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Tencent’s Pony Ma Falls To No. 4 On China’s 100 Richest 2021

By News Creatives Authors , in Billionaires , at November 3, 2021

This story is part of Forbes’ coverage of China’s Richest 2021. See the full list here.

Tencent chairman and cofounder “Pony” Ma Huateng saw his net worth drop to $49.1 billion from $55.2 billion a year ago. Shares of his Hong Kong-listed gaming and social media giant fell almost 35% since peaking in January as Beijing tightened its grip on the country’s internet companies. In July, the government ordered Tencent and its affiliates to end its exclusive licensing deals with record companies and pay 500,000 yuan ($77,442) in antitrust fines. The company said it would comply and terminated the deals in August. 

At the end of August, regulators put gaming in the crosshairs and limited those under 18 to playing time of three hours a week. Ma, who said he would follow the measures, has toed the line on another front: Since April Tencent has pledged a whopping 100 billion yuan to causes such as education, healthcare and rural revitalization. The company wrote on WeChat in August it was a “proactive” answer to President Xi Jinping’s call to tackle China’s widening wealth gap. Tencent’s second-quarter revenue climbed 20% to 138.3 billion yuan from a year earlier, with sales from mobile games up 13%.

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