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China Magnate’s $27bn Loss is World’s Biggest Wealth Plunge: Bloomberg

The Pinduoduo logo is seen in this illustration. Photo: Reuters

Pinduoduo Inc founder Colin Huang has seen $27 billion wiped off his wealth this year, more than anyone else in the world, Bloomberg News reported.

The losses came as shares in his e-commerce platform plunged on China’s tech crackdown, leaving Huang with a bigger loss than the $16 billion hit taken by Hui Ka Yan, Chairman of the troubled China Evergrande Group, the story said. It also was the biggest decline among the 500 members of the Bloomberg Billionaires Index, the story added. Huang’s worth is now about $35 billion, Bloomberg said. Full story: Bloomberg News.

Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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