oleh admin | Mar 30, 2025 | billionaires, economics, economy of china, money, wealth
China’s five wealthiest individuals, led by Zhang Yiming, founder of TikTok owner ByteDance, have a combined net worth of US$258 billion, according to Forbes’ real-time billionaire rankings.
1. Zhang Yiming – the founder of the technology company ByteDance
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At a forum held during the 2nd World Internet Conference in eastern China’s Zhejiang province on December 17, 2015, Zhang Yiming, the founder of ByteDance, delivered a speech. The photo was taken by Imaginechina through AFP.
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Zhang Yiming
, aged 41, founded ByteDance in an apartment in Beijing not even a decade back.
With more than a billion users globally, the firm also operates Douyin, which is the China-specific variant of their platform intended for local audiences. They have revolutionized how people interact with social media via their popular short-video sharing application known as TikTok.
Zhang’s wealth has surged by over $10 billion subsequently.
Bloomberg
’ evaluation of valuations provided by multiple investors along with ByteDance’s employee stock purchase plan. Consequently, this set the mean valuation for ByteDance at approximately $365 billion.
In January, TikTok experienced a temporary shutdown in the United States but resumed service within less than 24 hours. Nevertheless, its status in the country continues to be uncertain because President Donald Trump has established an April 5 deadline for ByteDance to divest itself of its American business operations; otherwise, the platform might confront yet another possible prohibition.
As of March 28, Zhang’s estimated net worth stands at US$65.5 billion, according to the records.
Forbes
.
2. Zhong Shanshan – the founder of the bottled water company Nongfu Spring
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Zhong Shanshan, the chairperson of Nongfu Spring, gives a talk during a press briefing in Beijing, China, on May 6, 2013. The photograph was taken by Oriental Image through Reuters.
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The story of Zhong Shanshan amassing his fortune is a quintessential tale of rising from humble beginnings to great success. After leaving school early, he took on multiple roles such as working in construction, practicing journalism, and selling beverages. Eventually, this led him to found Nongfu Spring, which has become the foremost producer of bottled water in China today.
In addition, he holds an interest in Beijing Wantai Biological Pharmacy Enterprises, which manufactures medical equipment like diagnostic tests and vaccines.
Zhong, who is 70 years old, was at the top as China’s wealthiest individual for many years until his company faced a significant backlash during the previous year. Online nationalistic commentators criticized Nongfu Spring for allegedly utilizing packaging inspired by Japan.
As the competition within the bottled water sector became more intense and online criticism grew, Zhong’s wealth decreased by $8 billion.
During a public gathering in November, he did this.
condemned major online commerce company PDD Holdings
For triggering price battles that he said weakened Chinese manufacturers.
He criticized ByteDance for not stopping social media assaults against Nongfu and requested an apology from its founder, Zhang, due to the harm inflicted by ByteDance’s news app Toutiao.
By March 28, Zhong’s fortune was valued at approximately $54.1 billion.
3. Ma Huateng – Chief Executive Officer and chairperson of the internet company Tencent Holdings
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Pony Ma Huateng, chairman and CEO of Tencent Holdings. Photo by Reuters
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Pony Ma Huateng, who is 53 years old, ranks among China’s wealthiest people due to his shareholding in Tencent, a diversified media company he helped establish in 1998.
The company started its ascent in 1999 with QQ, an online messaging service that closely mirrored ICQ, one of the first such applications, as indicated.
South China Morning Post
.
Throughout the years, Ma has broadened the company’s scope to include online gaming, digital payment solutions, and mobile apps. In 2011, they launched WeChat, which currently counts more than a billion active monthly users.
Apart from bestowing significant riches upon him, QQ also held a personal significance in Ma’s journey. It is reported that the tycoon crossed paths with his future spouse, Wang Danting, in a chat room on this very platform.
In the past year, Ma’s wealth increased by over a third as Tencent kept flourishing.
As of March 28, his fortune was valued at approximately $53.8 billion.
4. Colin Huang — the founder of the e-commerce company PDD Holdings
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The founder of the online discount platform Pinduoduo, Colin Huang, addresses attendees during the firm’s initial stock listing at the Nasdaq Stock Exchange in New York. The event took place concurrently with a gathering in Shanghai, China on July 26, 2018. The photograph was taken by Yin Liqin for CNS through Reuters.
