China’s wealthiest drop $52 billion in a day as stocks plunge

China’s wealthiest drop $52 billion in a day as stocks plunge

Bloomberg: China’s stock rout cost the nation’s richest tycoons more than $52 billion on Monday.

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 10% in Hong Kong trading — the most in 18 months — 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.