China’s billionaires saw their assets evaporate on October 24 as the stock market reacted to the Chinese Communist Party’s leadership reshuffle.

According to Bloomberg Billionaires Index, Huang Zheng, founder of the Chinese e-commerce company Pinduoduo, is the biggest loser, dropping about $5.1 billion.

Pinduoduo’s stock price fell by 24.6% on the U.S. stock exchange that day, leaving his fortune shrinking sharply.

This was followed by Tencent Holdings founder Ma Huateng with a net loss of about $2.5 billion as shares of his companies tumbled.

China’s richest man Zhong Shanshan’s net worth shrank by $2.1 billion. He is now chairman and founder of bottled water giant Nongfu Spring.

Dinglei, the founder of internet and game company NetEase, lost about $1.8 billion, and Alibaba founder Ma Win lost $1 billion.

According to JoongAng, the market sell-off swept away $35 billion from the fortunes of China’s billionaires in one day.

The reshuffle of the Chinese Communist Party’s leadership concluded over the weekend, with the Politburo Standing Committee filled with close aides of Chinese leader Xi Jinping who will serve a third term as general secretary.

According to Bloomberg, China and Hong Kong stock markets fell sharply on concerns that authorities would continue to control private enterprises and there would be no change in their strict “zero-COVID” policy.

An index tracking the nation’s shares listed in Hong Kong tumbled more than after any Communist Party Congress since the index’s inception in 1994.
Even before the slump on October 24, China’s wealthiest were on track for their worst year in a decade.

As of October 21, there were 76 Chinese billionaires with total assets of $783 billion in Bloomberg’s wealth index, compared with 79 billionaires with a $1.1 trillion net worth at the end of last year.

In an interview on CNBC, a billionaire investor warned that China is headed for a ‘Mao-type’ economy. He said that investors should be cautious about Chinese stocks.

According to Bloomberg Billionaires Index, Huang Zheng, founder of the Chinese e-commerce company Pinduoduo, is the biggest loser, dropping about $5.1 billion.

Pinduoduo’s stock price fell by 24.6% on the U.S. stock exchange that day, leaving his fortune shrinking sharply.

This was followed by Tencent Holdings founder Ma Huateng with a net loss of about $2.5 billion as shares of his companies tumbled.

China’s richest man Zhong Shanshan’s net worth shrank by $2.1 billion. He is now chairman and founder of bottled water giant Nongfu Spring.

Dinglei, the founder of internet and game company NetEase, lost about $1.8 billion, and Alibaba founder Ma lost $1 billion.

According to JoongAng, the market sell-off swept away $35 billion from the fortunes of China’s billionaires in one day.

The reshuffle of the Chinese Communist Party’s leadership concluded over the weekend, with the Politburo Standing Committee filled with close aides of Chinese leader Xi Jinping who will serve a third term as general secretary.

According to Bloomberg, China and Hong Kong stock markets fell sharply on concerns that authorities would continue to control private enterprises and there would be no change in their strict “zero-COVID” policy.

An index tracking the nation’s shares listed in Hong Kong tumbled more than after any Communist Party Congress since the index’s inception in 1994.
Even before the slump on October 24, China’s wealthiest were on track for their worst year in a decade.

As of October 21, there were 76 Chinese billionaires with total assets of $783 billion in Bloomberg’s wealth index, compared with 79 billionaires with a $1.1 trillion net worth at the end of last year.

In an interview on CNBC, a billionaire investor warned that China is headed for a ‘Mao-type’ economy. He said that investors should be cautious about Chinese stocks.

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