Tencent's Pony Ma dethrones Alibaba's Jack Ma as China’s richest person

News Network
June 25, 2020

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

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 25,2020

New Delhi, Jun 25: India registered its worst single-day increase in COVID-19 cases on Thursday, recording more than 16,000 coronavirus infections, to push the overall tally to 4.73 lakh as the number of fatalities also jumped by 418, the Union Health Ministry said.

This was the sixth consecutive day when coronavirus cases increased by more than 14,000. On June 20, the country registered an increase of 14,516 cases. On June 21, the increase was of 15,413 cases; 14,821 cases on June 22; 14,933 cases on June 23; and 15,968 cases on June 24.

Consequently, India added 92,573 cases since June 20, and over 2.82 lakh this month since June 1.

The health ministry data updated at 8am on Thursday showed the daily tally increased by the highest-ever 16,922 cases to reach 4,73,105, while the total deaths climbed to 14,894 with 418 new fatalities.

However, according to the data, the recovery rate has improved to 57.43 per cent. The number of active cases stands at 1,86,514 while 2,71,696 people have recovered; one patient has migrated.

The total number of confirmed cases included foreigners.

According to ICMR, a total of 75,60,782 samples have been tested up to June 24 with 2,07,871 samples being tested on Wednesday.

Of the 418 new deaths, 208 were in Maharashtra, 64 in Delhi, 33 in Tamil Nadu, 25 in Gujarat, 14 in Karnataka, 11 in West Bengal, 10 each in Rajasthan and Haryana, nine in Madhya Pradesh, eight each in Uttar Pradesh and Punjab, five each in Andhra Pradesh, Telangana and Uttarakhand.

Bihar, Goa and Jammu and Kashmir have reported one COVID-19 fatality each.

Of the total fatalities, Maharashtra tops the tally with 6,739 deaths followed by Delhi (2,365), Gujarat (1,735), Tamil Nadu (866), Uttar Pradesh (596), West Bengal (591), Madhya Pradesh (534), Rajasthan (375) and Telangana (225).

The COVID-19 death toll reached 188 in Haryana, 164 in Karnataka, 124 in Andhra Pradesh, 113 in Punjab, 88 in Jammu and Kashmir, 57 in Bihar, 35 in Uttarakhand, 22 in Kerala and 17 in Odisha.

Chhattisgarh has registered 12 deaths, Jharkhand 11, Assam and Puducherry nine each, Himachal Pradesh eight, Chandigarh six, Goa two and Meghalaya, Tripura and Ladakh have reported one fatality each.

More than 70 per cent deaths took place due to comorbidities, the health ministry said.

Maharashtra has reported the highest number of cases at 1,42,900 followed by Delhi at 70,390, Tamil Nadu at 67,468, Gujarat at 28,943, Uttar Pradesh at 19,557, Rajasthan at 16,009 and West Bengal at 15,173, according to ministry data.

The number of COVID-19 cases has gone up to 12,448 in Madhya Pradesh, 12,010 in Haryana, 10,444 in Telangana,10,331 in Andhra Pradesh and 10,118 in Karnataka.

It has risen to 8,209 in Bihar, 6,422 in Jammu and Kashmir, 6,198 in Assam and 5,752 in Odisha. Punjab has reported 4,627 novel coronavirus infections so far, while Kerala has 3,603 cases.

A total of 2,623 people have been infected by the virus in Uttarakhand, 2,419 in Chhattisgarh, 2,207 in Jharkhand, 1,259 in Tripura, 970 in Manipur, 951 in Goa, 941 in Ladakh and 806 in Himachal Pradesh.

Puducherry has recorded 461 COVID-19 cases, Chandigarh has 420, Nagaland has 347, Arunachal Pradesh has 158 and Mizoram has 142 cases.

Dadra and Nagar Haveli and Daman and Diu together have reported 120 COVID-19 cases.

Sikkim has 84, Andaman and Nicobar Islands has registered 56 infections so far while Meghalaya has recorded 46 cases.

"Our figures are being reconciled with the ICMR (Indian Council of Medical Research)," the ministry said, adding 8,493 cases are being reassigned to states.

State-wise distribution is subject to further verification and reconciliation, it added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
August 7,2020

New Delhi, Aug 7: India's COVID-19 cases tally crossed 20 lakh mark with the highest single-day spike of 62,538 cases on Friday, said Union Ministry of Health and Family Welfare.

The COVID-19 tally rises to 20,27,075 including 6,07,384 active cases, 13,78,106 cured/discharged/migrated and 41,585 deaths, according to the Ministry of Health.

Maharashtra with 1,46,268 active cases and 3,05,521 cured and discharged patients continues to be the worst affected. The state has also reported 16,476 deaths due to the infection.

Tamil Nadu has 54,184 active cases while 2,14,815 patients have been discharged after treatment in the state. 4,461 deaths have been reported due to COVID-19 in the state.

Andhra Pradesh with 80,426 active cases is the third on the list. There are 1,04,354 cured and discharged patients and 1,681 deaths reported from the state.

Delhi now has 10,072 active cases and 1,26,116 cured and discharged patients. 4,044 people have lost their lives due to the disease in the Union Territory so far. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 5,2020

New Delhi, Mar 5: The primary classes of all schools in the national capital will remain closed till March 31 to prevent a possibility of spread of coronavirus, Deputy Chief Minister Manish Sisodia announced on Thursday.

According to Directorate of Education (DoE) officials, while elaborate guidelines have been issued about preventive measures for coronavirus, students of nursery and primary classes are too young to understand the risk, making them more prone to infectious diseases.

Sisodia, who also holds the education portfolio, tweeted, "As a precautionary measure to prevent the possibility of spread of COVID-19 amongst our children, Delhi Government has directed the immediate closure of all primary schools (Govt/ aided/ private/MCD/NDMC) till 31/3/20(sic)."

A senior DoE official said, "Elaborate guidelines have already been issued. However, students of nursery and primary classes are too young to understand the risks associated with COVID-19. Thus they are more prone to infectious diseases and mingle around with classmates more often."

"It will be good if they are trained in the do's and dont's under the care and supervision of their parents at home. However, students of classes other than primary will continue to come to schools or examination centres for writing their examination as per schedule. The teaching, as well as non-teaching staff, will also attend regular school," the official said.

As of now, the number of confirmed COVID-19 cases in the country stands at 30, including 16 Italian tourists. The figure includes the first three cases reported from Kerala last month who have already been discharged following recovery.

Alerted by the coronavirus case reported in Delhi-NCR, schools in the region have sent out advisories to parents suggesting that they do not send their wards to attend classes even in case of mild cough or cold, and saying that they may declare holidays if the need arises. A few schools have announced already holidays and others have advanced their spring break.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.