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Bottled water, vaccines and electric vehicles propel China’s biggest earners

  • Evergrande boss and different property moguls slide down wealthy checklist
  • Former No. 1 Jack Ma all the way down to No. 5
  • TAL Education and Tencent founders curbed by regulation
  • Hoshine Silicon CEO biggest mover

HONG KONG, Oct 27 (Reuters) – Bottled water, vaccine growth, brief video platform TikTok and electric car know-how propelled the large earners on China’s wealthy checklist this yr, as embattled property moguls and others dealing with regulatory scrutiny slipped down the rankings.

Zhong Shanshan was No. 1 on the Hurun China Rich List 2021 printed on Wednesday, with private wealth of $60.6 billion because of a surge within the worth of his listed corporations, Nongfu Spring (9633.HK) and Beijing Wantai Biological Pharmacy Enterprise (603392.SS).

ByteDance founder Zhang Yiming, battery maker CATL(300750.SZ) Chairman Zeng Yuqun, Tencent Holdings (0700.HK) Pony Ma, and Jack Ma, founding father of Alibaba Group (9988.HK) and Ant Group (688688.SS), rounded out the highest 5.

Ma, who had beforehand topped the wealthy checklist for 3 years working, dropped locations following the suspension of Ant Group’s preliminary public providing and the slapping of a file nice on Alibaba for monopolistic behaviour.

Also falling down the checklist of the nation’s 100 wealthiest folks amid regulatory scrutiny was China Evergrande Group (3333.HK) founder Hui Ka Yan, who misplaced round 70% of his web price to be left with round $11.3 billion.

Xu’s private funds have plummeted because the nation’s second largest property developer reels underneath greater than $300 billion in liabilities.

With the broader property sector dealing with a funding crunch after a regulatory crackdown on extreme borrowing and land shopping for, the Hurun Report mentioned it was the primary time because it started compiling the report in 1999 that an actual property developer was not within the prime ten.

China Fortune Land (600340.SS) founder Wang Wenxue misplaced his billionaire standing altogether, along with his web price plunging 88% from final yr to $930 million.

Yang Huiyan, co-chairwoman at and majority shareholder of actual property developer Country Garden (2007.HK), the very best girl on the checklist, fell 5 locations to eleventh.

Zhang Bangxin, founding father of home-tutoring service TAL Education Group (TAL.N), additionally dropped off the checklist, dropping 94% of his web price after China launched new guidelines banning for-profit tutoring.

Tencent’s Ma, whose wealth swelled 70% final yr, noticed it lower 19% this yr as his firm’s video video games enterprise was rattled by new, stricter limits on gaming time for minors.

WINNERS

In a rustic of 1.4 billion folks, simply 2,769 folks had been price greater than 2 billion yuan ($313 million) every, the report mentioned.

The biggest mover within the prime 100 was Luo Liguo, the chief government of photo voltaic product agency Hoshine Silicon Industry Co (603260.SS)
, who multiplied his web price 6.5 occasions, vaulting from 220th to twenty first spot.

The Biden administration earlier this yr banned U.S. imports of Hoshine’s supplies, citing allegations of pressured labour of Uyghurs and different Muslim minority teams in China’s Xinjiang area. In response to the motion, China mentioned it will take “all necessary measures” to guard its’ corporations rights and pursuits.

ByteDance’s Zhang, which owns short-video platform TikTok, tripled his wealth from final yr to $52.8 billion and is more likely to take the No. 1 spot subsequent yr, notably if persistent rumours about an organization itemizing are realised, the Hurun Report mentioned.

Zhang “is a likely candidate to become the next Number One in China, especially if he gets to list ByteDance”, in line with Rupert Hoogewerf, Hurun Report’s chairman.

Reporting by Eduardo Baptista
Editing by Jane Wardell

Jack Ma, billionaire founder of Alibaba Group, arrives at the

Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. Picture taken March 4, 2020.   REUTERS/Shannon Stapleton

A TikTok logo is displayed on a smartphone in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration

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