions of Nongfu Spring and antibody creator Beijing Wantai Biological Pharmacy Enterprise, which he additionally controls.

Tencent’s Ma saw his abundance swell 70% over the course of the year to 480 billion while Pinduoduo’s Huang’s fortune became 283% to 450 billion yuan, the rundown said. In examination, the abundance of Ma and his family became 22%, to 360 billion yuan.

Zhang Yiming, author of TikTok proprietor ByteDance, broke into the best five rankings among Chinese tycoons in Hurun’s Global Rich List interestingly, with an expected individual abundance of $54 billion.

($1 = 6.4696 Chinese yuan renminbi)

Jack Ma

A previous English educator, Jack Ma helped to establish Alibaba Group, one of the world’s biggest web based business organizations.

On Nov. 3, 2020 controllers stopped an arranged IPO of fintech goliath Ant Group-where Ma is the biggest individual investor in Hong Kong and Shanghai.

In September 2019, Jack Ma ventured down as Alibaba’s chief director and was prevailing by CEO Yong Zhang, otherwise called Daniel Zhang.

Mama’s ventures past Alibaba remember a stake for Chinese media and diversion organization Huayi Brothers.

Alibaba’s 2014 IPO in New York set a precedent as the world’s greatest public stock contribution, raising $25 billion.

Here is other richest people in china

China Rich List

#2 Ma Huateng $55.2 B 49 internet media


#3 Zhong Shanshan $53.9 B 66 beverages, pharmaceuticals
#4 Sun Piaoyang $35 B 62 pharmaceuticals
#5 He Xiangjian $32.2 B 78 home appliances
#5 Wang Wei $32.2 B 50 package delivery
#7 Colin Zheng Huang $30.6 B 41 e-commerce
#8 Yang Huiyan $28.5 B 39 real estate
#9 Zhang Yiming $27.7 B 37 software
#10 Hui Ka Yan $27.1 B 62 real estate




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