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Hong Kong (Sept 2): Li Ka-shing still Hong Kong’s richest man, largely thanks to an early bet on Zoom Video Communications Inc and Solina Chau, his long-time confidante who co-founded the billionaire’s venture-investment arm, according to Bloomberg's report.
The tycoon first invested in the video-conferencing app in 2013. The 92-year-old now holds 8.5% of the San Jose, California-based company, a stake that’s worth US$11 billion, or one-third of his wealth.
The Covid-19 pandemic which forced people to stay at home and increased their needs for virtual meeting platforms for work and classes. On Monday, the US-listed company reported a 355% jump in sales for the three months ended July 31, the second-best result among Nasdaq 100 Index members last quarter. That boosted the stock a further 41% Tuesday, with Li’s stake gaining US$3.2 billion in just one day. He’s now worth US$32.6 billion, according to the Bloomberg Billionaires Index.
While Zoom has surged this year, Li’s conglomerates, CK Hutchison Holdings Ltd and CK Asset Holdings Ltd, have struggled amid the Covid-19 crisis and the anti-government protests that have hit Hong Kong. The shares have lost more than a quarter of their value in 2020, and the tycoon who for decades profited by expanding in times of crisis is now scaling back, seeking cost cuts.
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