Jack Ma replaced as China’s richest by Tencent’s Pony Ma

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Tencent’s Pony Ma (file photo: Reuters)

new Delhi: Tencent This week’s $ 40 billion boom of Holdings Ltd. and Pindduo Inc.’s recent ascent have altered the ranking of China’s richest people.
The country’s largest game developer has overtaken Alibaba Group Holding Limited As Asia’s most valuable company, its shares rose above HK $ 500 in intraday trading on Wednesday for the first time. Pindoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.
The rallies propel the money of its founders with an additional twist: Tencent’s Pony Ma, Has exceeded the value of $ 50 billion Jack maA fortune of $ 48 billion, became China’s richest person. According to the Bloomberg Billionaires Index, Colin Huang of the PDD, which has a net worth of $ 43 billion, has been outclassed by the real estate Mogul Hui Yan of China’s Evergrande Group at the end of this year.
The coronovirus epidemic has led to digitization of the workplace and changing consumers’ habits, leading to increased stocks of many Internet companies. Now tech tycoons are dominating the ranks of China’s richest people. They occupy four of the top five spots: Tencent colleagues follow Hui of Ding Lei China Evergrande of NetEase Inc.
‘Vigorous performance’
Tencent has come a long way since the low-profile hit in 2018, when China halted the approval process for new games. Since then, the stock has nearly doubled, and the tech giant jumped 26% in first-quarter revenue last month.
Bloomberg intelligence analyst Wei-Sern Ling said, “Tencent’s online games segment will likely perform strongly through the Kovid-19 epidemic and most of its other businesses are relatively unpublished.”
Has been a boon for 48-year-old Pony Ma, who holds a 7% stake in the company and has earned nearly $ 757 million from the sale of some 14.6 million of his Tencent shares this year, data compiled by Bloomberg show is.
A native of China’s southern Guangdong province, he studied computer science at Shenzhen University and was a software developer in a supplier of telecommunications 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 return for Pony Ma. He surpassed 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 made public in the US, bypassing Jack Ma’s fate.
However, Ling of Bloomberg Intelligence notes that Tencent’s leap this year has lagged behind some Internet peers, particularly in e-commerce, games and online entertainment. Consider: Tencent’s shares climbed 31% in 2020, while PDD’s US deposit receipt more than doubled. Meanwhile, Alibaba has advanced just 6.9%.

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