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Asia’s richest man Jack Ma’s net worth jumps S$3.9 billion in a day

HONG KONG — Alibaba Group Holdings’ founder and executive chairman Jack Ma Yun’s net worth surged US$2.8 billion (S$3.9 billion) overnight as the Chinese e-commerce giant forecast sales growth that topped even the most bullish of analysts’ estimate despite China’s decelerating economy.

Alibaba founder and chairman Jack Ma. Photo: Reuters

Alibaba founder and chairman Jack Ma. Photo: Reuters

HONG KONG — Alibaba Group Holdings’ founder and executive chairman Jack Ma Yun’s net worth surged US$2.8 billion (S$3.9 billion) overnight as the Chinese e-commerce giant forecast sales growth that topped even the most bullish of analysts’ estimate despite China’s decelerating economy.

Mr Ma, 52, who owns about 6.6 per cent of Alibaba, is the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index. His net worth has climbed US$8.5 billion this year to US$41.8 billion. Hong Kong property magnate Li Kashing is in second place in the Asian ranking with US$32.7 billion in net worth, and mainland China’s Wang Jianlin of real estate group Dalian Wanda is in third position with US$31.5 billion.

Alibaba, China’s largest e-commerce company, on Thursday forecast 45 to 49 per cent revenue growth in the year ending March, sustaining a near-unbroken run of 40 per cent-plus annual rises and underscoring how investments into businesses beyond its bread-and-butter of online shopping are paying off. The forecast compares with the 35 per cent average of estimates and surpassed the most bullish projection of the 43 analysts tracked by Bloomberg.

The company’s shares, listed on the New York Stock Exchange, rose 13.3 per cent overnight to a record high of US$142.34 each. That US$42 billion boost brings Alibaba’s market capitalization to US$360.1 billion, Bloomberg data showed

Alibaba and Tencent Holdings - which dominate online shopping and social media in China, respectively - have ventured deeper into new areas from cloud computing services to streaming music and video as the country’s economic growth slows. Alibaba is capturing more digital advertising spending by incorporating social elements such as video in its shopping sites. BLOOMBERG

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