Friday, July 10, 2020
Martin Hennecke

Number of Chinese magnates falls
<p>The number of Chinese or China-based magnates with a net worth over 2 billion yuan (HK$2.2 billion) fell for the second consecutive year by 74, or 4 percent, to 1,819 this year, according to an annual ranking compiled by the Shanghai-based Hurun Report.</p><p>&quot;This year - in a year when stock markets have risen slightly - the shrink in the list is due to the impact of the digital economy. Tech entrepreneurs are replacing those from the traditional powerhouses of manufacturing and real estate,&quot; said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.</p><p>More than half of the richest Chinese saw their wealth shrink or stay unchanged during the year, the survey showed. But Hoogewerf said despite the decrease, average wealth jumped 10 percent to a record US$1.4 billion (HK$10.9 billion).</p><p>Jack Ma Yun, who retired last month as chairman of Alibaba, retained the top spot for the second consecutive year with US$39 billion. Pony Ma Huateng, chairman and chief executive of tech giant Tencent (0700), rose to second place with US$37 billion, up 8 percent or US$2 billion, overtaking China Evergrande (3333) chairman Xu Jiayin, whose wealth dropped by US$13 billion in the last two years.</p><p>Founder of Haidilao International (6862) Zhang Yong and his wife Shu Ping doubled their wealth to US$17 billion, propelling them into top 10 for the first time.</p><p>Pig farmer Qin Yinglin and his wife Qian Ying of Muyuan soared to 15th from 70th on the ranking, seeing their wealth triple to US$14 billion after selling 5.8 million pigs as pork prices increased due to an outbreak of swine flu.</p><p>Hansoh Pharmaceutical (3692) chairwoman Zhong Huijuan and her husband Sun Piaoyang doubled their wealth to US$25 billion, shooting them to the fifth spot, after the Hong Kong listing of schizophrenia and bipolar disorder drug maker Hansoh Pharmaceutical.</p><p>Huawei founder Ren Zhengfei, grew his wealth by 24 percent to US$3 billion, rising 36 places to 162.</p>

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