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Tencent, Alibaba stocks head-to-head for number one spot in Asia

By Shan Xin (People's Daily Online)    16:30, August 08, 2017

(Left: Pony Ma Right: Jack Ma  File Photo)

Alibaba CEO Jack Ma returned to the top seat as the richest man in Asia after Tencent CEO Pony Ma took the top spot, that is, until Alibaba stock gained 3.6 percent at the end of the trading session in New York City on Monday, lifting Jack Ma’s fortune to $36.3 billion, $100 million more than Pony Ma’s, according to Forbes.

The stock price of Tencent was up 2.95 percent on the Hong Kong Stock Exchange on Monday, raising Pony Ma’s wealth to $36.2 billion and making him the richest man in Asia for the first time. Hours later in New York City, Alibaba jumped after the opening bell, sending Tencent back to the second position.

While the market capitalization of Tencent was higher than Alibaba in 2016, Alibaba performed better in 2017. Both tech companies are focused on offering online services and content, but Alibaba covers more areas, including shopping, finance, logistics, computing, and big data. Tencent, the world’s largest public gaming company, has cut businesses and focused attention on mobile gaming, which has led to the investment, merger, and acquisition of 35 gaming companies.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Shan Xin, Bianji)

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