The photo was taken by the visual China Group.
The wealth of three Chinese billionaires has been wiped out in a single day, putting them alongside Amazon's Jeff Bezos and Musk as the worst performing tycoons on Forbes.
Pony Ma, also known as Ma Huateng, led the dive with a $6.1 billion wealth plunge, followed by Nongfu Spring Chairman and Country Garden Co-chairman. Their net worths have plummeted amid the historic plunge in Hong Kong's benchmark Hang Seng Index, which fell to a six-year low of less than 20,000 points on Tuesday.
There are a lot of factors battering their companies and others listed in the Asian financial hub. The U.S. Federal Reserve's indication of multiple interest rate hikes this year has led to increased capital outflows, while China's soft economic outlook amid still stringent Covid-19 curbs is putting a heavy toll on revenue and growth.
Regulatory troubles and concerns over the situation in Ukraine are adding to these macro challenges. China's closer ties with Russia may lead to economic sanctions from the West, with multiple reports pointing to the country's willingness to provide military assistance, including drones and surface-to-air missiles.
China doesn't want the Russia-related sanctions to affect itself, and the country's worsening relationship with the U.S. is still casting a deep shadow over companies caught in.
Five U.S.-listed Chinese firms are at risk of being delisted because they failed to submit detailed auditing documents that support their financial statements, according to the Securities and Exchange Commission.
The relationship between the world's two largest economies is getting worse and investors are dumping U.S.-listed Chinese shares. Many of these companies are dual-listed in Hong Kong, so the selloff extended there. The Hang Seng Tech Index, which is made up of 30 technology companies, plunged on Monday and Tuesday, extending this year's loss to more than 30%.
There are many negative factors in the short-term, according to Kenny Ng, a Hong Kong-based securities strategist at Everbright Securities International.
The head of research at DZT Research agrees. He says that the regulatory restrictions on the technology companies don't seem to be coming to an end any time soon.
Regulators in Beijing have not given out new games licenses since the end of last year, which is hurting Tencent. The company is facing a record fine for violating the People's Bank of China's rules on money-laundering, according to a Wall Street Journal report.
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