Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report.

<a href="https://www.wionews.com/world/alibaba-founder-jack-ma-begins-sending-coronavirus-testing-kits-masks-to-us-286832">Also Read:&nbsp;Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US</a>

Tencent Holdings Ltd shares surged on Wednesday in Hong Kong trading recording a $40 billion surge this week propelling Pony Ma's fortune above Jack Ma, 55, who had founded the biggest e-commerce company in China.

The COVID-19 pandemic played its part in boosting Tencent's fortune as gamers stayed home during the extended lockdown in China.

Alibaba, on the other hand, had reported its net profit had fallen 88 per cent in the first quarter of the year due to disruptions caused by the coronavirus.

"Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said.

The company's net profit fell $447 million in January-March, compared to 25.83 billion yuan over the same period last year. China had reported its first case of the virus on December 31 in Wuhan.

China later imposed quarantines on millions of people starting in Wuhan and extended the shut down throughout the country during the peak of the virus in January and February.

Meanwhile, Tencent reported a sharp rise in first-quarter net profit after a surge in demand for its online games as coronavirus pandemic spread. The company's net profit rose 29 per cent from a year earlier to $3.95 billion.

"During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained," chief executive Ma Huateng said, while adding," So far, our businesses have proved resilient and cashflow-generative."

Online game revenue grew by 31 per cent on year to 37.2 billion yuan, Tencent said with popular games such as &nbsp;"Honour of Kings", "PUBG Mobile" and "Clash of Clans" cashing on the surge in demand of stay-at-home gamers. 
&nbsp;

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report.

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report. Also Read: Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US Tencent Holdings Ltd shares surged on Wednesday in Hong Kong trading recording a $40 billion surge this week propelling Pony Ma's fortune above Jack Ma, 55, who had founded the biggest e-commerce company in China. The COVID-19 pandemic played its part in boosting Tencent's fortune as gamers stayed home during the extended lockdown in China. Alibaba, on the other hand, had reported its net profit had fallen 88 per cent in the first quarter of the year due to disruptions caused by the coronavirus. "Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said. The company's net profit fell $447 million in January-March, compared to 25.83 billion yuan over the same period last year. China had reported its first case of the virus on December 31 in Wuhan. China later imposed quarantines on millions of people starting in Wuhan and extended the shut down throughout the country during the peak of the virus in January and February. Meanwhile, Tencent reported a sharp rise in first-quarter net profit after a surge in demand for its online games as coronavirus pandemic spread. The company's net profit rose 29 per cent from a year earlier to $3.95 billion. "During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained," chief executive Ma Huateng said, while adding," So far, our businesses have proved resilient and cashflow-generative." Online game revenue grew by 31 per cent on year to 37.2 billion yuan, Tencent said with popular games such as "Honour of Kings", "PUBG Mobile" and "Clash of Clans" cashing on the surge in demand of stay-at-home gamers.

COVID-19 fortune: Tencent's Pony Ma dethrones Alibaba's Jack Ma to become richest in China

According to a report, <a href="https://www.wionews.com/south-asia/now-pakistan-digs-up-680-million-scam-linked-to-chinas-cpec-299995">China</a> is set to unveil $1.4 trillion tech investment&nbsp;as part of a fiscal package in order to reduce dependence on foreign technology touted as President Xi's signature deal to push the country's "Made in China 2025"&nbsp;program.

<a href="https://www.wionews.com/south-asia/chinese-president-xi-jinping-offers-to-send-experts-team-to-bangladesh-to-fight-covid-19-300163">Also Read:&nbsp;President Xi Jinping offers to send experts team to Bangladesh to fight COVID-19</a>

The plan reportedly involves Artificial Intelligence(AI) as the heart of the technological push which would be backed by the government till 2025.

The report says China's Huawei and Alibaba would be spearheading the effort including the SenseTime Group, an artificial intelligence company. Tencent will also reportedly be part of the mammoth tech endeavor with AI and the Internet of Things(IoT) as the backbone of the network.

The US government is at loggerheads with Huawei's 5G network accusing it of spying for the Chinese government, an allegation the company has vehemently denied.

China's new tech initiative in the global tech race is being seen as a way to surpass the United States and become the&nbsp;dominant technological power in the planet.

Experts also view the technological drive by the Xi regime as a tool to boost the country's economic growth which has taken a major hit due to the coronavirus epidemic. The tech&nbsp;"stimulus" package is meant to further grow the Chinese economy which has seen unemployment rise due to the virus.

The plan which has the complete backing of President Xi is set to be given the go ahead during the National People’s Congress which starts on Friday. It will be held thorough a video link due to the virus.

According to a report, China is set to unveil $1.4 trillion tech investment as part of a fiscal package in order to reduce dependence on foreign technology touted as President Xi's signature deal to push the country's "Made in China 2025" program.

According to a report, China is set to unveil $1.4 trillion tech investment as part of a fiscal package in order to reduce dependence on foreign technology touted as President Xi's signature deal to push the country's "Made in China 2025" program. Also Read: President Xi Jinping offers to send experts team to Bangladesh to fight COVID-19 The plan reportedly involves Artificial Intelligence(AI) as the heart of the technological push which would be backed by the government till 2025. The report says China's Huawei and Alibaba would be spearheading the effort including the SenseTime Group, an artificial intelligence company. Tencent will also reportedly be part of the mammoth tech endeavor with AI and the Internet of Things(IoT) as the backbone of the network. The US government is at loggerheads with Huawei's 5G network accusing it of spying for the Chinese government, an allegation the company has vehemently denied. China's new tech initiative in the global tech race is being seen as a way to surpass the United States and become the dominant technological power in the planet. Experts also view the technological drive by the Xi regime as a tool to boost the country's economic growth which has taken a major hit due to the coronavirus epidemic. The tech "stimulus" package is meant to further grow the Chinese economy which has seen unemployment rise due to the virus. The plan which has the complete backing of President Xi is set to be given the go ahead during the National People’s Congress which starts on Friday. It will be held thorough a video link due to the virus.

