On Thursday (May 13), the 2021 New Fortune 500 Rich List was released. The list shows that the 500 people this year have a fortune of nearly 18 trillion yuan, more than the sum of the GDP of first-tier cities.
Among the top ten of this year’s rich list, Jack Ma was the only entrepreneur whose wealth shrank, falling from last year’s richest to seventh, with wealth value dropping by 71.73 billion yuan to 230.41 billion yuan from 320.14 billion yuan in 2020.
Top 10 richest Chinese in 2020 vs. 2021
New Fortune said the reasons for Jack Ma’s shrinking wealth include Alibaba’s monthly active user numbers being overtaken by Jindo, and the further convergence of regulatory guidelines and risk control indicators for Internet finance between Ant and traditional financial institutions after Ant Group was put on hold on the eve of its IPO, resulting in a significant drop in Ant’s valuation, which was issued at a valuation of 2.1 trillion yuan in November 2020, based on its 2020 The P/E ratio is as high as 50 times based on its net profit of 21.2 billion yuan in the first half of the year, while the valuation of the banking category is less than 10 times in the same period.
However, according to Sohu Finance’s query of the earnings report, Alibaba was overtaken by Jindo, which is the annual active buyer data. As of the end of 2020, Alibaba’s annual active consumers in the Chinese retail market (Annual active consumers) were 719 million, and Jindo’s annual active buyers in the twelve-month period (Active buyers in the twelve-month period) were 788.4 million.
Alibaba’s Mobile MAUs in the December 2020 China retail market were 902 million, and Jindo’s Average monthly active users in the quarter were 719.9 million in the fourth quarter of 2020. Alibaba still leads in this statistical time period where there is a difference in data.
In addition, Alibaba is under antitrust investigation, which also contributes to the shrinkage of Jack Ma’s fortune.
On December 24, 2020, the Communist Party of China’s General Administration of Market Supervision and Administration (GAMSA) issued a notice of investigation against Alibaba, starting an anti-monopoly investigation against it. On April 10 this year, Alibaba received a fine of 18.228 billion yuan, equivalent to 4% of Alibaba’s 2019 sales of 455.712 billion yuan within China.
As of 17:00 p.m. on May 13, Alibaba’s U.S. shares were trading at $219.9 per share and its Hong Kong shares were trading at HK$213.3 per share, down 31.13% and 31.09%, respectively, from their all-time highs in late October 2020.
In October 2020 in Shanghai Bund Financial Summit, Jack Ma accused China’s financial regulatory system, Ant Group $ 34 billion IPO two days before the listing was directly called off, then, Jack Ma disappeared for a long time, its May 10 this year, “Ali Day” appeared in Ali Hangzhou headquarters, pictures show Ma smiling, but Some netizens said, (Ma Yun) “suddenly a lot older, hair gray, thinning”.
It is worth noting that property tycoons Xu Jiayin, Yang Huiyan and Wang Jianlin/Wang Sicong, who have been in the top 10 of the list for years, all dropped out of the top 10 this year. For the past three consecutive years, Hui Ka Yan was ranked third, while historically, Yang Hui Yan was the richest person in 2007 and 2008, and Wang Jianlin’s father and son managed to top the list in 2010, 2012, 2016 and 2017.
He was replaced by real estate agent Zuo Hui, whose companies include Chain Home, Shell and Ziyou. In 2020, his wealth was worth only 30 billion yuan, but after Shell’s successful IPO, his fortune skyrocketed six times to 222 billion yuan.
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