PUBG Owner Pony Ma Beats Alibaba’s Jack Ma To Become China’s Richest Person; Find Out His Wealth!
Speaking of China today, Alibaba Group Holding Ltd’s Jack Ma has been replaced as the richest man in the country, by the gaming company, Tencent Holdings Ltd’s Pony Ma.
New Richest Man in China
On Wednesday, Tencent Holdings Ltd had its share prices rise over KH$500 (INR 4870.99) in the in intraday trading, for the very first time.
Just this week, the gaming giant bagged an increase of $40 billion, reshuffling its co-founder, Pony Ma as the richest man in China.
Tencent’s Pony Ma now stands 1st with a worth of $50 billion, pushing Alibaba’s Jack Ma’s $48 billion fortune to the second spot.
In 2018, China had put a hold on the approval process for new games. This hampered the performance of Tencent to a great extent. However, the stocks almost doubled since then.
Just last month, the tech giant reported a 26% jump in first-quarter revenue.
Covid-19 Shall Prove Beneficial for Tech Cos
It is not just Pony Ma who has climbed up the charts of the richest person in China.
Colin Huang of Pinduoduo (PDD), a shopping app has also performed exceptionally well and has kicked out the real estate tycoon Hui Ka Yan of China Evergrande Group and secured his position as the third richest man in China.
Due to the coronavirus pandemic, digitization has accelerated. This has changed consumer behavior, habits, ultimately boosting shares of many internet companies.
In fact, in the list of top 5 richest people in China, 4 spots are secured by tech tycoons.
More about Pony Ma
An analyst from Bloomberg Intelligence believes that Tencent’s online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed.
This works out perfectly for the 48 year old Pony Ma. He owns a stake of 7% in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year.
Tencent has jumped over the profits of its internet peers, especially the ones involved in e-commerce, games and online entertainment.
While Tencent’s shares have climbed 31% in 2020, PDD’s American depository receipts have more than doubled. However, Alibaba has surged by only 6.9%.