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PDD - Pinduoduo Inc News Story

$132.38 -0.2  -0.2%

Last Trade - 15/04/21

Sector
Technology
Size
Large Cap
Market Cap £115.00bn
Enterprise Value £107.14bn
Revenue £6.62bn
Position in Universe 70th / 6851

UPDATE 1-Jack Ma loses title as China's richest man after coming under Beijing's scrutiny

Tue 2nd March, 2021 9:03am
(Adds line on Zhong Shanshan's fortune)
    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
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
 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 out of the top three comes "after China's
regulators reined in Ant Group and Alibaba 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.
    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.
    China's current richest man, Zhong, made his first
appearance at the top spot with a fortune of 550 billion yuan
($85 billion), largely thanks to the share price performances of
Nongfu Spring and vaccine maker Beijing Wantai Biological
Pharmacy Enterprise  603392.SS , which he also controls.
    Tencent's Ma saw his wealth swell 70% over the year to 480
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 = 6.4696 Chinese yuan renminbi)

 (
Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai;
Editing by Gerry Doyle and Raju Gopalakrishnan)
 ((Yingzhi.Yang@thomsonreuters.com; +861056692133))
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