Bottled water, vaccine development, short-video platform TikTok and electric vehicle technology propelled the big earners on China’s rich list this year, as embattled property moguls and others facing regulatory scrutiny slipped down the rankings.
Zhong Shanshan (鍾睒睒) was No. 1 on the Hurun China Rich List 2021 published yesterday, with personal wealth of US$60.6 billion, thanks to a surge in the value of his listed companies, Nongfu Spring Co (農夫山泉) and Beijing Wantai Biological Pharmacy Enterprise Co (萬泰生物).
ByteDance Ltd (字節跳動) founder Zhang Yiming (張一鳴), battery maker Contemporary Amperex Technology Co (新能源科技) chairman Zeng Yuqun (曾毓群), Tencent Holdings Ltd (騰訊) founder Pony Ma (馬化騰), and Alibaba Group Holding Ltd (阿里巴巴) and Ant Group Co (螞蟻集團) cofounder Jack Ma (馬雲) rounded out the top five.
Jack Ma, who had previously topped the rich list for three years running, dropped places following the suspension of Ant Group’s initial public offering and the slapping of a record fine on Alibaba for monopolistic behavior.
Also falling down the list of the nation’s 100 wealthiest people amid regulatory scrutiny was China Evergrande Group (恆大集團) chairman Xu Jiayin (許家印), who lost about 70 percent of his net worth to be left with about US$11.3 billion.
Xu’s personal finances have plummeted as the nation’s second-largest property developer reels under more than US$300 billion in liabilities.
PROPERTY FALLS
With the broader property sector facing a funding crunch after a regulatory crackdown on excessive borrowing and land buying, the Hurun Report said it was the first time since it began compiling the report in 1999 that a real-estate developer was not in the top 10.
China Fortune Land Development Co (華夏幸福基業) founder Wang Wenxue (王文學) lost his billionaire status altogether, with his net worth plunging 88 percent from last year to US$930 million.
Yang Huiyan (楊惠妍), cochairwoman at and majority shareholder of real-estate developer Country Garden Holdings Co (碧桂園), the highest woman on the list, fell five places to 11th.
Zhang Bangxin (張邦鑫), founder of home-tutoring service TAL Education Group (好未來教育集團), also dropped off the list, losing 94 percent of his net worth after China introduced new rules banning for-profit tutoring.
Pony Ma, whose wealth swelled 70 percent last year, saw it decrease 19 percent this year as his company’s video games business was rattled by new, stricter limits on gaming time for minors.
In a country of 1.4 billion people, just 2,769 people were worth more than 2 billion yuan (US$312.7 million) each, the report said.
The biggest mover in the top 100 was Luo Liguo (羅立國), chief executive of solar product firm Hoshine Silicon Industry Co (合盛矽業), who multiplied his net worth 6.5 times, vaulting from 220th to 21st spot.
TIKTOK LISTING?
ByteDance’s Zhang tripled his wealth from last year to US$52.8 billion and is likely to take the No. 1 spot next year, particularly if persistent rumors about the owner of short-video platform TikTok listing are realized, the Hurun Report said.
Zhang “is a likely candidate to become the next Number One in China, especially if he gets to list ByteDance,” Hurun Report chairman Rupert Hoogewerf said.
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