February 7, 2023

Dubai Week

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78 Chinese billionaires lost $ 52 billion in a single day due to stock collapse

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China’s super-rich lost about $ 52 billion in wealth as a result of falling stock prices on Monday.

And the Bloomberg News Agency pointed out that Zhong Shanshan, known as the King of Bottled Water in China, topped the list in terms of losses, while his wealth fell by $ 5 billion yesterday, while pony flour wealth plummeted; Technology giant Tencent Holdings Ltd is a major shareholder in $ 3.3 billion.

Shares of billionaire Chung-owned Nongfu Spring Bottled Water Company plunged 10% on the Hong Kong Stock Exchange yesterday, with Chung remaining the richest man in China with $ 60.3 billion in assets.

Tencent’s stock recorded its biggest daily decline since 2011, following reports that the company was subject to recorded fines for violating anti-money laundering rules. The net worth of pony flour is currently estimated at $ 35.2 billion.

According to the Bloomberg Billionaires Index, the total loss of the 78 Chinese billionaires on the list of the world’s 500 richest people is about $ 52.1 billion as a result of the fall in Chinese stock prices yesterday.


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