Indian-born Rehana Ameer elected to City of London Corporation

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.

Balochistan, May 1: Sajid Hussain, Editor-in-Chief of Balochistan Times, has been found dead in a Swedish town, the police have confirmed.

The Swedish police informed his family on Thursday night that they discovered his body from a river in Uppsala, The Times reported.
The Baloch journalist had been missing from the Swedish city since March 2 this year.

Sajid, 39, left Pakistan in 2012 and had been living as a refugee in Sweden since 2017. He wrote extensively on the suffering of the Balochis at the hands of the Pakistani military establishment.

His work often got him into trouble as the authorities did not like his reporting of Balochistan's forbidden stories, the reason he had to leave and live in exile.

The Baloch journalist was found dead two months after he went missing in Sweden.
Sajid left Pakistan because of security threats from Pakistan Army and its intelligence service ISI.

The spokesperson of the Baloch National Movement, Hammal Haider told news agency: "We are deeply saddened by the demise of prominent Baloch intellectual and writer Sajid Hussain."
"His death is indeed a loss of a great mind for the people of Balochistan. Due to his straightforwardness, he was loved among all journalistic, literary and political circles," added Haider.

"After this incident, we have serious concerns about our members and other Baloch refugees living in the West," he said.