ByteDance founder tops China's rich list for the first time, beating Tencent and Nongfu heads [CNBC]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: CNBC
41-year-old Zhang, with a personal wealth of $49.3 billion, beat Nongfu Spring founder Zhong Shanshan, who lost his number one spot after topping the list for three years. ByteDance founder Zhang Yiming for the first time has emerged as China's richest person, according to a list compiled by Hurun Research Institute, leaving behind Nongfu Spring Chairperson Zhong Shanshan who has topped the rankings for three years. Zhang, 44, with a personal wealth of $49.3 billion, beat ‘bottled water king' Zhong, whose wealth dropped 24% to $47.9 billion after a public backlash against his company in February . Zhang was ranked fifth last year ByteDance is known for its popular app, TikTok, which has over a billion active monthly users globally. The company's profits surged around 30% last year, Hurun stated. Pony Ma Huateng, CEO of Chinese internet giant Tencent, dropped one spot to third place, even as his wealth rose 13% to $44.4 billion amid a jump in Tencent's revenue and profit. Co
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