Pony Ma, the founder of Tencent is the richest person in China, with $54 billion. The increase in his net worth is due to Tencent’s gaming business and WeChat. Jack Ma, founder of Alibaba, is China’s second-richest person, with $52 billion. He’s cashed in over the last year thanks to the upcoming IPO of Ant Group, the enormous fintech startup. Alibaba plans to buy 22% of Ant Group during its IPO. Zhong Shanshan, chairman of bottled water maker YST is the third richest person in China with $50 billion. Other big winners included Wang Xing, China’s food delivery king, who saw his net worth quadruple to $25 billion in the past year. Wang Wei, founder of China’s delivery service SF Express, doubled his net worth to $22 billion. In China, much like in the U.S., the first two months of the coronavirus pandemic saw a lot of wealth evaporate. China’s stock markets rebounded first and then the tech sector followed.
