Image default
Greek News

Chinese billionaire loses an astonishing $27 billion

Pinduoduo founder Colin Huang’s wealth has dropped by an astonishing $27 billion this year, according to the - Billionaires Index. The e-commerce company’s American depositary receipts have fallen 44% year-to-date, as Beijing has targeted tech giants and U.S.-listed Chinese companies, among others. He’s not the only one— Tencent ’s founder Pony Ma has lost $10 billion, while Zhong Shanshan, chairman of bottled water empire Nongfu Spring, has lost $18 billion.

There’s no need to get the violins out, though. Huang’s net worth is still above $35 billion, Ma’s fortune sits above $46 billion and Zhong’s wealth stands at $60 billion.

Big Tech, gaming, online tutoring, and ride-hailing have been among the hardest hit, while Macau gambling is the latest industry feeling the pain.

The crackdown appeared indiscriminate at first, but at least now a pattern is emerging—China seems to be going after what it deems societal problems. That’s highly subjective and makes the next target unpredictable.

One such problem seems to be inequality. President Xi Jinping took aim at the country’s superrich last month, calling for “common prosperity” and vowing to “adjust excessive incomes.”

$27 billion is quite an adjustment.

Σχετικα αρθρα

Turkey’s currency reels under economic pressure

admin

It turns out the world still needs coal – Analysis

admin

Inflation Woes Plague Developed Nations (infographic)

admin

Greece sold the most (36.% rise) cars in the EU in the first 9-month-period

admin

Mitsotakis: Pfizer’s investment in Thessaloniki is a historic moment for the country (video)

admin

How revenues are lost in Greek tourism due to Covid-19 bans

admin

PM Mitsotakis inaugurated the new data center of Lamda Hellix (photos)

admin

Turkish Lira falls to historic low

admin

How Big Pharma Profits Off U.S. Healthcare (infographic)

admin

The Scale Of The Pandora Papers Leak (infographic)

admin

Stournaras: Strong recovery is forecast for the Greek economy in the coming quarters

admin

The World’s Most Innovative Countries (infographic)

admin