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Colin Huang, who is 44 years old, originated from a working-class family where his parents were factory workers before him.
secured an engineering position at Google
by 2004, according to
Business Insider
.
He achieved his major success in 2015 with the launch of Pinduoduo, a quickly popularizing e-commerce site in China.
Renamed as PDD Holdings in 2023, the firm has become one of the nation’s biggest players in e-commerce. In 2022, they launched the international version of their Temu online marketplace, positioning themselves against competitors like Shein.
Even though Huang resigned from his position as the company’s chairperson in 2021, he still holds significant shares.
For several weeks in August, he held the position of China’s richest person until PDD’s stock plummeted by almost 29% later that same month. This decline erased approximately $14 billion from his total wealth, according to reports.
Fortune
magazine.
As of March 28, Huang’s wealth was estimated at $43.8 billion.
5. Lei Jun – the founder of the smartphone and electronic devices company Xiaomi
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On March 28, 2024, Lei Jun, the chairperson and CEO of the Chinese tech firm Xiaomi, unveiled the brand’s latest electric vehicle, the Xiaomi SU7, during a presentation in Beijing. This image was captured by AFP.
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Lei Jun, 55, founded Xiaomi in 2010 with several partners, became
China’s fifth-richest billionaire
Earlier this year, after the company’s stock saw a 250% increase over the last 12 months.
The rally is partially driven by Xiaomi’s increasing prominence in the smartphone industry, as they have started focusing on high-end, more lucrative devices. As one of the top three smartphone manufacturers globally based on market share, the firm has additionally gained momentum from investor interest in China’s technology sector. This excitement was further boosted by DeepSeek launching an affordable AI model earlier this year.
However, the biggest driver of Xiaomi’s stock surge is the optimism surrounding its electric vehicle business.
Even with fierce competition and continuous pricing battles in the industry, the firm remains poised to achieve its objective of producing 300,000 electric vehicles by 2025, as stated by Lei earlier this year. In the previous year, Xiaomi managed to deliver over 135,000 automobiles.
As of March 28, Lei’s wealth was valued at $40.8 billion.
oleh admin | Mar 30, 2025 | business, financial markets, mobile technology, money, news
By Stanley Senya
Accra, March 30, GNA – MTN Ghana reported a significant increase of 34.5 percent in their service revenue. This growth was fueled by higher mobile data consumption, an extended reach of 4G and 5G networks, as well as a surge in mobile money activities.
At the 7th Annual General Meeting, CEO Mr. Stephen Blewett unveiled MTN Ghana’s 2024 Annual Report, underscoring the key strategies that drove the company’s success.
He stated, “Our service revenue rose by 34.5 percent compared to the previous year, surpassing projections. This achievement can be attributed to the expansion of our data services, the success of Mobile Money (MoMo), and ongoing digital innovations.”
“By aggressively investing in our network growth, especially in 4G technology, we have notably boosted customer acquisition and engagement,” Mr Blewett noted.
MTN Ghana experienced a significant rise of 53.8 percent year-over-year in their data revenue, amounting to GHS9.0 billion, thanks to enhanced network facilities and an increasing number of customers. Additionally, Mobile Money revenue saw a growth of 54.4%, totaling GHS4.4 billion, highlighting the essential part this service plays within Ghana’s evolving digital finance landscape.
In spite of its robust financial performance, MTN Ghana continued to approach the broader economic environment with caution.
The CEO admitted that inflationary pressures and currency devaluation might pose challenges in 2025.
“We expect ongoing economic hurdles such as inflationary pressures and exchange rate volatility, which could affect consumer expenditure and overall economic expansion. Nonetheless, we are dedicated to maintaining cost efficiencies and making strategic investments to uphold our growth path,” he stated firmly.
Mr. Ishmael Yamson, the Chair of the Board at MTN Ghana, declared a final dividend of 24 pesewas per share, scheduled for payment on April 16, 2025, acknowledging the firm’s strong financial standing.
Considering our robust performance, Mr. Yamson announced that the Board of Directors has approved recommending a final dividend of 24 pesewas per share for shareholder approval.
