photo from Forbes
Bloomberg reported that the founder of the Chinese e-commerce platform Bindudu, Colin Huang, lost a fortune this year, more than anyone else in the world.
According to the Bloomberg Billionaires Index, Huang’s fortune fell by more than 27 billion dollars, after his company’s shares fell, as China took strict measures against its Internet giants.
This is the biggest decline among the 500 members of the index, and even greater than the $16 billion lost by the head of China Ever Grand Group, Hui Ka Yan, whose real estate empire is struggling with a huge set of debts.
Bloomberg said this is “the clearest example of deteriorating conditions for billionaires in China, as Chinese President Xi Jinping calls for shared prosperity for all Chinese and rein in the country’s private sector companies.”
Bindudos shares have fallen more this year than those of Alibaba or Tin Cent.
According to Kenny Ng, a securities analyst at Everbright Sun Hung Kai Co in Hong Kong, “Bendodu” is more vulnerable to a strict campaign, compared to its peers with mature and profitable models, noting that “this is the main reason why stocks lag behind companies other technology.”