• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, June 22, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Tech

China’s tech moguls see $80 billion of wealth evaporate in 2021

by Sandra Theres Dony
December 31, 2021
in Tech
Reading Time: 2 mins read
0
China tech
TwitterWhatsappLinkedin

For Chinese tech tycoons, 2021 has been far from favorable. Ten of the richest tech moguls in the country lost up to $80 billion in combined net worth this year. This is according to the Bloomberg Billionaires Index. One of the key reasons for the dwindling wealth is the widescale crackdowns carried out by Chinese regulators which has been hindering growth and progress. The last time the country saw such a decline was back in the year 2012.

You might also like

Honda Recalls Over 259,000 Cars in U.S. Due to Brake Pedal Defect

Porsche Uses AI to Make EV Batteries Smarter and Safer

Maserati’s Future in Limbo as Stellantis Prepares for New CEO, Possible Brand Divestment on the Table

China tech

A Record Year (Of Losses)

It cannot be denied that 2021 has been a record year, but for all the wrong reasons. Among the tech moguls who suffered significant losses, Colin Huang, the founder of Pinduoduo Inc. suffered the worst blow as he lost approximately two-thirds of his fortune worth $42.9 billion. It hasn’t been a favorable year for Jack Ma either, who witnesses a massive decline in his wealth by about $13 billion particularly after his business empire was clamped down by the authorities. He has been keeping a low profile since then. However, Cheng Wei, the founder of Didi Global Inc got the worst seat on this year’s wealth roller coaster that for some reason kept going down. He had some momentary bliss before the company’s U.S listing in June when investors pushed up the stakes, increasing the valuation of the company to $95 billion. The bliss was fleeting as the company’s shares went down by a whopping 60 percent after the Chinese officials called for an investigation and demanded a delisting from the New York Stock Exchange. This led to Cheng’s fortune dropping to $1.7 billion.

Chinese regulators’ antitrust scrutiny has been on the rise ever since the initial public offering of Ant Group Co. was stopped last year. Tech companies like Alibaba, Tencent Holdings Ltd., Meituan, and Pinduoduo have been on the receiving end of this wrath and found their monumental valuations plummet after being fined for a multitude of reasons.

The country has also been closely focusing on the VIE structure to ensure that the loophole used to jump past the restrictions and to obtain foreign investment is under control. China’s sudden shift of focus on the IPOs abroad which were left unchecked for more than two decades is now increasing the veil of uncertainty over the tech industry. In addition to this, the recent announcement by the Securities and Exchange Commission to go ahead with their plan which makes it mandatory for the Chinese companies to open their books to U.S scrutiny adds further trouble. This is what Chen Zhiwu, the director of the Asia Global Institute at the University of Hong Kong had to say about the prevailing situation in the country,

“The best days for China’s tech sector are behind us for now. Without access to the American capital markets, the history of China’s tech sector would have been very different.”

Tags: ChinaLossestech
Tweet54SendShare15
Previous Post

Apple made a prudent decision by ditching Intel and it paid off

Next Post

How to buy Orion protocol token (ORN)

Sandra Theres Dony

Content writer at Techstory, dealing with topics, Artificial Intelligence, Virtual Reality and Augmented Reality.

Recommended For You

Honda Recalls Over 259,000 Cars in U.S. Due to Brake Pedal Defect

by Samir Gautam
June 22, 2025
0
onda is recalling more than 259,000 vehicles across the U.S. because of a defect that could affect how the brake pedal works and potentially

If you own a recent Honda or Acura, you might want to check if your car is part of a major new recall. Honda is recalling more than...

Read more

Porsche Uses AI to Make EV Batteries Smarter and Safer

by Samir Gautam
June 22, 2025
0
Porsche Uses AI to Make EV Batteries Smarter and Safer

It’s 2025, and AI seems to be showing up in just about everything these days, sometimes in ways that feel more like marketing hype than real innovation. Thankfully,...

Read more

Maserati’s Future in Limbo as Stellantis Prepares for New CEO, Possible Brand Divestment on the Table

by Samir Gautam
June 21, 2025
0
Maserati’s Future in Limbo as Stellantis Prepares for New CEO, Possible Brand Divestment on the Table

As Antonio Filosa prepares to take the helm as the new CEO of Stellantis this Monday, the automotive world is watching closely, especially with growing speculation that Maserati,...

Read more
Next Post
How to buy Orion protocol token (ORN)

How to buy Orion protocol token (ORN)

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?