Ma Huat, the CEO of Tencent, China’s leading internet company, is back on top.
Tencent’s stock rose 7% in Hong Kong on Thursday, closing at HK $654, bringing Ma Huat’s net worth to $4.3 billion. It propelled him past Nong Shans’ net worth of $62.9 billion.
In extraordinary financial terms, Zhong’s success has coincided with that of China’s bottled water king, Mr Bottle water, which debuted on the Hang Seng Index on September 8, 2010, at HK $21.50 per share. It peaked at HK $66.60 on January 8 and gradually fell to an estimated closing price of HK $65.95 on February 17.
To summarise, it’s been a difficult time since. Nong Sam’s HDB sales fell to a four-and-a-half-month low of HK $40 on Thursday before rising to four-and-a-half on Friday. Nong Spring’s stock has dropped nearly 40% since the beginning of February.
To say the least, the company has been struggling recently. Since two weeks ago, the stock is down six-hundredths of a percent, and one-and-fifteenths of a percent since its recent high on February tenth. Nonetheless, China’s largest social network (WeChat, with 1.3 billion users) has outperformed the Shenzhen-based messaging app developer in terms of shareholder growth.
Tencent forecasted a $58.3 billion net profit in 2020, based on a $32.5 billion increase in revenue. NongSpring saw a 4.8 per cent decrease in revenue in 2012 and a 6.3 per cent increase in profits in 2013.
Pony Ma Huat joined Tencent as an early member in 1998 and is now the company’s CEO.
China is the world’s second-richest billionaire nation, but it has been losing ground in recent years.