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Even Chinese billionaires aren't immune from regulatory crackdown
... 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 than Jack Ma , the combative co-founder of Alibaba Group Holding Ltd and Ant Group Co. in the past nine months. The reversal underscores how rapidly Beijing 's crackdown has expanded since authorities scuttled Ant publicly ...
Updated: 08/04/2021
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