SHANGHAI (Reuters) – China is trading new billionaires at a record pace despite a coronovirus epidemic recovering from a list released Tuesday, leading to a surge in share prices and a new stock listing. .
The Hurun China Rich List 2020 also underlines China’s quick shift from traditional sectors like manufacturing and real estate towards e-commerce, fintech and other new economy industries.
Alibaba founder Jack Ma 9988.HKRetained the top spot for the third consecutive year, while his personal wealth jumped 45% to $ 58.8 billion, partly due to the mega-listing of fintech giant Ant Group.
Ant hopes to make it more mega-rich through what is likely to be the world’s largest IPO, as it plans to raise an estimated $ 35 billion through dual listing in Shanghai and Hong Kong.
The combined wealth of those on the Hurun China list – with personal property cuts of 2 billion yuan ($ 299.14 million) – totaled $ 4 trillion compared to Germany’s annual gross domestic product (GDP), according to Rupert Hooverfer , President of the Hurun Report.
More money was created this year than in the previous five years, with the Chinese rich amounting to $ 1.5 trillion, nearly half of Britain’s GDP.
Hooguerf said in a statement that the booming stock markets and new listings have led to five new dollar billionaires in China in the past week.
“The world has never seen this wealth created in just one year. China’s entrepreneurs have fared much better than expected. Despite Kovid-19, they have reached record levels. “
According to a separate estimate by PwC and UBS, only billionaires in the United States had more combined wealth than mainland China.
China has accelerated capital market reforms to aid the virus-affected economy, accelerated economic restructuring and sparked a “technological war” with the United States.
To expedite the initial public offering (IPO), regulators launched the US-style IPO system at Shanghai’s Nasdaq-style Star Market and Shenzhen’s ChiNext. Chinese corporate listings in Hong Kong and Nasdaq have also changed the fortunes of the company’s founders.
Zhong Shanshan, who recently listed his bottled water making company, Nongfu Spring Company 9633.HK In Hong Kong, overtaking Tencent entered the top 3 straight with $ 53.7 billion 0700.HK Founder Pony Ma.
He Xiaopeng’s assets increased 80% to $ 6.6 billion after the listing of his electric vehicle manufacturer Xpeng Motors. XPEV.N In New York during summer.
Reporting by Samuel Shane and Brenda Goh; Editing by Simon Cameron-Moore