The country’s richest tycoons lost more than $53 billion on Monday due to the fall in China’s stock market. According to the Bloomberg Billionaires Index, Zhong Shanshan, known as China’s king of bottled water, reported a $5 billion drop in his wealth, while Tencent Holding Ltd. The net worth of Tencent Holding Ltd.’s Pony declined by $3.3 billion.
Shares of Zhong’s Nongfu Spring Co fell 9.9% in Hong Kong trading. This is the steepest fall since the company went public 18 months ago. However, Zhong still remains the richest person in China with a net worth of $60.3 billion.
Tencent fell the most since 2011 after reports emerged of record fines for violating anti-money laundering rules. Pony Ma, once the richest person in the country, is now in third place with a net worth of $35.2 billion.
Chinese stock market slipped due to the statement of US officials
Chinese stocks intensified on Monday after US officials said Russia had asked Beijing to help with the war in Ukraine. As a result, shares of Chinese companies started sliding on concerns about possible sanctions.
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The Hang Seng China Enterprises Index tracking stocks traded in Hong Kong saw its steepest fall since November 2008. At the same time, the Hang Sang Tech Index fell 11% the most since its inception. This trend of decline continued on Tuesday as well.
Chinese billionaires have lost $228 billion so far
As of Monday’s decline, 76 Chinese billionaires out of the world’s 500 richest people have lost $228 billion this year, a fifth of their combined wealth.
Tencent fell 9.8% on Monday and fell further on Tuesday. In this way it reached its lowest price since 2019.
Zhang Yiming of ByteDance Limited is the second richest person in the country with a net worth of $44.5 billion.
Jack Ma, who was China’s richest person before Pony Ma, is now in fourth place with a net worth of $34 billion.
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