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View all search resultsBut reclusive Zhong Shanshan has become Asia's richest man following the stock listings last year of his Nongfu Spring mineral water and separate pharma company Wantai Biological Pharmacy Enterprise, which has tapped into massive demand for Covid-19 test kits.
The catalyst for Ma’s current woes was an Oct. 24 speech in which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO just days before the fintech giant’s listing.
China halted the US$37 billion listing on Tuesday, thwarting the world’s largest stock market debut with just days to go in a dramatic blow to the financial technology and online consumer lending firm founded by billionaire Jack Ma.
Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8 percent from 6.4 percent, cashing out around US$9.6 billion at its current share price, the firm’s annual filing released on Friday showed.
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