The aggregate dividend for the fiscal year 2024 amounts to 30.5 pesewas per share, which includes an earlier interim distribution of 6.5 pesewas per share back in September 2024.
This equates to a dividend payout of GH₵4.0 billion, which constitutes 80 percent of MTN Ghana’s GH₵5.0 billion post-tax profit, indicating a significant 35.6% rise in dividends per share compared to 2023.
MTN Ghana committed to maintaining its progress by investing in digital strategies, improving financial services, and expanding its network further.
GNA
GRB
Provided by SyndiGate Media Inc.
Syndigate.info
).
oleh admin | Mar 28, 2025 | banking, mobile technology, money, payment processing, rules and regulations
MANILA — The Bank of the Philippine Islands now mandates a revised format for check deposits via its mobile application.
Starting
April 1
Customers planning to deposit their checks digitally should write “BPI/” followed by the payee’s BPI account number above the payee’s name.
Behind the check, they must also include the date of the mobile check deposit along with the payer’s signature.
The previous format mandated that clients write the payer’s account number at the back of the check.
BPI stated that they will process checks in their present form—which looks like what’s depicted below—only up until
March 31.
The bank mentioned that these new rules align with the updated mobile check deposit guidelines set by the Philippine Clearing House Corporation (PCHC).
The lender mentioned that their app’s mobile check deposit feature accepts checks for amounts under ₱500,000.
BPI mentioned that mobile check deposits will follow the same clearing guidelines as those submitted at physical branch locations. Any checks received after 3 PM, on weekends, or public holidays will be handled on the subsequent business day.
BPI reduces InstaPay transfer charges to PHP 10.
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oleh admin | Mar 28, 2025 | business, economics, investing, investing business news, money
MANILA, Philippines – The net income of JG Summit Holdings Inc., led by the Gokongwei family, climbed by 10% to reach PHP 22 billion in 2024 due to profits from selling their bank subsidiary, compensating for challenges faced by its aviation division.
Core net income, encompassing one-time profits, jumped by 29 percent to reach P24.9 billion.
On Thursday, in an official paperwork submission, the large corporation reported that their earnings concluded at PHP 379.7 billion, marking an increase of 11%.
Based on information from JG Summit, their earnings were boosted by a P7.9 billion profit resulting from the merger between Robinsons Bank and Ayala Corporation-controlled Bank of the Philippine Islands (BPI), which became the surviving entity post-merger. Shareholders of Robinsons Bank still maintain a 6% ownership interest in BPI.
READ:
Philippine competition authority approves BPI-Robinsons Bank merger
“Despite having varied outcomes from our various divisions and ventures, we managed to steer through 2024 successfully,” stated Lance Gokongwei, President and CEO of JG Summit, in an official statement.
Despite an increase in passenger numbers, Cebu Pacific concluded 2024 with a 32 percent decrease in net income due to expenses associated with expanding their aircraft fleet.
As stated separately, the airline disclosed that its net profit dropped to P5.4 billion in the previous year from P7.9 billion recorded in 2023.
The top line increased by 16 percent to reach ₱104.9 billion, with passenger revenue alone rising by 14 percent to hit ₱71.3 billion.
Additional businesses contributed P28 billion, an increase of 16 percent. In contrast, cargo revenues jumped 39 percent to reach P5.6 billion.
Regarding passenger traffic, the volume increased by 18 percent to reach 24.5 million.
The low-cost carrier dominated most of the domestic network with a 54.1 percent share. In terms of the international market, it claimed a 20.6 percent stake.
However, with the launch of new routes, Cebu Pacific was compelled to acquire extra airplanes and backup engines, which put pressure on their profits. The company currently operates 98 aircraft following the addition of 17 planes in the previous year.
The leasing of aircraft and engines totaled P900 million. Charges related to airports, including landing and takeoff fees, along with ground handling costs, added up to P11.37 billion.
Gokongwei was hoping that 2025 would tell a different tale.
“As we enter 2025, our main focus will be to boost the total revenue growth across all our business units due to the anticipated upturn in consumer confidence with the decline in inflation,” he noted.
At snack manufacturer Universal Robina Corp., earnings climbed to P161.9 billion, marking a 3% increase thanks to improvements in their overseas operations.
