The Wealthiest Person in China

We recently compiled a report on the 30 Wealthiest People in China and in this article we will look at the richest person.

An Analysis of the Chinese Economy

On May 29, Reuters reported that China is seeing signs of economic recovery after a long period of sluggish economic growth. Consumer spending in China has started to grow, and the government is actively addressing issues within the real estate industry. China’s economy is expected to expand by 5% by the end of this year, from a previous forecast of 4.6%. The IMF reportedly raised its GDP targets for 2024 and 2025 by 0.4 percentage points. On the flip side, the IMF predicts the Chinese economy to drop to 3.3% by 2029 due to its aging population and slow productivity rates. The IMF revised its GDP targets after China reported stronger-than-expected results in the first quarter of 2024. China is now expected to expand by 5% in 2024 and 4.5% in 2025. While the economy is on track to meet its economic targets, deflationary pressures continue to act as a deterrent to the economic prosperity of China, decreasing consumer confidence. You can also read our piece on the wealthiest people in South Korea.

Are Chinese Investments in Cloud Working Out?

On October 9, 2023, CNBC reported that the Chinese government intends to increase the country’s computing power by 50% by 2025, to 300 exaflops. Exaflop is a performance metric for a supercomputer measuring at least one quintillion floating point operations per second. The government also plans to add six new government departments. The government has deduced that for every 1 yuan they invest in computing power, it returns 3 to 4 yuan of economic output. The need to expand China’s computing power is immense, especially in AI, as companies continue to launch AI products for mass consumers and businesses.

On June 27, Canalys reported that cloud infrastructure spending in Mainland China reached $9.2 billion, up by 20%, year-over-year, in Q1 2024. Alibaba Cloud, Huawei Cloud, and Tencent Cloud account for 72% of the total market in China, a decrease of 2% from the previous quarter. Alibaba accounted for 37% of the spend, 19% of the spend was made by Huawei Cloud, and 16% by Tencent Cloud. While Alibaba Cloud had a market share of 39% in China, the company reported just 2% year-over-year in revenue growth in Q3 2023. Overall, the cloud segment slowed down by 10% in 2022 and 12% in 2023.

Alibaba and its Expansion in Cloud Computing 

Alibaba Group Holding Limited (NYSE:BABA) is an e-commerce and technology company headquartered in Hangzhou, China. The company, commonly referred to as Alibaba, has an immense focus on developing sophisticated and affordable technology. Alibaba Cloud, also known as Aliyun, is the company’s cloud computing infrastructure that provides computing products to businesses. Some of its products include Elastic Compute Services, CloudBox, Alibaba Cloud Linux, Edge Node Services, and Elastic Block Storage, to name a few.

On May 23, the company expanded the availability of its cloud computing products in  Mexico for the first time. Alibaba Group also plans to open new data centers in Malaysia, Thailand, and South Korea over the next three years. While Alibaba accounts for only 5% of the global cloud market share, it has captured 39% of the market in China. It recently launched its latest version of large language models after over 90,000 deployments were made by the company. Its latest large language model, Tongyi Qianwen Qwen2.5, is capable of understanding and formulating answers to questions, code, and reasoning in its natural language.

The company has made significant moves in AI to improve the customer experience. Revenue related to development in AI expanded by triple digits year-over-year. The company plans to establish a competitive edge in the cloud by offering unique offerings at low prices. Over 17,000 small to medium enterprises have subscribed to the company’s AI business helper. In the final quarter of 2024, AI-optimized product searches grew by 37%. Moreover, the company has strategically optimized its cross-border synergies to deliver 5 to 10-day delivery completion rates, up by double digits year-over-year. While concerns related to the macro environment in China persist, Alibaba Group Holding Limited (NYSE:BABA) expansion abroad and price cuts may benefit the company.

The Wealthiest Person in ChinaThe Wealthiest Person in China

The Wealthiest Person in China

Pixabay/Public domain

Our Methodology

To compile our list of the 30 wealthiest people in China, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in China in ascending order of their net worths, as of June 24.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

The Wealthiest Person in China

1. Zhong Shanshan

Net Worth as of June 24, 2024: $59.8 Billion

Zhong Shanshan is the richest person in China and the 26th richest individual in the world, with a net worth of $59.8 billion. He is the founder and chairman of Nongfu Spring, a bottled water company that went public in September 2020. His company logged $6 billion in revenue in 2023. The 69-year-old also runs Wantai Biological, a company responsible for making diagnostic tests for various infectious diseases including COVID-19. Zhong Shanshan is a self-made billionaire and has accumulated his wealth in the beverages and pharmaceuticals industries.

