Billionaire Jack Ma ceased to be the richest man in China

US, WASHINGTON (ORDO NEWS) — Alibaba founder Jack Ma has lost first place in the list of the richest Chinese billionaires. The new leader is the owner of the largest distributor of online games Tencent. His company only benefited from being locked away at home after the pandemic.

Tencent founder Ma Huateng has become the richest man in China. Since the beginning of 2020, the shares of his company, which is the largest distributor of online games, have grown by 14% – to the highest level in two years, Forbes writes. The increase in the cost of securities is due to the high demand for mobile games during the period of restrictions introduced due to the coronavirus pandemic.

As of May 14, the state Huatena is estimated at $ 48.3 billion, while in won first place in last year’s ranking of Alibaba founder Jack Ma of Chinese billionaires, it is $ 41.2 billion.

In early March, Forbes called Huatan the richest man in China after his fortune grew by $ 1.1 billion over the week.

However, Huaten took the 20th line with a fortune of $ 38.1 billion in a ranking of the richest people in the world published in April. while Jack Ma had 17th place, and his fortune was estimated at $ 38.8 billion.

Tencent has become one of the few beneficiaries of the pandemic despite the decline in consumption in China and the global economic downturn. The company reported that revenue growth from its gaming sector in the first quarter was 31%. “Our platforms and products have never been more relevant and relevant as users stay at home,” said Ma Huateng.

According to analysts, Huaten’s revenue growth is only a temporary benefit, writes Forbes. With the opening of schools and offices amid the gradual removal of restrictions, people will begin to spend less time on games.

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