Jack Ma loses title as China's richest man | World's Richest Man

Alibaba and Ant Group founder Jack Ma has lost the title of China’s richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators.
According to Reuters, Ma and his family had held the top spot for China’s richest in the Hurun Global Rich List in 2020 and 2019 but now trail in fourth place behind bottled water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma and e-commerce upstart Pinduoduo’s Collin Huang, the latest list showed.
His fall out of the top three comes “after China’s regulators reined in Ant Group and Alibaba on anti-trust issues,” the Hurun report said.
Ma’s recent woes were triggered by an Oct. 24 speech in which he 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.
Ma, who is not known for shying away from the limelight, then disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts.
China’s current richest man, Zhong, made his first appearance at the top spot with a fortune of 550 billion yuan ($85 billion), largely thanks to the share price performances of Nongfu Spring and vaccine maker Beijing Wantai Biological Pharmacy Enterprise, which he also controls.
https://www.reuters.com/article/idUSKBN2AU0QL

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