Jack Ma dethroned by Ma Huateng as richest person in Asia

Xinhua Published: 2017-08-09 00:45:13
Comment
Share
Share this with Close
Messenger Messenger Pinterest LinkedIn

File photo of Jack Ma (L) and Ma Huateng. [Photo: 163.com]

File photo of Jack Ma (L) and Ma Huateng. [Photo: 163.com]

Jack Ma, Alibaba's founder and executive chairman, was briefly dethroned on Monday as the richest person in Asia by his archrival Ma Huateng, chairman and CEO of China's internet giant Tencent.

This may give you a sense of deja vu, as less than two weeks ago Bill Gates briefly lost his title as the world's richest person to Amazon CEO Jeff Bezos and then reclaimed the crown within a few hours time.

According to Forbes, Ma Huateng raked in nearly 1 billion U.S. dollars of fortune helped by a 2.95-percent gain in Tencent's share price at the Hong Kong Stock Exchange on Monday, bringing his worth to an estimated 36.2 billion dollars on the Forbes real-time billionaires ranking.

Taking a narrow lead over Jack Ma's 35.6 billion dollars of wealth, that number allows Ma Huateng to become the wealthiest person in Asia for the first time, and also the richest in China for the first time.

However, like Bezos, Ma Huateng's top position lasted just a matter of hours.

By the close of trading on Monday in New York Stock Exchange where Alibaba shares are traded, Jack Ma's fortune rose to 36.4 billion dollars thanks to a 3.6-percent gain in Alibaba stock price, which is 200 million more than Tencent's Ma Huateng.

The rise of Tencent and Alibaba underscores the explosive growth in online services and content in China.

With around 731 million Internet users, China is the world's largest and fastest-growing e-commerce market. In 2016, online shopping in China saw a growth rate of 26.2 percent, generating 5.16 trillion yuan (767 billion dollars), according to a report by the National Bureau of Statistics.


Related stories

Share this story on

Most Popular

Photo

Highlights of WTA Wuhan Open singles 2nd round
Yellow Mountain bathed in a sea of clouds
Man rents shipping container, turns it into elegant apartment
Chinese vice premier watches 'hoops' in NYC
Li Na tastes local delicacy during WTA Wuhan Open
Giant tuna captured in South China Sea

News

A technology-oriented day trip in Hefei
Technology, art, culture collide in Hefei
China's self-built icebreaker "Xuelong 2" to complete in 2019
New air route linking Wuhan, Manila opens
UK's first bilingual Mandarin nursery school expands
Kissinger calls for cooperative U.S.-China relationship