China tycoons approaching US$50b in gains on HK stock rally

Hong Kong

ANOTHER day, another billion dollars. With Hong Kong stocks surging to a seven-year high, China's richest tycoons are approaching US$50 billion in gains this year.

Take this week's frenzy. Tencent Holdings Ltd increased 6.7 per cent since Tuesday, adding US$1.2 billion to chairman Ma Huateng's net worth, valued at US$20.1 billion as at Thursday's market close in Hong Kong. Wang Jianlin, chairman of Dalian Wanda Group, added about US$1.2 billion to his US$32.4 billion wealth, thanks to his Hong Kong-listed property unit, and closing in on China's richest man, Alibaba Group Holding Inc chairman Jack Ma.