Pony Ma, CEO of Tencent Holdings Ltd, speaks during the Guangdong-Hong Kong-Macao Greater Bay Area Forum in Hong Kong on June 20, 2017. [PHOTO/VCG]
Pony Ma got US$6.9 billion richer on Monday after one of the companies his Tencent Holdings Ltd backs revealed its IPO plans, while Jack Ma’s public reappearance Wednesday added US$1.6 billion to his net worth.
Even though the Hong Kong Special Administrative Region market has proved particularly volatile lately — the benchmark Hang Seng Index gave up all of of its Monday gain on Tuesday — it’s been one of the world’s highlights this month.
Even though the Hong Kong Special Administrative Region market has proved particularly volatile lately — the benchmark Hang Seng Index gave up all of of its Monday gain on Tuesday — it’s been one of the world’s highlights this month
Tencent and Alibaba Group Holding Ltd, along with food-delivery giant Meituan and carmaker Geely Automobile Holdings Ltd, were among the stocks helping propel the rally. Their top executives have made a combined US$32 billion this month through Monday, and they’re not the only ones benefiting, according to the Bloomberg Billionaires Index.
The Top 10 richest moguls with companies that have a primary listing in the HKSAR have added more than US$60 billion of wealth in January — or US$3.8 billion for each trading day.
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This doesn’t include Jack Ma, whose Alibaba trades in the HKSAR but has its primary listing is in New York. His net worth is up US$3.5 billion this month to US$54.1 billion.
Even China Evergrande Group’s Hui Ka Yan, whose net worth sank more than anyone elese’s in Asia last year, has regained US$2.6 billion in 2021. His electric-vehicle startup said Sunday it’s selling HK$26 billion (US$3.35 billion) of shares, triggering a 52 percent surge in the stock.
While the HKSAR’s economy got badly hit from the coronavirus crisis, money has kept flowing to the city.
At the same time, companies linked to mainland consumers — like Meituan — have benefited as the nation was one of the few able to control the COVID-19 pandemic and the government has pledged to increase consumption.
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The Hang Seng Index soared 11 percent in January through Monday, when it hit its highest level since June 2018. It fell 2.6 percent on Tuesday.
Pony Ma’s US$18.6 billion wealth surge this month is the biggest after Elon Musk’s, while Tencent co-founder Zhang Zhidong has gained US$8.5 billion. Zhong Shanshan of bottled-water maker Nongfu Spring Co, who became Asia’s richest person at the end of 2020 and started the year by taking Warren Buffett’s spot as the world’s sixth wealthiest, has added US$16.2 billion in 2021. Meituan’s Wang Xing has amassed US$7.8 billion.
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