The real estate sector of Robinsons Land Corporation showed a 3% growth in revenue, reaching ₱40.1 billion. Meanwhile, JG Summit Olefins Corp., which operates in the petrochemical industry, experienced a significant surge of 33%, with revenues climbing to ₱50.4 billion.
oleh admin | Mar 28, 2025 | airfares, flights, flying, money, Travel
Explore travel from just P1!
Cebu Pacific declared in a
Facebook post
On Friday, March 28, they announced that they’re concluding the month with a Piso Sale.
Using this promotion, you can take advantage of PHP 1 one-way base fares for flights to various destinations within the Philippines and other nations departing from Manila, Iloilo, Cebu, Clark, and Davao.
The sales phase ends on March 31, whereas the travel dates range from September 1, 2025, to February 28, 2026.
Please be aware that the stated domestic rates include a 7 kg carry-on luggage limit. Nonetheless, these prices do not cover the web administration fee, 12% value-added tax, airport charges, and additional fuel costs.
The stated international charges include the same carry-on luggage allowances; however, they do not cover web administration fees for both short-haul and long-haul trips, as well as an additional P550 charge for using the international terminal and fuel surcharges.
To take advantage of the offer, head over to the airline company’s website or physical location.
seat sale section
Then click “Book Now” next to your selected location.
This article
Cebu Pacific launches PISO fare promotion for both domestic and international routes.
was originally published in
PhilSTAR L!fe
oleh admin | Mar 27, 2025 | business, economics, investing, money, wealth
The renowned real estate mogul Lee Shau Kee, often referred to as Hong Kong’s second wealthiest individual, offered advice to younger generations, urging them to select their careers wisely, put in diligent effort, invest capital to generate more wealth, and delay marriage.
In his 2018 address at Fudan University upon receiving an honorary doctorate, Lee offered four key tips for accumulating wealth, as reported.
Sohu
.
One of these principles was not to get married until building a stable career. Lee joined the real estate sector when he turned 30 and swiftly established a robust reputation, attaining success in his professional life.
He married his wife, the beauty queen Lau Wai Kuen.
A year later, once he believed that both his professional journey and personal relationships had stabilized, they got married. The ceremony took place at the luxurious Majestic Hotel located in Hong Kong’s Central District.
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Lee Shau-kee, Chairman of Henderson Land Development, participates in a meeting in Hong Kong, China on September 10, 2013. The photograph was taken by Imaginechina through AFP.
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During his address, the businessman stated that selecting the appropriate profession could simplify achieving success, echoing a well-known Chinese proverb: “A man’s biggest worry is setting up shop in an unsuitable field, whereas a woman’s primary concern is picking the incorrect spouse.”
A key piece of wisdom from Lee emphasizes that dedication and effort pave the way to achievement. His memoir released in 2010 featured this insight when he was an 82-year-old business magnate from Hong Kong who declared his plans never to retire. To him, the inability to be productive represented significant suffering. Throughout his life, he stayed committed to his professional endeavors.
until the age of 91 when he retired
to relish his latter years.
The fourth piece of advice from the billionaire is to leverage your funds to generate more income. As mentioned in his autobiography, Lee stated: “Commencing with modest savings is wise since the initial investment holds significant importance. This foundational step paves the way for greater achievements.”
Such prosperity should stem from hard work and thriftiness. The notion of ‘abundance bestowed by destiny’ isn’t about surrendering to chance, but rather about seizing opportunities appropriately without exerting undue pressure.
He added: “Once someone asked me, ‘Would you be willing to exchange half of your fortune for three decades of youthful vigor?’ Upon hearing this query, I burst out laughing and responded, ‘I’d readily swap 99% of my wealth for thirty more years of youth without giving it a second thought.'”
In the next three decades, I am confident that I might attain an even more remarkable level of success, potentially exceeding the 99% of wealth I currently possess.
Lee died on March 17.
At the age of 97. He was born in Guangdong, China, and developed his career and thrived in Hong Kong.
Commonly known as “the stock deity of Asia” or “Hong Kong’s equivalent of Warren Buffett,” he founded Henderson Land Development, which stands out as one of the biggest property conglomerates in the region.
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