Xi Jinping became China's most powerful leader since Mao Zedong after he was appointed head of the Communist Party for a third consecutive term.
The Central Committee of the Communist Party of China (CPC) elected Xi as its general secretary on Sunday which also saw seven of his loyalists revealed in the top ranks of the leadership.
However, this is not good news for China's big companies and wealthiest people who are suffering under the strict regulations of the Xi Jinping administration.
The country's richest men, Zhong Shanshan and Pony Ma of Tencent Holdings Ltd were among those hit with losses of more than $2 billion each on Monday as their companies' shares tumbled.
In the wake of Xi Jinping's new leadership, it has fueled fears that China's strict regulation of private wealth and business will continue.
It also means that the zero-Covid policy that has affected the economy and markets will also continue, thus seeing the yuan sink to its weakest level since January 2008.
In addition, the impact was also seen in the decline of the index that tracks the country's shares listed in Hong Kong where foreign investors divested a large number of their stakes.
With Xi Jinping's legacy continuing, China's billionaires may be in for their worst year yet after the strict zero-Covid policy 'destroyed' the economy.
As of Friday, there were 76 Chinese billionaires worth $783 billion among the world's 500 richest people, compared with 79 billionaires with a net worth of $1.1 trillion at the end of last year, according to the Bloomberg wealth index.
