Ma Huateng, Tencent Chairman, Loses 16 Trillion Won in Wealth Due to Chinese Government Regulations

Tencent Chairman Ma Huateng, a Chinese IT company
[Photo by Reuters]

[Asia Economy Reporter Cho Hyun-ui] Ma Huateng, chairman of Chinese IT company Tencent, has seen his wealth decrease by $14 billion (approximately 16 trillion KRW) over the past nine months due to various regulations imposed by Chinese authorities.

Bloomberg reported on the 4th that "Ma's wealth has declined to $45.8 billion (approximately 52 trillion KRW) following the crackdown by Chinese authorities."

As a result, Ma Huateng has dropped from the 2nd to the 3rd richest person in China. Bloomberg noted, "The amount of Ma Huateng's wealth reduction is greater than the $13.2 billion lost by Jack Ma, former chairman of Alibaba."

Chinese financial authorities abruptly halted the simultaneous Hong Kong and Shanghai stock listings of Alibaba's fintech (online-based financial services) subsidiary Ant Group, which was scheduled for November 3 last year, and have since implemented a series of regulations.

Bloomberg stated, "Chinese authorities' regulations are extending beyond Alibaba Group," adding, "They are monitoring all industries and emphasizing information security, financial stability, and inequality mitigation over growth without regulation."