Monday, August 21, 2017

Alibaba's Jack Ma Is Back On Top As Asia's Richest Man

Alibaba Group’s Jack Ma is back on top as Asia’s richest man following gains in the company’s earnings and share price.

Jack Ma is worth $37.4 billion, according to the Forbes real-time billionaires list.  In the latest rankings see-saw with another Chinese Internet billionaire –Tencent Chairman Pony Ma, the latter has slipped to No. 2, with a fortune worth $36.7 billion.

Jack Ma currently ranks as the world’s No. 18 richest man and is No. 1 in Asia.   Pony Ma is No. 19 in the world and in No. 2 in Asia.

Alibaba on Thursday reported a 56% rise in its recent-quarter revenue, led by gains in its core e-commerce business.  For the week as a whole, Alibaba’s shares rose 10.4%.

For its part, Tencent on Wednesday reported a larger-than-expected 70% increase in net profit for the first six months of 2017, fueled by growth in the company’s online and mobile game business, as well as gains in online payments and advertising.  Tencent’s shares rose by 4.9% last week.

Russell Flannery, Forbes
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