Market bounce hands US$6.6 billion to Hong Kong’s super-rich as investors bank on China ‘returning to pragmatism’
- Stock rally last week contributed to a US$6.6 billion wealth expansion for 16 of Hong Kong’s top billionaires tracked by Bloomberg
- Investors are banking on Beijing returning to pragmatism by refocusing on the economy, says Wang Qi of MegaTrust Investment
The Hang Seng Index jumped 5.7 per cent last week for its best winning run since the opening days of 2023 as investors bet China’s years-long tech-sector crackdown has run its course. The rally also topped major global stock benchmarks, outpacing the S&P 500’s 2.2 per cent and the MSCI World Index’s 3 per cent advance.
The city’s 16 top billionaires enhanced their cumulative net worth to US$223 billion on July 14, according to Bloomberg data. They still remained poorer by US$1.6 billion from the start of the year.
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“Investors are desperately looking for signals of China returning to pragmatism [by] refocusing on the economy,” said Wang Qi, CEO of MegaTrust Investment in Hong Kong. “Such gestures do not really cost the government anything, yet they may be more effective than stimulus policies.”
Robin Zeng Yuqun is among the biggest winners so far this year with a net addition of US$653 million, allowing him to stay as the richest. His fortune is mostly tied to Contemporary Amperex, whose Shenzhen-listed stock has risen 4.4 per cent this year, outpacing CSI 300 Index’s 0.7 per cent gain.
The 55-year old founder of China’s top producer of batteries for electric cars is a Hong Kong citizen. He has topped the Bloomberg ranking since overtaking “Superman” Li Ka-shing in mid-May 2021. Li’s wealth climbed 3 per cent to US$29.3 billion. Henry Cheng Kar-shun remained as third richest, with a US$22.7 billion net worth.
Lui Che-woo, 93, saw his wealth increase by about 7 per cent last week to US$17.3 billion, after this flagship casino operator Galaxy Entertainment surged 9.8 per cent. His fortune rose by almost US$1.2 billion this year through July 14.
In addition to the 16 top billionaires, Bloomberg’s list of the super-rich also names two additional tycoons whose assets are privately-held and assessed or estimated using peer-comparison benchmarks: Yeung kin-man, of iPhone parts maker Biel Crystal Manufacturing, and Sammy Lee, who controls the Lee Kum Kee group.
