Martin Lau saw a 96% increase in his net worth to $4.5 billion.
This story is part of Forbes’ coverage of Hong Kong’s Richest 2021. See the full list here.
Tencent president Martin Lau, who made his list debut in 2018, was among the biggest gainers this year. The number two at the Hong Kong-listed tech giant saw a 96% increase in his net worth to $4.5 billion after Tencent’s stock price nearly doubled over the past year. Led by founder Pony Ma, Tencent posted an 85% surge in third-quarter profit to 39 billion yuan ($6 billion) from a year earlier, driven by hot demand during the pandemic for its online games. Its messaging app WeChat has more than 1.2 billion monthly users. The Shenzhen-based firm, however, is facing some headwinds. The increased regulatory scrutiny of Alibaba’s Ant Group could portend tighter control of China’s fintech sector, which includes Tencent’s mobile payment provider WeChat Pay and digital bank WeBank. In December, Tencent’s ebook spinoff China Literature, as well as Alibaba and Shenzhen Hive Box, were each fined $76,000 by regulators in Beijing for antitrust violations. Tencent declined to comment on the antitrust issue.
I have been writing for Forbes Asia since 2010. As a freelancer I also worked with organizations such as The Economist Group, Ford Foundation and Crain Communications. I