26-09-2024, 10:49 PM
(24-09-2024, 09:11 PM)Wildreamz Wrote: Interesting. What are your views on the huge slowdown/drawdowns in their top companies (with huge private/foreign ownerships) in recent years, and the "retirement"/"disappearance" of renown founders from these companies (say Zhang Yiming from Bytedance, Jack Ma etc), seemingly all at the same time when the government is pushing for "common prosperity"?
Just a temporary setback or a sea change?
Hi Wildreamz,
The last I check, these guys are still immensely rich, may be not as rich as they were but probably still rich enough to appear on Spore top10 billionaires (like that FB founder) if they ever manage/decide to convert their citizenship. They will still do fine.
The Hurun Rich list shows ~800 Chinese billionaires. Are those renowned founders the exception or the norm? As a group, I suspect they will still do fine.
China has had pivotal points in its entire modern history - From Nationalist ending feudal rule, to the Great Purge after the Communists won the civil war, to the Great Leap Forward, Mao's death, Deng's "to get rich is glorious" and finally China entering WTO. So will Xi's corruption purge in 2013 and the current tech purge be the next pivotal points? To be honest, we will probably only know down the road.