Bloomberg named eight Chinese billionaires including Ding Lei, Huang Zheng and Lei Jun, whose overseas trust assets exceed $140 billion, facing a new round of tax recovery and harvesting by the Chinese Communist Party.
On October 19, China's State Taxation Administration once again reminded relevant taxpayers to complete filing and tax payments within the transition period before October 22, in order to avoid late-payment surcharges. Bloomberg reported the same day that the offshore holdings of 8 billionaires, including Ding Lei and Huang Zheng, totaling about $140.2 billion, could be affected.
Entrepreneurs such as Jack Ma, Guo Guangchang, and Ding Lei established the Jiangnan Club. Through joint investments in projects like Huayi Brothers and Cainiao Network, they further bound their capital into a community of shared interests.