×
223
Fashion Jobs
LEVI'S
Key Account Manager
Permanent · London
TOMASZ DONOCIK
Digital Marketing And Sales Coordinator
Permanent · LONDON
PYOU
Wholesale Business Developer/Sales Manager
Permanent · LONDON
SHISEIDO
Demand Planner
Permanent · London
SHISEIDO
Commercial Finance Analyst
Permanent · London
SHISEIDO
Bareminerals Account Manager - bt2, Blanchardstown
Permanent · Chappaqua
SHISEIDO
Bareminerals Account Manager - Moores, Colearine
Permanent · Coleraine
SHISEIDO
Group Business Analyst
Permanent · London
SHISEIDO
Accounts Payable Manager
Permanent · LONDON
LEVI'S
Sales Stylist London o2 Arena 16 Hours
Permanent · London
HUGO BOSS
Assistant Store Manager - New Cathedral Street, Manchester
Permanent · Manchester
HUGO BOSS
Sales Associate - New Cathedral Street, Manchester
Permanent · Manchester
HUGO BOSS
Sales Associate - Southampton
Permanent · Southampton
HUGO BOSS
Sales Associate - Bristol Cribbs Causeway
Permanent · Bristol
HUGO BOSS
Brand Specialist - Birmingham Bullring
Permanent · Birmingham
HUGO BOSS
Assistant Store Manager - Bicester
Permanent · Oxford
HUGO BOSS
Assistant Store Manager - Bristol Cribbs Causeway
Permanent · Bristol
HUGO BOSS
Supervisor - Milton Keynes
Permanent · Milton Keynes
HUGO BOSS
Brand Specialist - New Cathedral Street, Manchester
Permanent · Manchester
CLERGERIE
Assistant Store Manager (Walton Street)
Permanent · LONDON
MAJE
Sales Assistant, Full Time - Selfridges, London
Permanent · LONDRES
BRUNELLO CUCINELLI
Senior Client Advisor - Chinese/Arabic Speaker
Permanent · LONDON
By
Reuters API
Published
Mar 2, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

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

By
Reuters API
Published
Mar 2, 2021

Alibaba 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.


Jack Ma - Photo: Reuters



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 Zhong Shanshan, Tencent Holding's Pony Ma and e-commerce upstart Pinduoduo's 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.

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 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.
 

© Thomson Reuters 2021 All rights reserved.