Larry Chen, the founder of Gaotu Techedu Inc, lost his billionaire status and is now worth about $336 million after his company lost about two-thirds of its New York market value. Since January, the former teacher has lost about $15 billion and was also involved in the closure of Archegos Capital Management.
New Oriental CEO Yu Minhong also lost his status as a billionaire, losing 685 million U.S. dollars, leaving 575 million U.S. dollars.
According to Bloomberg News, after Zhang Bangxin’s New York-listed Good Future Education Group’s share price fell 71%, his wealth shrank by US$2.5 billion to US$1.4 billion.
Analysts said that the impact of the new rules may jeopardize the listing.
JPMorgan Chase analysts said in a report dated Saturday: “It is not yet clear to what extent these companies should be reorganized under the new system. In our view, this makes these stocks almost impossible to invest.
