Tencent boss loses $14 billion in rout, more than Jack Ma

Turns out even the most compliant Chinese billionaires aren’t immune to the regulatory onslaught sweeping the world’s second-largest economy.

In a twist that has upended conventional wisdom on the political pecking order of China’s business elite, Tencent Holdings Ltd.’s mild-mannered boss, Pony Ma, has lost more paper wealth over the past nine months than Jack Ma, the combative co-founder of Alibaba Group Holding Ltd. and Ant Group Co.

The reversal underscores how rapidly Beijing’s crackdown has expanded since authorities scuttled Ant’s initial public offering on Nov. 3. What initially looked like a targeted campaign against China’s most outspoken tech tycoon has since spread to nearly every corner of the industry and beyond, as regulators de-emphasize unfettered growth in favor of other priorities such as data security, financial stability and reduced inequality.