Billionaires in China lose millions in A-share drop
The country’s top two wealthiest tycoons, Wang Jianlin, chairman of Wanda Group, and Jack Ma Yun, founder and executive chairman of Alibaba Group Holdings, lost $661 and $123 million respectively on Tuesday because of the stock market plunge, according to Bloomberg Billionaires Index.
The worst monthly slump in Chinese stocks in two years wiped away more than $34 billion in combined net worth of the richest people in mainland and Hong Kong in June.
Shenzhen-listed Wanda Cinema Line fell by the daily limit for three days before it was suspended from trading on Wednesday, while the group’s Hong Konglisted Wanda Commercial Properties slid 1.9 percent.
Alibaba Group Holding dropped 3.3 percent at the close of trading in New York on Tuesday, after diving as much as 9.1 percent.