Beijing’s regulatory assault on China’s tech industry has lopped $87bn off the net worth of the sector’s wealthiest tycoons since the start of July, hitting the fortunes of magnates such as Tencent’s Pony Ma and Pinduoduo’s Colin Huang.
As Hudson Lockett in Hong Kong reports, the combined net worth of the two dozen Chinese billionaires in tech and biotech whose holdings are tracked by Bloomberg has dropped 16 per cent since ride-hailing platform Didi Chuxing went public in the US at the end of June.
The $4.4bn listing, which Didi launched despite private warnings from Chinese authorities to delay it due to data security concerns, has been followed by a regulatory firestorm.
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