Monday , April 19 2021

Indian Mukesh Ambani is again the richest Asian, as Chinese Zhong Shanshan lost 22 billion US dollars, Asia News & Top Stories

NEW YORK (BLOOMBERG) – Indian Mukesh Ambani is again the richest in Asia.

Despite a brutal market week, his company Reliance Industries was relatively unharmed as it said it would separate its oil and chemicals business into a stand-alone unit. With a net worth of about $ 80 billion ($ 106.6 billion), Mr. Ambani is again richer than Mr. Zhong Shanshan, whose bottled water company overflowed a record 20 percent this week.

The Chinese tycoon is worth $ 76.6 billion, up more than $ 22 billion from last week’s peak, according to the Bloomberg Billionaires Index.

Mr. Ambani has led the list of the richest people in Asia for most of the past two years, taking over Jack Ma from the Alibaba Group.

He then put Mr Zhong’s list of two companies on the map: at the end of December, Ambani grabbed the title and was the sixth richest person in the world by early 2021, surpassing Warren Buffett.

Zong’s Nongfu Spring spring more than tripled from its first public offering to its peak in January, when investors rushed to consumer stocks, while its vaccine maker, Beijing Wantai Biological Pharmacy Enterprise, jumped as much as 3,757 percent.

But the rally has faded as the Hong Kong and Chinese stock exchanges were among the largest in the world this week. Shares of Nongfu erased gains this year, while Wantai posted a record monthly drop.

Mr Ambani focused on directing his empire to technology and e-commerce, a departure from energy. Last year, it sold $ 27 billion in shares of Reliance digital and retail units to investors, including Google and Facebook, raising its fortune by $ 18 billion.

This week’s announced divestiture of the oil and chemicals refining unit, which accounted for more than 60 percent of the conglomerate’s revenue in the last fiscal year, will help the tycoon attract more investors and accelerate the proposed sale of shares to Saudi Arabia. Arabic oil.

Mr. Zhong Shanshan’s Nongfu Spring collected a record 20 percent this week. PHOTO: CHINA DAILY / ASIAN NEWS NETWORK

Mr Zhong and Mr Ambani have not been the only interchangeable titles lately. Mr Elon Musk of Tesla Inc. became the richest man in the world in early January, before Jeff Bezos fell to number one again earlier this month when the carmaker’s shares fell.

Mr Musk lost $ 15 billion on Monday alone after announcing that cryptocurrency prices appear high – just two weeks after Tesla said it had invested $ 1.5 billion in Bitcoin.

Since then, Mr Musk and Mr Bezos have swapped places twice. The founder of surpassed Muska on Friday by $ 7 billion.

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