Tech Titan Takes $9.2 Billion Rollercoaster Ride in China
- Zhou Hongyi’s fortune down $9.2 billion after reverse merger
- 36 Chinese tycoons lost $74 billion combined so far this year
Photographer: Keith Bedford/Bloomberg
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Zhou Hongyi made a savvy move this year when he shifted his company listing to Shanghai from New York. The February switch added $12 billion overnight to his fortune.
The 48-year-old chairman of 360 Security Technology Inc. has since experienced the downside of listing in China, after stocks tumbled on concerns about a U.S. trade war and a slowing economy. The Chinese tycoon’s net worth has shrunk by $9.2 billion as shares of the online security software developer plunged more than 60 percent.