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Beijing’s regulatory assault on China’s technology industry has lopped $87bn off the net worth of the sector’s wealthiest tycoons since the start of July, hitting the fortunes of magnates such as Tencent’s Pony Ma and Pinduoduo’s Colin Huang.

The combined net worth of the two dozen Chinese billionaires in tech and biotechnology whose holdings are tracked by Bloomberg has dropped 16 per cent since ride-hailing platform Didi Chuxing went public in the US at the end of