Tencent's Pony Ma dethrones Alibaba's Jack Ma as China’s richest person

News Network
June 25, 2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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News Network
May 12,2024

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In an intriguing turn of events, authorities have levied a fine against an actress for breaching traffic regulations depicted within a television serial.

In the 14th episode of the popular serial ‘Seetha Raama’ a Kannada language drama series airing on Zee Kannada, a scene featuring two individuals riding a scooter caught the attention of viewers. While the rider adhered to safety protocols by wearing a helmet, the actress on the pillion did not.

Jayaprakash Yekkur, a vigilant resident of Mangaluru, took swift notice of this discrepancy and promptly lodged a complaint with the Mangaluru City Police Commissioner. Yekkur underscored the concern that such portrayals of traffic violations by actors and actresses could potentially convey misleading messages to viewers, particularly those who are impressionable. He urged authorities to take decisive legal action against the actress, the serial’s director, and the broadcasting channel.

In response to Yekkur’s complaint, the Commissioner of Police forwarded the matter to the Mangaluru Traffic Police station. Subsequently, notices were issued to the owner of the two-wheeler featured in the scene and the serial’s director. Upon investigation, it was revealed that the scene had been filmed in Nandini Layout, Bengaluru, and was referred to the Rajajinagar police station for further scrutiny.

On May 10, after thorough inquiries, the Rajajinagar police station imposed a fine of Rs 500 on both the actress and the owner of the two-wheeler. Furthermore, the production manager of the serial committed to adhering strictly to traffic regulations in future episodes.

Expressing his contentment with the resolution, Jayaprakash Yekkur commented that the prompt response from the police, coupled with the imposition of a fine, serves as a valuable lesson and contributes significantly to enhancing public awareness.

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News Network
May 14,2024

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Comedian Shyam Rangeela on Tuesday that he was barred from filing his nomination papers for the 2024 Lok Sabha Elections. He intended to challenge Prime Minister Narendra Modi from the Varanasi seat by contesting as an Independent candidate.

Despite attempts to file his papers since May 10, Rangeela alleged he was denied entry to the district magistrate's office on the day Prime Minister Modi filed his nomination. He also said that he is not taking any team from Sriganganagar to contest the Lok Sabha elections in Varanasi. 

Shyam Rangeela further claimed that he has received several phone calls from Varanasi and people are willing to join him. "Winning or losing is a different matter, but I will contest the elections against the Prime Minister at any cost. I am not contesting elections to become famous, I am already very famous among the public."

The Congress party also waded into the controversy. Congress leader Surendra Rajput told news agency PTI that everyone is free to file a nomination including Prime Minister Modi. Rajput claimed that Rangeela was not getting nomination papers from the administration. 

"Everyone is free to file a nomination including PM Modi. However, other people are not allowed to file their nominations from the constituency. A YouTuber named (Shyam) Rangeela, who wished to file a nomination from Varanasi, isn’t getting nomination papers from the administration. Why PM Modi is afraid of people? Let them contest against you," he said. 

PM Modi, contesting for a third term, previously won the Varanasi seat by 4.8 lakh votes in 2019 and by 3.72 lakh votes in 2014. So far, 14 individuals, including mainstream political party candidates and independents, have filed their nominations for the Varanasi constituency.

Congress candidate Ajai Rai and Bahujan Samajwadi Party's Athar Ali Lari are among them. Rangeela, a YouTuber and mimic from Rajasthan’s Hanumangarh, rose to fame in 2017 with his act impersonating PM Modi. He has been critical of the Prime Minister and his policies, as evident in his videos.
 

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News Network
May 11,2024

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Out of jail and immediately hitting the campaign trail, Delhi Chief Minister Arvind Kejriwal on Saturday trained guns at Prime Minister Narendra Modi claiming that he will make way for Amit Shah next year when he turns 75 after sidelining all BJP leaders, including Yogi Adityanath, and jailing Opposition leaders.

Predicting that the BJP will be reduced to “220-230 seats” in the Lok Sabha polls, he claimed that Yogi Adityanath will be removed as Uttar Pradesh Chief Minister in two months if at all BJP returns to power to ensure Shah’s elevation as Prime Minister, as Modi himself has set the 75-year retirement rule in his party.

Accusing Modi of being dictatorial and seeking to implement ‘One Nation, One Leader’, Kejriwal insisted that the Prime Minister is not seeking votes for himself  and  people voting for BJP should know that they are not voting for Modi but Shah while wondering whether the latter would implement ‘Modi ki Guarantees’.

He also defended his decision not to resign as Chief Minister after his arrest, as it was a “trap” set by the Prime Minister to “finish off” AAP  and felt that JMM top leader Hemant Soren, who resigned as Jharkhand Chief Minister, also should not have quit his post.

Addressing a press conference that turned out to be a meeting of AAP supporters at the party headquarters here a day after he was released from Tihar jail on interim bail, he also asked Modi to “learn from Kejriwal on how to fight corruption”, as he referred to the induction of leaders who were accused of graft into the BJP. 

In his 20-minute address, which came after his visit to the Hanuman Temple in Connaught Place in the national capital, Kejriwal said Modi wants to crush his party as he knows that the AAP with its good work would replace the BJP.

If Modi does 'good work', no one will talk about AAP but people will not accept the attempts to decimate his party, which is working for the people, Kejriwal said.

“The Prime Minister says he fights against corruption but is inducting thieves and dacoits into his party. A leader who he described as one involved in a Rs 70,000 crore scam was inducted into the party ten days after Modi made the charges. If you want to fight corruption, learn from Kejriwal,” he said, citing instances of sacking and arrests of AAP ministers in Delhi and Punjab.

Warning that Opposition leaders like Mamata Banerjee, Tejashwi Yadav, NK Stalin and Uddhav Thackeray will be jailed by Narendra Modi if BJP wins, he said his arrest was meant to be a message to the country that if Kejriwal can be taken into custody, then anybody can be.

“People need to know, his mission's name is 'One Nation, One Leader'. To achieve this, there are two ways. One is to jail all Opposition leaders and the second is to sideline all leaders in BJP if they win. They have already sidelined L K Advani, Murli Manohar Joshi, Sumitra Mahajan, Shivraj Singh Chouhan who brought BJP back to power in Madhya Pradesh, Vasundhara Raje, ML Khattar…” Kejriwal said.

“Who is next in line? It is Yogi Adityanath. Take it in writing from me, if BJP wins, the UP Chief Minister will be changed in two months...He wants to crush democracy in this country. I am fighting against it," he said.

Referring to questions on who will be I.N.D.I.A. bloc's Prime Ministerial candidate, he said he has a counter question as Modi is turning 75 next September and he himself has set the retirement rule in the party.

“Now my question is who is BJP's Prime Ministerial candidate? If they can form the government, Yogi Adityanath will be first sidelined and then Amit Shah will be made the Prime Minister. Modiji is not seeking votes for him but for Amit Shah. Who will fulfil Modi's guarantees? Will Amit Shah fulfil it? I don't think they are going to form a government. But those who are going to vote for BJP should know that they are voting for Amit Shah,” he said.

Insisting that I.N.D.I.A. bloc will form the next government and that AAP will be part of it, Kejriwal promised full statehood for Delhi in such a dispensation. Emphasising that he did not resign when he was arrested because Modi had scripted it to finish off the party, he said he wanted to show that if democracy was jailed, it would run from jail.
 

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