Xi Jinping’s business crackdown has changed the ranking of the wealthiest people in China.As shown by Lake Jun China Rich List 2021, Many well-known names dropped some places, but at least nine big names were auctioned by the courts.
There is a new name in the top three of this year’s extensive list, with Nongfu Spring, chairman of Nongfu Spring, at the top of the list with a net worth of $ 60.6 billion. New to second place was TikTok founder Zhang Yiming for $ 52.8 billion. With this change, Battery King Zeng Yi, chairman of the Ningde Times, has risen to third place with a net worth of $ 49.7 billion.
Last year’s top position Jack Ma, Founder of Alibaba. He is currently in 5th place. Tencent Group Chairman Pony Ma has fallen from 2nd to 4th, and Evergrande Group Chairman Xu Jiayin has plummeted from 5th to 70th this year.
China’s political and economic uncertainties at home and abroad have hit the fate of many companies as well as the wealthy. Jack Ma when speaking at the 2014 Alibaba Technology Forum remarks, “Sometimes it’s not a technology that beats you, it’s just a (governmental) policy.”
According to data provided by China’s Lake Jun Institute, many of China’s big names’ personal wealth fell sharply in 2021. Compared to 2020, Xu Jiayin experienced a loss of $ 25 billion, Jacques lost about $ 23 billion, and Ponima lost $ 11 billion. .. In addition, Alibaba and Tencent are struggling with fines and regulations imposed by the central government. Evergrande Real Estate is also hampered by a lack of cash flow due to the debt crisis and changes in debt ratio policies.
On the other hand, in less than a month, the characteristics of the nine Chinese big names are Auctioned in court.. Among them is Que Wenbin from Gansu Province. Two women from Zhejiang, He Qiaonu and Zhou Xiaoguang. Xiao Yongming from Qinghai; Liu Shaoxi, Cai Xiaoru, Jao Luhua from Guangdong; Chen Jianming from Shanghai; Zhong Yu from Jiangsu. Eight of them were on the “Lake Jun China Rich List” at some point.
Que Wenbin, the wealthiest former man in Gansu and chairman of the medical services company Hengkang Group, saw his business jet auctioned. He has been on China’s extensive list for the ninth consecutive year, with his personal wealth reaching $ 2.9 billion in 2015. His Hengkang Medical Group was once the best private hospital stock in China. However, due to its problematic expansion, hospital operators have put the entire Hengkang Group in jeopardy. In 2020, the Shenzhen Stock Exchange issued a delisting warning.
He is Chaonu, The wealthiest woman in Zhejiang Province, founded Beijing Oriental Garden Art Company in 1993. 2010With a net worth of $ 1.5 billion, she was ranked 81st on the extensive list. This increased to $ 4.3 billion in 2017, but began to decline in 2018 due to bond issuance failures, litigation, and funding difficulties.
Many Chinese witness the volatility that many of China’s wealthiest people experience each year. See jokingly “Lake Jun China Rich List”Pig slaughter list.“
2004, Huang Guangyu, The founder of China’s consumer electronics retailer Gome Group, was listed as the wealthiest man in China. Four years later, he was removed from the list after being sentenced to 14 years in prison for being involved in factional politics within the Chinese Communist Party (CCP). He had not completed the full text when he was released in February this year.
In the case of wide balls It also included accusations of financial crimes. As a result of the investigation, three senior officials who were members of the Shanghai clique were arrested. Faction It is led by former Chinese leader Jiang Zemin.
Another rich man in China, Wang Jianlin, Founder and former chairman of Wanda Group. His business philosophy is close to government, but it keeps politics away from business. He said the Chinese Communist Party is so involved in regulating business in China that it is impossible to leave the government.
Since 2012, Jianlin’s Wanda Group has begun several major foreign investments. His mergers and acquisitions spanned multiple industries, including entertainment, film, broadcast, hotels and sports. However, both Jianlin and Wanda Group began to fall as CCP policies began to curb business practices.
The slide was launched in 2017 by the CCP’s Banking Supervisory Board Start full credit check For companies that have invested a lot overseas.Feeling pressure, Jianlin began selling his foreign assets Undo his capital base To China. By 2020, most of Wang Jianlin’s overseas assets will be liquidated, and Wang Jianlin will No. 41 It has a rich list of $ 16 billion in net worth.
There is a saying in China that the government’s efforts to tightly regulate businesses have made the wealthy of China the most dangerous profession in the world.
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Justin Zhang has been analyzing and writing articles on issues in China since 2012. His contact information is [email protected]
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