China set to unveil $1.4 trillion domestic tech investment: Report

A consortium led by Tencent agreed to buy up to 20 per cent&nbsp;of&nbsp;<a href="https://www.wionews.com/entertainment/chinas-tencent-talking-to-vivendi-about-stake-in-lady-gagas-label-241359">Vivendi's Universal Music Group</a> (UMG) in a deal that values the world's largest music label at 30 billion euros ($34 billion) and increases the Chinese company's clout on the global market.

French media conglomerate&nbsp;Vivendi&nbsp;said it had finalised an agreement to sell an initial 10&nbsp;per cent&nbsp;of UMG home to artists such as <a href="https://www.wionews.com/photos/taylor-swift-fans-descend-on-paris-for-city-of-lover-concert-248731">Taylor Swift</a>, <a href="https://www.wionews.com/entertainment/lady-gaga-rubbishes-romance-rumours-with-bradley-cooper-says-fooled-ya-200412">Lady Gaga</a> and <a href="https://www.wionews.com/entertainment/the-beatles-iconic-abbey-road-cover-shot-is-50-years-old-now-241510">The Beatles</a> to the Tencent consortium.&nbsp;Vivendi&nbsp;added that it had started talks over the possible sale of "an additional minority share for a price which would at least be identical," without specifying a potential buyer.

The consortium also had the option to buy on the same price basis up to 10&nbsp;per cent&nbsp;more of UMG's share capital by January&nbsp;15, 2021. The transaction gives a 30 billion euro price tag for UMG on an enterprise value basis.

This initial deal would also soon be followed by a second one allowing Tencent Music Entertainment to buy a minority stake in UMG's subsidiary that houses its operations in greater China.

The agreement will allow both companies to expand in a recovering global music market, with Tencent getting more access to US&nbsp;artists while UMG can tap into the Asian market, which features big-selling "<a href="https://www.wionews.com/entertainment/k-pop-fans-brave-seouls-christmas-chill-to-buy-bts-merch-270013">K-Pop</a>" Korean pop stars.

Tencent did not immediately respond to request for comment, while&nbsp;Vivendi&nbsp;did not disclose the details of the consortium beyond saying they were "global financial investors".

Vivendi, controlled by French billionaire Vincent Bollore, is seeking to cash in on the music industry's revival, driven by a growing subscription and ad-based music streaming services.

The tie-up also builds on a partnership struck two years ago, under which Tencent can license Universal’s music for distribution over its streaming platforms.

The long-awaited deal should also boost morale among Chinese deal-makers who have had one of the worst years on record for China-outbound mergers and acquisitions (M&amp;A), with activity plunging to a 10-year low amid trade tensions between the United States and China, Refinitiv data shows.

Vivendi&nbsp;shares edged up 0.3&nbsp;per cent&nbsp;in early trading, with the final terms of the sale being in line with earlier guidance from&nbsp;Vivendi.

Universal was the main sales growth driver for&nbsp;Vivendi&nbsp;in the third quarter, with its revenues jumping by close to 16&nbsp;per cent&nbsp;to 1.8 billion euros.

A consortium led by Tencent agreed to buy up to 20 per cent of Vivendi's Universal Music Group (UMG) in a deal that values the world's largest music label at 30 billion euros ($34 billion) and increases the Chinese company's clout on the global market.

A consortium led by Tencent agreed to buy up to 20 per cent of Vivendi's Universal Music Group (UMG) in a deal that values the world's largest music label at 30 billion euros ($34 billion) and increases the Chinese company's clout on the global market. French media conglomerate Vivendi said it had finalised an agreement to sell an initial 10 per cent of UMG home to artists such as Taylor Swift, Lady Gaga and The Beatles to the Tencent consortium. Vivendi added that it had started talks over the possible sale of "an additional minority share for a price which would at least be identical," without specifying a potential buyer. The consortium also had the option to buy on the same price basis up to 10 per cent more of UMG's share capital by January 15, 2021. The transaction gives a 30 billion euro price tag for UMG on an enterprise value basis. This initial deal would also soon be followed by a second one allowing Tencent Music Entertainment to buy a minority stake in UMG's subsidiary that houses its operations in greater China. The agreement will allow both companies to expand in a recovering global music market, with Tencent getting more access to US artists while UMG can tap into the Asian market, which features big-selling "K-Pop" Korean pop stars. Tencent did not immediately respond to request for comment, while Vivendi did not disclose the details of the consortium beyond saying they were "global financial investors". Vivendi, controlled by French billionaire Vincent Bollore, is seeking to cash in on the music industry's revival, driven by a growing subscription and ad-based music streaming services. The tie-up also builds on a partnership struck two years ago, under which Tencent can license Universal’s music for distribution over its streaming platforms. The long-awaited deal should also boost morale among Chinese deal-makers who have had one of the worst years on record for China-outbound mergers and acquisitions (M&A), with activity plunging to a 10-year low amid trade tensions between the United States and China, Refinitiv data shows. Vivendi shares edged up 0.3 per cent in early trading, with the final terms of the sale being in line with earlier guidance from Vivendi. Universal was the main sales growth driver for Vivendi in the third quarter, with its revenues jumping by close to 16 per cent to 1.8 billion euros.

Vivendi sells minority stake in Universal to Tencent consortium