Jack Ma Loses Title Of China's Richest Man, Now Ranks Fourth After Ant Group Fallout
A crackdown on fintech in China has hurt the valuation of one of the country's larger companies, and led to changes in the ranking of China's wealthiest people.
What Happened: Jack Ma, the co-founder of Alibaba Group Holding (NYSE: BABA), is no longer the richest person in China, according to Reuters.
A report from Hurun Global Rich List lists Jack Ma as the country’s fourth-richest person.
Nong Fu Spring Water leader Zhong Shanshan topped the list as China’s richest person. Shanshan also controls vaccine maker Wantai Biological Pharmacy Enterprise.
Pony Ma from Tencent Holdings (Pink: TCEHY) and Collin Huang of Pinduoduo Inc (NASDAQ: PDD) ranked second and third on the list.
Ranking fifth on the list was ByteDance founder Zhang Yiming. ByteDance is the company that owns TikTok.
Related Link: Jack Ma's Ant Shelves Employee Share Buyback Program Amid Regulatory Uncertainty
Why It’s Important: Jack Ma topped the list in 2019 and 2020 and has seen his fortune rise with the valuation of Alibaba Group increasing.
In October, Ma blasted the regulatory system of China.
Alibaba’s plans to spin off the financial arm Ant Group in a $37-billion IPO were shut down by the country days before the listing. An antitrust probe was also launched into Alibaba in December.
Chinese regulators have tightened their grip on fintech companies in the country. The regulators have pushed for Ant Group to fold some of its businesses into a financial holding company.
Jack Ma disappeared from the public for three months before reemerging in January. Investors sent shares of Alibaba down on news of the Ant Group IPO delay and Ma’s disappearance.
See also: How To Buy Alibaba Stock
BABA Stock Performance: Alibaba Group shares are trading around the midpoint of their 52-week range of $169.95 to $319.32.
Shares are up 16% in the last year and up 241% over the last five years.
Pinduoduo shares are up 420% in the last year. The company held its IPO in 2018.
Tencent shares are up 76% in the last year and up 357% over the last five years.
Alibaba co-founder Jack Ma. Benzinga file photo by Dustin Blitchok.
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