(Bloomberg) — China’s stock rout cost the nation’s richest tycoons more than $53 billion on Monday.
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Zhong Shanshan, known as China’s king of bottled water, led the plunge as his fortune fell by $5 billion, while Tencent Holding Ltd.’s Pony Ma dropped $3.3 billion, according to the Bloomberg Billionaires Index.
Shares of Zhong’s Nongfu Spring Co. tumbled 9.9% in Hong Kong trading — the most since the company went public 18 months ago — though he still remains China’s wealthiest person with a fortune of $60.3 billion. Tencent fell the most since 2011 after a report that it’s facing a record fine for violating anti-money laundering rules. Pony Ma, once the country’s wealthiest person, is now third with a net worth of $35.2 billion.
The slide in Chinese stocks accelerated Monday after U.S. officials said Russia asked Beijing to help with the war in…
