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The Straits Times
Tencent boss Pony Ma loses $18.9 billion in China crackdown, more than Jack Ma
Mr Pony Ma s reputation for staying out of the limelight has not shielded his company from penalties.PHOTO: BLOOMBERG
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Turns out even the most compliant Chinese billionaires aren’t immune to the regulatory onslaught sweeping the world’s second-largest economy.
In a twist that has upended conventional wisdom on the political pecking order of China’s business elite, Tencent Holdings Ltd.’s mild-mannered boss, Pony Ma, has lost more paper wealth over the past nine months than Jack Ma, the combative co-founder of Alibaba Group Holding Ltd. and Ant Group Co.
The reversal underscores how rapidly Beijing’s crackdown has expanded since authorities scuttled Ant’s initial public offering on Nov. 3. What initially looked like a targeted campaign against China’s most outspoken tech tycoon has since spread to nearly every corner of the industry and beyond, as regulators de-emphasize unfettered growth in favor of other priorities such as data security, financial stability and reduced inequality.
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Tencent boss loses $14bn in rout, more than Jack Ma
Turns out even the most compliant Chinese billionaires arenât immune to the regulatory onslaught sweeping the worldâs second-largest economy.
By Venus Feng, Bloomberg
4 Aug 2021 08:24
Pony Ma. Image: Bloomberg
Turns out even the most compliant Chinese billionaires arenât immune to the regulatory onslaught sweeping the worldâs second-largest economy.
In a twist that has upended conventional wisdom on the political pecking order of Chinaâs business elite, Tencentâs mild-mannered boss, Pony Ma, has lost more paper wealth over the past nine months than Jack Ma, the combative co-founder of Alibaba Group and Ant Group Co.
Tencent boss Pony Ma loses $19 billion in rout, more than Jack Ma
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By Venus Feng
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Turns out even the most compliant Chinese billionaires aren’t immune to the regulatory onslaught sweeping the world’s second-largest economy.
In a twist that has upended conventional wisdom on the political pecking order of China’s business elite, Tencent Holdings’s mild-mannered boss, Pony Ma, has lost more paper wealth over the past nine months than Jack Ma, the combative co-founder of Alibaba and Ant Group.
Tencent chief Pony Ma.