SHANGHAI—Bottled-water tycoon Zhong Shanshan has become China's wealthiest person, according to an annual ranking released Wednesday, as a government campaign to rein in the super-rich took a big bite out of the fortunes of perennial front-runners like Alibaba co-founder Jack Ma.
That resulted in Chinese officials spiking what would have been a world record $37 billion initial public offering for Alibaba's financial group Ant and kicked off a cascade of crackdowns on Chinese tech companies, alleged monopolistic practices, and powerful tycoons. The sector's biggest loser was Xu Jiayin, founder of deeply troubled property giant Evergrande Group.
A liquidity crunch at Evergrande has hammered investor sentiment and rattled the country's crucial real estate market, while fanning fears of a possible contagion in the wider economy.
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