Alibaba has lost $344.4 billion in a year after the company's founder Jack Ma criticized Chinese banks and regulators, Bloomberg reports. The pressure from Chinese authorities on the IT sector has led to 8 out of 10 places on the list of companies with the biggest losses being held by Chinese companies.
In second place is short video service developer Kuaishou Technology, which has lost $104 billion in capitalization.
The top 10 also includes:
- Ping An Insurance (-66.1 billion dollars).
- Insurance company China Life Insurance (-50.8 billion).
- Technology company Tencent (-65.4 billion).
- Real estate broker KE Holdings (-50.3 billion).
- Educational service TAL Education (-39.1 billion).
- Vape company RLX (-36.7 billion).
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Among the top 10 are US video communications service Zoom (-$63 billion) and the Japanese Softbank (-$40.9 billion).
Jack Ma has previously called the Basel Accords an "old people's club" and China's state-owned banks "pawnshops" that hinder innovation.