Pinduoduo’s Colin Zheng Huang and Ant Group’s Jack Ma added billions to their net worth.
05 January 2023 09.18
U.S.-listed Chinese stocks rose on Wednesday, well ahead of the broader market, as investors took advantage of Beijing’s easing of business regulations.
It Operations of the ten largest companies headquartered in China that trade Wall Street achieved a market capitalization of $70 billion last Wednesday after the Chinese government gave the green light for a proposed capital increase. AntGroup:the billionaire-led fintech giant Jack Mawhose record initial public offering was stymied by Beijing in 2020 as authorities clamped down on China’s growing tech sector.
the actions of Alibaba:The online retail titan and one-third owner of Ant Group, the largest Chinese company listed on Wall Street, rose 13% in the U.S. adding $40,000 million in market capitalizationwhile its e-commerce partners Pinduoduo and JD.com scored 8% and 15%.
Meanwhile, major US stock indexes were flat, with the Dow Jones Industrial Average, S&P 500 and Nasdaq tech each adding less than 0.8%.
The IPO Crush $34.5 billion Ant Group 2020 has created an increasingly unfavorable environment for the private sector in China, with the most stringent pandemic restrictions among major economies, which have recently been eased, also weighing on business.
China’s former richest man, Jack Ma, disappeared from public view in late 2020 after the billionaire criticized the strict regulatory environment in his home country. According to a November report by the Financial Times, Ma now lives with his family in Tokyo. We estimate Ma’s worth at $24.5 billion, up 5% from Wednesday, after Alibaba shares rallied, making him the 59th richest person in the world. Since the end of 2020, Mama’s wealth has been reduced by more than 50%.
2.3 billion dollars. That’s how much Pinduoduo founder Colin Zheng Huang’s fortune grew on Wednesday, making him the fourth-highest net worth in the world, according to Forbes’ real-time billionaire tracker.. Last year, Huang’s fortune grew by $11.1 billion amid the global recession, making him the third-largest billionaire in 2022.
The richest man in the world, CEO of LVMH, Bernard ArnaultIt added $8.9 billion to his fortune on Wednesday, the biggest daily gain of any billionaire on the planet, after shares in his luxury company rose 5 percent as it continues to grow amid a crucial reopening of Chinese industry, with Asia representing LVMH more than 40 percent of sale.
*Courtesy of Forbes US.