Tencent chairman now China's richest man

Updated 2017-08-08 10:36:51 Global Times

Tencent Chairman Pony Ma Huateng has outstripped peer Jack Ma Yun, Alibaba's chairman, to become the richest man in China, according to estimates by Forbes on Monday.

Pony Ma's fortune reached .2 billion as of Monday, according to Fortune's real-time billionaires ranking, compared with Jack Ma's .6 billion and the .1 billion of Wang Jianlin, Wanda Group's chairman.

In May, Jack Ma surpassed Wang as the country's richest man.

Pony Ma's wealth mainly comes from Internet media, according to Forbes.

Pony Ma has witnessed a huge rise in its share price so far this year. The shares are up about 78 percent since December 23, 2016, according to media reports.

Hong Kong-listed Tencent closed up 2.95 percent at HK0.6 () on Monday, giving it a market capitalization of about 9 billion.

Tencent's success in many sectors including social media and entertainment contributed to its share price increase.

Morgan Stanley on Monday lifted its target price for Tencent from HK0 to HK0. Deutsche Bank also raised the target price to HK7.

Morgan Stanley also forecast that its online games will maintain stable growth in the second quarter.

Tencent reported a 55 percent year-on-year increase in first-quarter revenue to 49.6 billion yuan in May 2017, mainly supported by strong online games, and it is about to release its half-year earnings report next week.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 19 2018 03:20:30

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 19 2018 03:20:30

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 19 2018 03:20:30

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords