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PDD - Pinduoduo Inc News Story

$133.77 -3.9  -2.8%

Last Trade - 12/04/21

Large Cap
Market Cap £120.23bn
Enterprise Value £112.37bn
Revenue £6.62bn
Position in Universe 64th / 6825

Jack Ma loses title as China's richest man after coming under Beijing's scrutiny

Tue 2nd March, 2021 7:22am
By Yingzhi Yang and Brenda Goh
    BEIJING, March 2 (Reuters) - Alibaba  BABA.N   9988.HK  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
    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
 9633.HK  Zhong Shanshan, Tencent Holding's  0700.HK  Pony Ma
and e-commerce upstart Pinduoduo's  PDD.O  Collin Huang, the
latest list showed. 
    His fall on anti-trust issues," the Hurun report said. 
    Ma's recent woes were triggered by an Oct. 23 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.
    Regulators have since tightened anti-trust scrutiny on the
country's tech sector, with Alibaba taking much of the heat; the
market regulator launched an official anti-trust probe into
Alibaba in December.  
    Chinese regulators also began to tighten their grip on the
fintech sector and have asked Ant to fold some of its businesses
into a financial holding company to be regulated like
traditional financial firms.*:nL1N2J9051
    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. He
re-emerged in January with a 50-second video appearance.*:nL1N2JV09Y
    China's current richest man, Zhong, made his first
appearance at the top spot largely thanks to the share price
performances of Nongfu Spring and vaccine maker Beijing Wantai
Biological Pharmacy Enterprise, which he also controls. 
    Tencent's Ma saw his wealth swell 70% over the year to 480
billion yuan ($74.16 billion) while Pinduoduo's Huang's fortune
grew 283% to 450 billion yuan, the list said. In comparison, the
wealth of Ma and his family grew 22%, to 360 billion yuan. 
    Zhang Yiming, founder of TikTok owner ByteDance, broke into
the top five rankings among Chinese billionaires in Hurun's
Global Rich List for the first time, with an estimated personal
wealth of $54 billion.  

($1 = 6.4724 Chinese yuan renminbi)

 (Reporting by Yingzhi Yang in Beijing and Brenda Goh in
Shanghai. Editing by Gerry Doyle)
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