Moneycontrol PRO
Open App
you are here: HomeNewsBusiness

Amid China's scrutiny, Jack Ma's wealth falls nearly $11 billion in two months: Report

China has begun an investigation into suspected monopolistic activities by Alibaba, which hurt the company's Hong Kong-listed shares.

December 30, 2020 / 01:27 PM IST

Alibaba co-founder Jack Ma has lost nearly $11 billion of his wealth since the end of October, after China increased scrutiny on the e-commerce giant.

Ma's net worth has slipped to $50.9 billion from a peak $61.7 billion, making him the 25th richest person in the world, as per the Bloomberg Billionaires Index.

China on December 24 began an investigation into suspected monopolistic activities by Alibaba, which hurt the company's Hong Kong-listed shares.

Authorities also asked Alibaba-affiliate Ant Group to rectify the company's lending, insurance and wealth management services.

Also Read: China launches probe into Alibaba for suspected monopolistic behaviour

Close

Many other Chinese technology giants have also felt the impact of regulatory pressure, losing hundreds of billions of dollars in market value, the business news website reported.

Ma Huateng's Tencent Holdings has fallen 15 percent since early November and Wang Xing's food delivery giant Meituan has lost almost a fifth from its peak in November.

"There is a wave of similar signals showing that China’s tech giants are staying on the radar of authorities," said Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong told Bloomberg.

"The anti-monopoly drafted guidance and antitrust review are just two of those signals," he added.
Moneycontrol News
first published: Dec 30, 2020 10:06 am
Sections
ISO 27001 - BSI Assurance Mark