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Zhong Shanshan, known as China’s king of bottled water, led the plunge as his fortune fell by US$5 billion, while Tencent Holding Ltd.’s Pony Ma dropped US$3,3 billion, according to the Bloomberg Billionaires Index.
Shares of Zhong’s Nongfu Spring Co tumbled 9,9 percent in Hong Kong trading — the most since the company went public 18 months ago — though he still remains China’s wealthiest person with a fortune of US$60,3 billion.
Tencent fell the most since 2011 after a report that it’s facing a record fine for violating anti-money laundering rules. Pony Ma, once the country’s wealthiest person, is now third with a net worth of $35,2 billion.
The slide in Chinese stocks accelerated Monday after US officials said Russia asked Beijing to help with the war in Ukraine, raising concerns over a backlash against Chinese companies, potentially even sanctions. The Hang Seng China Enterprises Index tracking shares traded in Hong Kong sank the most since November 2008, while the Hang Sang Tech Index tumbled 11 percent for the worst decline since its inception. The route continued on yesterday. — Bloomberg.
Online Reporter