Jack Ma is no longer the richest Chinese in the World

It has has something to do with Jack Ma's disappearance and the failed IPO

02.Mar.21 12:44 PM
By Shawn Highstraw
Photo BBC

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Jack Ma is no longer the richest Chinese in the World

Jack Ma, founder of web store giant Alibaba, has officially lost his title richest man in China. The entrepreneur who has been struggling with Chinese regulators lately has dropped to fourth place on the annual Hurun Global Rich List. The list is headed by Zhong Shanshan, the man behind water and beverage maker Nongfu Spring. He was already known to have overtaken Ma in terms of power last year.

Ma, who has been leading the list in recent years, previously disagreed with Chinese government regulations and that cost him dearly. The IPO of its payment service provider Ant Group, worth nearly $ 35 billion, was unexpectedly cancelled. It would have been the biggest IPO ever.

Ma had also disappeared from the radar for some time after being critical of the Chinese financial watchdog. His wealth and that of his family grew by 22 percent to 360 billion yuan, or more than 46 billion euros. He said early this year that he wanted to spend more time on philanthropy. He did so in a 50-second video, with which he made his first appearance in a long time.

The new leader Zhong is on the latest list worth 550 billion yuan. The increase in its wealth is mainly due to the higher valuation of Nongfu Spring's shares. The rising stock price of Medicine Maker Beijing Wantai Pharmacy, which he also controls, also boosted Zhong's assets.

Jack Ma was also surpassed on the Empire list by Pony Ma of tech giant Tencent, who accounts for 480 billion yuan, and Collin Huang who is behind e-commerce company Pinuoduo. The latter saw its assets increase by 283 percent last year to 450 billion yuan. The top five was completed by Zhang Yiming, founder of TikTok's owner ByteDance, who holds nearly 350 billion yuan in the books.

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