It turns out that even the most complacent Chinese billionaires are not immune to the regulatory onslaught that is sweeping the world’s second largest economy.
Tencent Holdings boss Bonnie Ma has lost more fortune than Alibaba founder Jack Ma in the past nine months after his anti-regulatory comments in China.
The leaks underscore how quickly Beijing’s crackdown has expanded since authorities halted Ant’s initial public offering on November 3, and what initially appeared to be a targeted campaign against China’s most outspoken tech tycoon. is widespread in almost every corner of the industry and beyond. growth in favor of other priorities such as data security, financial stability and the reduction of inequalities.
During most of the nine months of China’s campaign for the control of big tech, Tencent looked much better than its most important rival, Alibaba Group, in starts aided by Pony Ma’s reputation for staying out of the spotlight.
While Alibaba has had to pay $ 2.8 billion in antitrust fines, regulators have imposed only token fines on Tencent for failing to seek approval during previous acquisitions and investments. And her music arm was recently ordered to give up exclusive broadcast rights, even though she managed to get away with the doomsday scenario of the company’s breakup.
But a state news bulletin on Tuesday turned things around, with Tencent shares posting their biggest drop. in a decade after a Xinhua newspaper targeted the company’s flagship gaming business, fueling speculation that it could become the next target of Beijing’s crackdown.
That path left the company, whose market cap briefly approached $ 1 trillion at the start of questyear, at $ 550.5 billion.
Bonnie Ma’s fortune has also dropped by about $ 14 billion since Antgroup’s IPO was suspended in November, dropping to $ 45.8 billion on Tuesday, according to the Bloomberg Billionaires Index, seen by Al Arabiya.net.
The Tencent founder ranks third on China’s rich list after Jack, who has a net worth of $ 47.8 billion.
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