China’s Richest Lose $35 Billion Following Xi’s Reshuffle
- Colin Huang drops by $5.1 billion, Pony Ma by $2.5 billion
- Leadership changes send Chinese stocks and yuan tumbling
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China’s richest tycoons lost more than $35 billion in the market selloff that followed Xi Jinping’s tightening grip on the government.
Pinduoduo Inc.’s Colin Huang saw his fortune sink by $5.1 billion, while Tencent Holdings Ltd.’s Pony Ma and the nation’s wealthiest person, Zhong Shanshan, each lost more than $2 billion on Monday as shares of their companies tumbled after the Communist Party’s leadership reshuffle. Those were the biggest declines among the world’s 500 richest people tracked by the Bloomberg Billionaires Index. Alibaba Group Holding Ltd.’s Jack Ma and NetEase Inc.’s William Ding were down $2.8 billion combined.