Curious to learn about other wealthy individuals in China? Check out our report on the 30 Wealthiest People in China.

At Insider Monkey, we delve into a variety of topics; however, our expertise lies in identifying the top performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.

Disclosure: None. This article is originally published on Insider Monkey.

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▼▼點擊睇前港姐亞軍李明慧發生咩事▼▼ 48歲的前港姐亞軍李明慧於2003年嫁給已故教育家陳樹渠之幼子陳燿陽,並育有一對龍鳳胎。 李明慧遭老公恐嚇 鬧上法庭 然而,商人陳燿陽涉嫌在赤柱住所威脅妻子李明慧,被控刑事恐嚇罪。案件今日(23日)於東區法院提堂,控方表示或會加控其他罪名。裁判官蘇文隆將案件押後至3月6日再提訊,並批准陳燿陽以免交保釋金方式保釋,但不得接觸控方證人。 陳燿陽家底逾百億  據悉,被告陳燿陽(CHAN JOHNSON,58歲)自稱商人,被控於2025年1月21日,在赤柱赤柱村道50號一單位內,威脅女子陳李明慧,意圖使其因擔憂人身安全而受驚。陳樹渠家族主要從事教育機構及商業活動,家族資產逾百億。 李明慧背景話你知 李明慧留學加拿大,1997年返香港,任職稅務會計師,並且參加香港小姐競選,獲得亞軍及國際親善小姐獎項。1997年8月,李明慧與同屆的香港小姐冠軍翁嘉穗、季軍佘詩曼一同進行親善訪問期間,李明慧被指在一間髮型屋遺漏一個胸罩,及後更因怕尷尬不敢認領,1998年6月,李明慧傳出與七海化工集團有限公司主席鄔友正相戀,拍拖短短十日,便宣布在八月閃電結婚,並與無綫電視解約。2003年,李明慧嫁給已故著名教育家陳樹渠的幼子陳燿陽,之後誕下一對龍鳳胎。 同場加映: 香港小姐史上曾經發生過同屆港姐「爭仔」事件,主角分別為1997年港姐冠軍翁嘉穗、亞軍李明慧,當年二人與港姐贊助商鄔友正涉及一段三角戀情,「兩女爭一男」因而引起廣泛關注,更一度被稱為「鄔公奇案」。時隔逾25年,鄔友正近日活躍於社交平台,被網民問到當年此事時,就激罕正面回應,態度相當大方。 鄔友正激罕回應港姐爭仔事件 早前,鄔友正於社交媒體上分享了多年前與娛樂圈明星們的合照,繼而引發了網民對當年「鄔公奇案」的好奇,紛紛留言問及與太太翁嘉穗、李明慧之間的感情糾葛。鄔友正回應得坦然大方,表示緣分使然,並就著當年的事件澄清了許多誤會的傳聞: ▼▼點圖睇鄔友正親自回應▼▼ 1997年香港小姐冠亞軍「爭仔」 於《1997年香港小姐競選》,當年冠軍為翁嘉穗、亞軍為李明慧、季軍為佘詩曼,而翁嘉穗在奪冠後不久便嫁給了富商鄔友正,專心做豪門少奶。不過當時就爆出李明慧於參選港姐時已與贊助商鄔友正擦出愛火,交往僅10日就火速宣布訂婚。 三角戀情事件轟動一時 後來,當李明慧身處外國工作時,有傳鄔友正與翁嘉穗私下秘密約會,翁嘉穗及後更宣示主權,聲稱自己才是鄔友正的正牌女友,而鄔友正亦默認此說法。更有指李明慧之後哭訴不滿翁嘉穗橫刀奪愛,令「爭仔」事件轟動一時,成為當年熱門話題。一段爭奪愛情的三角戀結束後,翁嘉穗、李明慧似無意發展演藝事業,而季軍佘詩曼就順勢獲TVB全力捧紅。   Source link

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