From Pony Ma to Jack Ma, the Rich Win Big With Wild H.K. Stocks
Bloomberg 1/26/2021 Venus Feng
(Bloomberg) Pony Ma got $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 $1.6 billion to his net worth.
Even though the Hong Kong 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 $32 billion this month through Monday, and they’re not the only ones benefiting, according to the Bloomberg Billionaires Index.
From Pony Ma to Jack Ma, the rich win big with Hong Kong stocks
File photo. Ma Huateng, also known as Pony Ma’s $18.6 billion wealth surge this month is the biggest after Elon Musk’s.Premium
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. Updated: 26 Jan 2021, 08:43 AM IST Bloomberg
While Hong Kong’s economy got badly hit from the coronavirus crisis and a political crackdown, money has kept flowing to the city
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
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Pony Ma got $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 $1.6 billion to his net worth.
(Jan 19): China’s automotive-chip shortage could persist for as long as a decade, but it has little to do with the current supply glitches snarling production, according to the official who oversees the nation’s key new energy vehicle technology development platform.
Short-term factors like mistakes in ordering due to incorrect forecasts and factory disruptions because of Covid-19 will resolve naturally, Yuan Chengyin, general manager of the National New Energy Vehicle Technology Innovation Center, said. Rather, China’s rising demand for electric cars, its lack of domestic technical knowhow and sustained geopolitical tensions will emerge as much more serious issues.