The wealthiest individuals in the country saw a collective loss of $12.7 billion.

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial strategies in managing the country and its economy, particularly in its “zero-COVID” policy resulting in constant severe lockdowns, have investors nervous about the future stability of the Chinese market.

As a direct result of this sell-off, 13 of the wealthiest individuals in China each lost billions of dollars from their individual net worths. Those affected include prolific individuals like Tencent founder Pony Ma, Alibaba founder Jack Ma, and Nongfu Spring chairman Zhong Shanshan. Altogether, these individuals and others lost approximately $12.7 billion.

Besides the COVID lockdowns, Beijing has also subjected the Chinese economy to gradually stricter regulations and rules, presumably in an effort to reach “common prosperity,” wherein the wealthiest individuals of a society must contribute their earnings to those on the lowest rungs.

China's richest people lost about $13 billion in just one day due to a market sell-off after President Xi Jinping secured a third term https://t.co/Xe8JzEEatM

— Business Insider (@BusinessInsider) October 25, 2022

“Investors are worried that President Xi will now have a greater say in policy direction, with the new top leadership team surrounded by his loyalists,” Yeap Jun Rong, a market strategist at online trading platform IG, wrote in a statement picked up by Business Insider. “This suggests that we may be expecting more of a status-quo in economic policies, which means further anchoring down of China’s zero-COVID stance and further steps towards the ‘common prosperity’ agenda.”