Chinese Billionaire Loses $27 Billion In World's Biggest Wealth Drop
NDTV
Pinduoduo Inc's Colin Huang's fortune has dropped by over $27 billion, according to the Bloomberg Billionaires Index, after the companys stock plunged as China cracked down on its internet giants.
Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc, has lost more wealth this year than anyone else in the world.
Huang's fortune has dropped by more than $27 billion, according to the Bloomberg Billionaires Index, after the company's stock plunged as China cracked down on its internet giants. That's the biggest decline among the 500 members of the index, much larger even than the roughly $16 billion lost by China Evergrande Group Chairman Hui Ka Yan, whose real estate empire is strugglingunder a pile of debt.
It's the starkest example of how the tide has turned for China's billionaire class as President Xi Jinping calls for "common prosperity" and reins in the country's private-sector companies. Shares of Pinduoduo, or PDD, have fallen more this year than either Alibaba Group Holding Ltd or Tencent Holdings Ltd.
PDD is "more vulnerable to the crackdown compared to those peers with mature and profitable models" like Alibaba and Tencent, said Kenny Ng, a securities strategist at Everbright Sun Hung Kai Co in Hong Kong. "That's the main reason for the stock performance lagging behind other tech companies."
