According to Forbes’ real-time rich list, Ningde Time’s board chairman Tsang Yuk-kwan surpassed Li Ka-shing to become the richest person in Hong Kong. (composite photo)
The Forbes Real-Time Rich List shows that Li Ka-shing, who has been the head of Hong Kong’s rich list for 21 years, is in second place this time. Zeng Yuqun, chairman of the board of directors of Ningde Time, a Chinese electric vehicle battery manufacturer, is among the richest people in Hong Kong with a wealth of US$34.5 billion. According to public reports, Zeng made his fortune when he received a “golden doll” from Xi Jinping.
According to the latest ranking of the Forbes Real Time Rich List, Zeng Yuqun’s personal wealth not only surpassed Li Ka-shing’s US$34.4 billion, but also surpassed Lee Shau-kee’s US$32.1 billion to become the richest man in Hong Kong. Tsang, Li Ka-shing and Lee Shau-kee are ranked 41, 42 and 49 respectively on Forbes’ list of the world’s richest people.
According to comprehensive media reports, Tsang, 53, was granted Hong Kong resident status in 2005 under Hong Kong’s “merit scheme” and automatically became a permanent resident seven years later.
Ltd. in Ningbo Meishan Free Trade Port, holds 24.53% of Ningde Times shares, making him the richest person in Hong Kong based on the company’s market value of about $34.5 billion, which is closely related to the soaring share price of Ningde Times.
With demand for electric vehicles heating up, Ningde Times’ share price has soared more than 150% in the past year. If you look at 2020, the cumulative increase is 230%.
Xi sends “golden doll” Zeng Yuqun to make a quick fortune
The land media reported that Zeng Yuqun was born in Ningde, Fujian Province, and later went to Shanghai Jiao Tong University to study marine engineering, and after graduation joined a foreign company, first in the Japanese electronics industry brand name TDK factory, from the technician to the engineering director, at the age of 31 became the only Chinese director of TDK.
Zeng Yuqun founded Ningde Times in 2011 and located the enterprise in his hometown of Ningde, Fujian. Ningde is known as one of the places where Xi Jinping’s idea of poverty alleviation originated.
In September 2010, Xi Jinping, the vice president of the Communist Party of China (CPC), returned to Ningde for research and asked Ningde to “launch a few more big projects, embrace a few more ‘golden dolls’ to accelerate leapfrog development”.
Thanks to Xi Jinping’s speech on the art, Zeng Yuqun “settled” in Ningde after the new enterprise, quickly started.
With the new energy vehicle boom, Ningde Times’ share price soared from RMB 106 at the end of 2019 to RMB 388 recently, up 265%, with the company’s latest market value of over RMB 900 billion.
Ningde Times has 9 executives Forbes Global Rich List
According to Forbes data, Ningde Times now has more billionaires than U.S. tech giants like Google and Facebook. Based on Ningde Times’ shares, the company has at least nine executives and early investors with fortunes of $1 billion or more on Forbes’ list of the world’s richest people.
On the evening of April 29, Ningde Times released its financial results for the first quarter of 2021. During the reporting period, Ningde Times achieved revenue of 19.167 billion yuan, up 112.24% year-on-year, and achieved a net profit of 1.672 billion yuan, up 290.5% year-on-year.
In addition to Zeng Yuqun, Ningde Times co-Vice Chairman Huang Shilin and Li Ping have net assets of $14.7 billion and $6.6 billion, respectively. Early investor Pei Zhenhua has a net worth of $8.5 billion.
The other five billionaires are: Zhao Fenggang ($2.4 billion), Wu Kai ($2.3 billion), Wu Yingming ($1.9 billion), Chen Qiongxiang ($1.8 billion) and Chen Yuantai ($1.3 billion). Except Chen Qiongxiang who is an early investor, the other 4 are all executives of Ningde Times.
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