"Chinese Tech Giants Lose 99 Trillion Won in Wealth After Regulatory Tightening"

Former Chairman Jack Ma, founder of Alibaba [Photo by Reuters]

[Asia Economy Reporter Cho Hyun-ui] The wealth of tech industry giants has decreased by $87 billion (approximately 99 trillion KRW) since early last month due to various regulations imposed by Chinese authorities.

On the 8th (local time), a British economic media outlet reported, "The wealth of 24 giants in the technology and biotechnology industries has decreased by 16% since the Didi Chuxing incident in June."

Huang Zheng, the founder of Pinduoduo, was the most affected by this incident. He lost a total of $15.6 billion (approximately 18 trillion KRW), which accounts for one-third of his wealth.

M? Huateng, the founder of Tencent, lost $12 billion (approximately 14 trillion KRW), equivalent to 22% of his wealth, and Jack Ma, the founder of Alibaba, lost $2.6 billion (approximately 3 trillion KRW).

On the other hand, industry giants who appear to be supported by Chinese authorities or safe from regulatory risks saw their wealth increase during the same period.

Rupert Hoogewerf, founder and publisher of the Hurun Report, also known as the "Forbes of China," said, "A reshuffling of wealth is taking place. Although China has seen its number of billionaires increase more than fivefold over the past five years due to technological development, savvy entrepreneurs are turning their attention away due to Chinese government regulations."

This content was produced with the assistance of AI translation services.