Tycoons On 2020 Forbes HK Rich List See Mixed Fortunes

07-Feb-2020 Intellasia | Forbes | 6:02 AM Print This Post

The prolonged protests and US-China trade tensions that hit Hong Kong over the past year resulted in mixed fortunes for tycoons on the 2020 Forbes Hong Kong Rich List. Twenty-four listees added to their wealth, while 22 saw their net worth decline. The complete list can be found here as well as in the February issue of Forbes Asia.

While Hong Kong’s benchmark Hang Seng stock index was almost flat since the net worths were last measured in February 2019, the combined wealth of the 50 richest tycoons rose to $308 billion.

Li Ka-shing, who held the No. 1 spot as Hong Kong’s richest since the list’s inception 12 years ago, was surpassed by property tycoon Lee Shau Kee by $1 billion or just over 3%. The net worth of Lee, founder of Henderson Land, climbed slightly to $30.4 billion, while Li fell one spot to No. 2 with a net worth of $29.4 billion.

Most of the overall gain on this year’s list can be attributed to Hong Kong’s third-largest fortune, owned by the late property tycoon Cheng Yu-tung’s family and represented by his son Henry Cheng. Following a better understanding of their inherited fortune, the listing now includes the family’s collective wealth of $20.7 billion. Their most valuable assets are stakes in Chow Tai Fook Jewellery Group and property firm New World Development, where the patriarch’s grandson, Adrian Cheng is making his mark. Adrian Cheng is also featured on the cover of the February issue of Forbes Asia.

Joseph Lau of Chinese Estates Holdings, remains at No. 4 with a net worth of $16.9 billion, and Lui Che Woo rises one spot to No. 5 with a net worth of $15.4 billion.

Among the year’s biggest gainers was husband and wife duo Yeung Kin-man and Lam Wai Ying of glass maker Biel Crystal. After shedding more than half their fortune in 2019, their wealth rose 70 percent to $8 billion, helping lift the pair nine spots to No. 10. Biel Crystal, which supplies to smartphone makers such as Apple, Huawei and Samsung, benefited from an uptick in demand for its 3D glass casings for 5G devices.

Among others who added to their wealth was Horst Julius Pudwill (No. 26) of Techtronic Industries, whose net worth leapt by 45 percent to $3.7 billion on rising sales of his company’s power tools. The net worth of Wong Man Li (No. 39) climbed 65 percent to $2.1 billion as shares in his furniture maker Man Wah Holdings soared on strong mainland sales and a shift in production to Vietnam.

One new entrant to the list this year is Zhuo Jun. She made her debut at No. 46 with $1.6 billion after shares in her Shenzhen Kinwong Electronic, a maker of printed circuit boards, jumped on news of the firm’s capacity expansion in anticipation of the global 5G rollout.

Of the 22 tycoons whose net worths took a hit, 14 counted on real estate for the bulk of their fortunes, including Fong Yun Wah (No. 40) of Hip Shing Hong and Thomas Lau (No. 49) of Lifestyle International, known for its Sogo malls. As commercial property cooled and hotel occupancies fell, their wealth declined 30 percent to $1.95 billion and 24 percent to $1.4 billion respectively.

A notable drop-off was real estate tycoon Lo Siu-tong, who died in January and whose estate has not yet been settled.

The minimum amount required to make the list dropped slightly from $1.27 billion to $1.2 billion.

The top 10 richest in Hong Kong are:

1/Lee Shau Kee; $30.4 billion

2/Li Ka-shing; $29.4 billion

3/Henry Cheng & Family; $20.7 billion

4/Joseph Lau; $16.9 billion

5/Lui Che Woo; $15.4 billion

6/Lee Man Tat; $15.2 billion

7/Kwong Siu-hing; $13.7 billion

8/Peter Woo; $11.6 billion

9/Joseph Tsai; $11.5 billion

10/Yeung Kin-man & Lam Wai Ying; $8 billion

The list was compiled using information from the individuals, stock exchanges, analysts, private databases, government agencies and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on January 24and real-time net worths on Forbes.com may reflect different valuations. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded. The estimates include a spouse’s wealth and, where the person is the company founder, also include the wealth of sons and daughters that is derived from that company.

For more information, visit www.forbes.com/hongkong



Category: Hong Kong

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