Top 10 richest people in China as per Forbes & a bad news for TikTok owner

Posted by Admin November 7, 2024 World

Zhong Shanshan, founder of Nongfu Spring, retained the No. 1 spot on Forbes’ list of China’s richest people for the fourth consecutive year, despite his wealth shrinking by $9.3 billion to $50.8 billion—the largest drop in dollar terms.ByteDance cofounder Zhang Yiming slipped one spot to No. 3, despite eking out a 5% rise in his net worth to $45.6 billion. The owner of TikTok continues to face regulatory challenges overseas. In May, ByteDance sued the U.S. government to overturn a law mandating it to sell the short video app or face a nationwide ban.

The collective net worth of tycoons on the Forbes list rose just above the US$1 trillion mark, boosted by a rebound in the country’s stock market, after falling below that level for two straight years.

A raft of measures to arrest the property slump and fire up economic growth energized mainland China’s stock market, though concerns over structural challenges still linger. The benchmark CSI 300 index rose 12% since fortunes were last measured a year ago.

Meanwhile, the biggest dollar gainer is Ma Huateng, chairman of Tencent Holdings, who added $14.7 billion to take his fortune to $46.8 billion. He moved up two places to No. 2, a position he last held in 2020. Shares of the internet behemoth jumped 49% over the past year on higher revenue from online games, streaming services and advertising.

PDD Holdings founder Colin Huang fell to the fourth place despite adding $7.7 billion to push his wealth up to $43.9 billion. The e-commerce giant has become the go-to destination for China’s increasingly frugal shoppers but is facing earnings pressure with its plans to scale up supply chain investments and increase support to vendors. Rounding out the top five is Robin Zeng of CATL, who saw his fortune rise $11.3 billion to $37.1 billion.