The latest list of the richest people in China published by the Bloomberg Billionaires Index is no longer topped by Jack Ma, the founder of Alibaba. He was overtaken by a trillionaire figure named Zeng Yuqun.
The 53-year-old Zuqun, according to Bloomberg, is now worth USD 49.5 billion and is the richest person in China. He overtook Jack Ma, who is now isolated after criticizing the Chinese government's financial system. Jack Ma's assets are in the range of USD 48.1 billion.
Zeng is the founder of Amperex Contemporary Technology (CATL), the world's largest manufacturer of electric car batteries. CATL is also a supplier of batteries for Elon Musk's electric car company, Tesla. CATL's stock price continues to rise, as does Tesla.
Zeng Yuqun admitted that he often communicates with Elon about technology and business developments. "We get along and he's a good guy," Zeng said of Elon.
"The position of the richest used to be dominated by conglomerates in the real estate sector and then technology, and now we see more from the new energy sector," said Hao Gao, a researcher at Tsinghua University.
In 2020, CATL reported revenue of USD 7.3 billion. Meanwhile, the company's share price has jumped 20-fold since it was introduced on the Shenzhen stock exchange in 2017. This year alone, the jump has reached 59%.
China is also increasingly active in developing the electric vehicle industry. The Bamboo Curtain Nation aims to achieve zero carbon emissions by 2060.
Zeng himself grew up in Fujian province and earned a doctorate from the Chinese Academy of Sciences. Before founding the battery company, he worked in a state-owned shipbuilding company.
Less than a decade since founding CATL in 2011, Zeng Yuqun was able to establish his company as the world's largest vehicle rechargeable battery manufacturer. In addition to Tesla, CATL also supplies batteries for vehicles from BMW, Volkswagen to Geely. Now, Zeng overpowers Jack Ma.
Tags
NEWS & FACT