Video gaming tycoon and technology entrepreneur Shi Yuzhu is facing more financial trouble after a Beijing court froze another 85.08 million yuan in shares across four companies, doubling the amount of equity he is forbidden from withdrawing or transferring.
Few details are available about why the assets have been frozen, but Shi is involved in lawsuits over his role as a guarantor of company debts. It adds to the bad news that Shi, whose Giant Network was once a bigger name in gaming than Tencent Holdings or NetEase, has faced over a year of crackdowns from Beijing on the tech sector.After the first equity freeze in August, Giant Network said that case was not directly related to the company.
The entrepreneur, who ranks number 421 on the Forbes Billionaires list with a net worth of US$3.8 billion, has also faced challenges in other areas this year.