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.
How China Lost Patience With Jack Ma, Its Loudest Billionaire How China Lost Patience With Jack Ma, Its Loudest Billionaire Jack Ma, a co-founder of e-commerce behemoth Alibaba Group Holding Ltd., China s largest company, told the audience that day at the Bund Summit that he was torn about speaking, but felt this was a most critical moment in the development of finance.
Jack Ma s spectacular fall from grace has been years in the making.
Highlights
His empire has been under regulatory scrutiny
At Alibaba, executives are dealing with the antitrust legislation
When Jack Ma took to a Shanghai conference stage in October, China s most famous entrepreneur was on the brink of pulling off an unprecedented $35 billion initial public offering for the finance juggernaut he co-founded two decades earlier. Ant Group Co. s listing would value the company at more than $300 billion and swell Ma s own fortune beyond its already blistering $61 billion, cementing his position as the natio