CHINA BILLIONAIRE JACK MA RICHER BY RM11.9 BIL IN JUST 1 DAY

Hong Kong: Jack Ma’s  net worth surged US$2.8bil (RM11.9bil) overnight as Alibaba Group Holding Ltd forecast sales growth topped every analyst’s estimate, despite China’s decelerating economy.

Ma, 52, is now the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index.

His net worth has climbed US$8.5bil (RM36bil) this year to US$41.8bil (RM178bil).

The latest surge came after China’s largest e-commerce company forecast 45 to 49% revenue growth in the year ending March, demonstrating how investments beyond online shopping are paying off. Shares in Alibaba, where Ma is chairman, rose 13% to a record high.

Alibaba and Tencent Holdings Ltd have ventured deeper into new areas from cloud computing services to streaming music and video as the country’s economy slows.

— Bloomberg

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