A Chinese billionaire records the largest loss in the world this...

A Chinese billionaire records the largest loss in the world this...
A Chinese billionaire records the largest loss in the world this...

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Bloomberg reports that the founder of Chinese e-commerce platform Bindudu, Colin Huanguo, has lost more than anyone else this year.

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 his Internet giants.

The decline was considered the largest among the 500 members of the index, followed by Hui Ka Yan, president of the “China Ever Grand Group”, with a loss of more than $ 16 billion, whose real estate empire struggles with huge debts.

This is the clearest example of the deteriorating situation for billionaires in China, as Chinese President Xi Jinping has called for prosperity for all Chinese and a curb on private sector companies in the country, the agency said.

Bindudu is more prone to aggressive crackdowns, compared to peers with mature and profitable models, said Kenny Ng, a securities analyst at Everbright Sun Hung Kai Co in Hong Kong, citing this as the main reason why stocks lag behind other technology companies.

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