Wednesday , March 3 2021

From Pony Ma to Jack Ma, the rich earn a lot with the wild actions of Hong Kong

(Bloomberg) – Pony Ma got $ 6.9 billion richer on Monday after one of the companies backed by Tencent Holdings Ltd. revealed its IPO plans, while the public reappearance of Jack Ma on Wednesday added $ 1.6 billion to its net worth.

While the Hong Kong market has recently proved particularly volatile (the benchmark Hang Seng gave up all of its gains on Monday Tuesday), it has been one of the highlights of the world this month.

Tencent and Alibaba Group Holding Ltd., along with food delivery giant Meituan and vehicle maker Geely Automobile Holdings Ltd., were among the stocks that helped drive the rally. Its top executives have earned a combined $ 32 billion this month through Monday and are not the only beneficiaries, according to the Bloomberg billionaire index.

The 10 richest moguls with companies that have a major listing in Hong Kong have amassed more than $ 60 billion in wealth in January, or $ 3.8 billion for each trading day. This does not include Jack Ma, which Alibaba markets in Hong Kong, but which has its main list in New York. Its net worth rises $ 3.5 billion this month to $ 54.1 billion as it resurfaced in a video after weeks of speculation about its whereabouts following a reduction by the Chinese government that had left its business empire in crisis.

Read more: Jack Ma’s video chat calls for a $ 58 billion sigh of relief

Even Hui Ka Yan of Chinese group Evergrande, whose net worth fell more than anyone in Asia last year, has recovered $ 2.6 billion in 2021. Its start-up of electric vehicles said Sunday it would sell shares of A $ 26 billion, which would result in a 52% increase in stocks.

Although Hong Kong’s economy was hit hard by the coronavirus crisis and political repression, money continues to flow into the city. Continents taking advantage of good prices after international investors were forced to abandon some recently banned Chinese stocks have helped boost the market, as has concern over stricter regulatory rules. which regulate the Internet giants in China. At the same time, companies linked to Chinese consumers – such as Meituan – have benefited as the nation was one of the few to control the Covid-19 pandemic and the government has pledged to increase consumption.

The Hang Seng index soared 11% between January and Monday, when it reached its highest level since June 2018. It fell 2.6% on Tuesday.

Pony Ma’s $ 18.6 billion increase in wealth this month is the largest after Elon Musk, while Tencent co-founder Zhang Zhidong has earned $ 8.5 billion. Zhong Shanshan, bottled water maker Nongfu Spring Co., who became the richest person in Asia in late 2020 and started the year by taking the place of Warren Buffett as the sixth richest in the world, has totaled $ 16.2 billion in 2021. Wang Xing of Meituan has accumulated $ 7.8. billion.

Lei Jun of Xiaomi Corp. he is the only major tycoon whose net worth has fallen in January. The United States blacklisted the smartphone maker in an unexpected move that dropped its shares by a record 10% on January 15th.

(Updates for market movement in the second, seventh paragraphs)

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