Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.
The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.
The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.
The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.
‘Perform Strongly'
Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.
“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.
That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.
The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.
It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.
Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.
Comments
Sure he will pay for such barbaric henious act, just a matter of wait and watch.
Retaliate kill him and supportng RSS leader in same manner.
Uncultured barbarian act...!! Culprit should be hanged in order to put end to these ruthless act.
Shourya diwas part 2 by VHP? India is becoming famous in negative sense day by day, all credit to right extremist hindu groups!
Give them more power, we will become next Taliban, Nazi!!!
That whole area of Indian subcontinent (India, Pakistan, Bangladesh, Sri Lanka etc) is still pretty much brutally primitive. Not only that they have not achieved much in materialistic standards in seven decades of independance but in terms of behavior also, the people on the ubcontinent have remained to be quite primitive !
RSS should be happy today, as one of their cadre has done them proud. RSS has made animals out of humans. This is what RSS wants in India. Great. Bharat Mata ki Ja
Love jihad is a very dangerous practice which is now spreading in whole of India. Though the murder of a lab on the name of love jihad in Rajasthan can not be justified but those responsible for this practice must be identified and sent in jail with exemplary punishment.
Check the original video. The cries of the poor helpless man are still haunting me. How can somebody be so ruthless? Comparing this scumbag to an animal is an insult to whole of animals. As lynching was a common phenomenon by the so-called fully tolerant, totally peace loving Hindus, I felt perhaps it should be the work of few uncivilized religious bigots. Now I wonder the difference between Hindus and the other peace loving religion. If Hindus have muscle power, money power, position and the required resources, they can be one of worst sects or an ideal competitor for the other peace loving religion in this world.
@Bhageeraha Bhaira,
What you said is applicable to all. Many so called "peace lovers" killed poor peopel.
Many Hindus got killed by muslim terrorists. Then no news.
Mr Kumar! Killing is not intolerance. This is terrorism. The word ‘Intolerance’ can be used if someone doesn’t tolerate the smell of your body.
Intolerance... Attack on muslims increasing
Shocking incident
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