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.
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. — Reuters
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