China Surveillance Tyc00ns Lose Billions From Threat of US Sanctions
The billionaires behind Hangzhou Hikvision Digital Technology Co. and Zhejiang Dahua Technology Co. have watched their combined fortunes sink by more than $8 billion since March 2018 as shares of both companies sank on speculation of potential U.S. sanctions. The losses deepened on Wednesday after reports that Donald Trumps administration is considering blacklisting the surveillance giants, in part because of their alleged role in human rights violations.
Hikvision Vice Chairman Gong Hongjia, whose fortune peaked at $13 billion in November 2017, is now worth about $6 billion after the stock fell as much as 10% on Wednesday, according to the Bloomberg Billionaires Index. Dahua Chairman Fu Liquans net worth has dropped to $1.9 billion from $4.3 billion in March 2018.
The billionaires behind Hangzhou Hikvision Digital Technology Co. and Zhejiang Dahua Technology Co. have watched their combined fortunes sink by more than $8 billion since March 2018 as shares of both companies sank on speculation of potential U.S. sanctions. The losses deepened on Wednesday after reports that Donald Trumps administration is considering blacklisting the surveillance giants, in part because of their alleged role in human rights violations.
Hikvision Vice Chairman Gong Hongjia, whose fortune peaked at $13 billion in November 2017, is now worth about $6 billion after the stock fell as much as 10% on Wednesday, according to the Bloomberg Billionaires Index. Dahua Chairman Fu Liquans net worth has dropped to $1.9 billion from $4.3 billion in March 2018.