The ongoing war between Russia and Ukraine has created fear in the market around the world. Due to which the investors are suffering a lot. Its effect is now clearly visible in the Chinese market as well. The wealth of Zhong Shanshan, known as the king of bottled water in the Bloomberg Billionaires Index, saw a drop of $5 billion on Monday. At the same time, Pony Ma of Tencent Holding Limited suffered a loss of $ 3.3 billion.
Zhang Shanshan’s company Nongfu Spring Co. Hong Kong’s shares fell 9.9% in trading. This is the company’s biggest decline in the last 18 months. Despite this, however, Zhong Shanshan remains the richest person with a net worth of $60.3 billion. If we talk about Tencent, then after the money laundering came to light in a report, the biggest decline was seen since 2011. Pony Ma, once the richest person in China, has now slipped to number three with a net worth of $35.2 billion.
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What is the reason for the uproar in the Chinese market
The decline in the Chinese market was seen on Monday. It comes after US officials said Russia had asked Beijing for help in the Ukraine war in Ukraine. Many countries around the world have imposed various sanctions on Russia at this time. This is the reason why China’s market is afraid that if Beijing also helps Russia, then they should also be banned. Due to this apprehension and fear, there is a huge decline in the Chinese market.
Out of the world’s richest 500 people, 76 people from China saw a loss of $228 billion in wealth. At the same time, Jack Ma, who was once the richest person in China, has now slipped to number four in the list of the richest people in the country. His place has been taken by Pani Ma. Jack Ma’s net worth is $34 billion.