Xi Jinping’s ‘fist’ ‘destroys’ 35 billion dollars of fortunes of China’s richest men

China’s richest tycoons lost more than $35 billion in the market sell-off that followed the changes that Xi Jinping did in the Communist Party and that indicate that there will be a greater ‘heavy hand’ against the IP.

Colin Huangof Pinduoduo, saw his fortune sink by 5.1 billion dollars, while Pony Maof Tencent Holdings, and the richest person in the country, zhong shangshaneach lost more than $2 billion on Monday as their companies’ shares plunged following the Communist Party’s leadership shakeup.

Those were the biggest drops in fortunes among the 500 richest people in the world recorded by the Billionaires Index Bloomberg.

Jack Mafrom Alibaba Group Holding, and William Dingof NetEase, lost a total of 2.8 billion dollars.

Will China go against its millionaires?

Xi’s move to put his closest allies at the top of the party leadership is raising concerns that China will continue ‘aggressive’ measures against China. entrepreneurs and companies from your country.

On Monday, foreigners sold a record number of shares through trading links in Hong Kong, while Chinese shares traded in the US suffered their worst decline in history.

The liquidation of shares continued this Tuesday, with the yuan touching its lowest level since 2007 after the People’s Bank of China loosened its grip on the currency peg, which was tightly controlled.

“Today’s drop reflects fragile investor sentiment”, opined Kenny Wen, head of investment strategy at KGI Asia in Hong Kong. “People are just trying to hang on and look for more implications for the Chinese economy after the shakeup. “

Even before Monday’s plunge, China’s richest people were on track to have their worst year in a decade, as Xi’s tough anti-COVID policies hit the economy. Until last Friday, there was 76 Chinese billionaires with a combined fortune of 783 billion among the 500 richest people in the world, compared to the 79 tycoons that gathered a total of 1.1 billion dollars at the end of 2021, according to the ranking of Bloomberg.

While Xi’s re-election for a record third term came as no surprise, the “elevation” of his loyalists is breaking with the model of collective leadership that made China a power, with fewer voices now questioning his policies.

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Xi Jinping’s ‘fist’ ‘destroys’ 35 billion dollars of fortunes of China’s richest men