Tycoons lose U$53bil in a day as stocks plunge

Stock slide: An electronic screen displays the Hang Seng Index. Chinese stocks suffered another deep sell-off as concerns about the country’s ties with Russia and persistent regulatory pressure sent shares on a downward spiral. — Bloomberg

BEIJING: China’s stock rout cost the nation’s richest tycoons more than US$53bil (RM223bil) on Monday.

Zhong Shanshan, known as China’s king of bottled water, led the plunge as his fortune fell by US$5bil (RM21bil), while Tencent Holding Ltd’s Pony Ma dropped US$3.3bil (RM14bil), according to the Bloomberg Billionaires Index.