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

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

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  • Evergrande boss and other real estate moguls slide down rich list
  • Former No.1 Jack Ma to No.5
  • TAL Education and Tencent founders held back by regulation
  • Hoshine Silicon CEO The Biggest Engine

HONG KONG, Oct.27 (Reuters) – Bottled water, vaccine development, short video platform TikTok, and electric vehicle technology have propelled big earners onto China’s rich list this year, as troubled real estate moguls and others under regulatory scrutiny have slipped in the rankings.

Zhong Shanshan was No. 1 on the Hurun China Rich List 2021 released Wednesday, with personal fortune of $ 60.6 billion thanks to an increase in the value of his listed companies, Nongfu Spring (9633.HK) and Beijing Wantai Biological Pharmacy Enterprise (603392 .SS).

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

Ma, who previously topped the rich list for three consecutive years, has lost places following the suspension of Ant Group’s initial public offering and the imposition of a record fine on Alibaba for monopoly behavior.

China Evergrande Group founder (3333.HK) Hui Ka Yan, who lost around 70% of his net worth, also ends up with around $ 11.3 billion.

Xu’s personal finances have collapsed as the country’s second-largest real estate developer collapses under more than $ 300 billion in liabilities.

With the wider real estate sector facing a funding shortage after a regulatory crackdown on excessive borrowing and land purchases, the Hurun Report said this was the first time since it began compiling the report in 1999. that a real estate developer was not in the top ten.

China Fortune Land (600340.SS) founder Wang Wenxue has completely lost his billionaire status, with his net worth falling 88% from last year to $ 930 million.

Yang Huiyan, co-chair and majority shareholder of property developer Country Garden (2007.HK), the highest woman on the list, dropped five spots to place 11th.

Zhang Bangxin, founder of home tutoring service TAL Education Group (TAL.N), also dropped the list, losing 94% of his net worth after China introduced new rules banning for-profit tutoring.

Tencent’s Ma, whose wealth rose 70% last year, saw it shrink 19% this year as his company’s video game business was rocked by new, stricter limits on game time. for minors.

WINNERS

In a country of 1.4 billion people, only 2,769 people were worth more than 2 billion yuan ($ 313 million) each, according to the report.

Luo Liguo, CEO of solar products company Hoshine Silicon Industry Co (603260.SS), which has multiplied his net worth 6.5 times, dropped from 220th to 21st place.

The Biden administration earlier this year banned U.S. imports of Hoshine materials, citing allegations of forced labor by Uyghurs and other Muslim minority groups in China’s Xinjiang region. In response to the action, China said it would take “all necessary measures” to protect the rights and interests of its companies.

ByteDance’s Zhang, who owns the short video platform TikTok, has tripled his wealth from last year to $ 52.8 billion and is expected to take the top spot next year, especially if rumors lingering concerns about a company listing are happening, according to the Hurun Report.

Zhang “is a likely candidate to become the next number one in China, especially if he manages to list ByteDance,” according to Rupert Hoogewerf, chairman of Hurun Report.

(This story corrected the title of Country Garden Co-Chair for Yang Huiyan in paragraph 9)

Reporting by Eduardo Baptista Editing by Jane Wardell

Our Standards: Thomson Reuters Trust Principles.


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