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Survey: China’s wealthy received richer in 2019 regardless of tariff struggle


China’s richest businesspeople received richer in 2019 regardless of a tariff struggle with Washington and an financial slowdown, a survey confirmed Thursday.

The common web value of China’s richest 1,800 folks rose 10% over 2018 to $1.Four billion, based on the Hurun Report, which tracks the nation’s rich.

Jack Ma, who retired final month as chairman of e-commerce big Alibaba, was No. 1 for a second 12 months with a web value of $39 billion. Ma Huateng of Tencent, a video games and social media firm, was second at $37 billion, up 8%.

The outcomes mirror the significance of China’s shopper market at a time when U.S. tariff hikes have battered export-oriented manufacturing.

The variety of businesspeople on the listing from the tech, pharma and meals industries rose whereas these from manufacturing declined.

“Wealth is concentrating into the fingers of those that are capable of adapt to the digital economic system,” mentioned Rupert Hoogewerf, the report’s founder and chief researcher, in an announcement.

In distinction to the US and Europe, the place the ranks of the richest persons are dominated by inherited wealth, virtually everybody on the Chinese language listing is self-made.

Hoogewerf famous that when the survey started twenty years in the past, mainland China had no greenback billionaires.

Actual property developer Xu Jiayin, No. 1 in 2017, dropped to 3rd place with $30 billion.

Solar Piaoyang and Zhong Huijuan, a married couple, have been No. 5 at $25 billion after their drug firm, Hansoh, debuted on the Hong Kong inventory alternate. Hansoh makes remedies for schizophrenia and bipolar dysfunction.

Pharma tycoons account for 8% of this 12 months’s listing, double the share 10 years in the past, based on Hurun.

The web value of Ren Zhengfei, founding father of smartphone maker Huawei Applied sciences Ltd., which is on the middle of a wrestle between Washington and Beijing over expertise growth, rose 24% to $three billion. He climbed 36 locations on the Hurun listing to No. 162.

Huawei, which additionally makes community switching gear, mentioned gross sales rose 23.2% over a 12 months earlier within the first half of 2019. The corporate has warned, nevertheless, that it’s going to “face difficulties” as curbs on its entry to U.S. elements and expertise take impact.

Client industries benefited from an 8.4% rise in retail spending within the first half of 2019. That was regardless of a decline in financial progress to a 26-year low of 6.2%.

Qin Yinglin and Qian Ying, a married couple who personal Muyuan Meals, a pig breeder, profited from an outbreak of African swine fever that pushed up pork costs. Their web value tripled to $14 billion.

The listing included 156 folks underneath age 40, a rise of 24 names from final 12 months.

Colin Huang, 39, of e-commerce firm Pinduoduo, ranked No. 7 with $19 billion 4 years after founding his firm.

“No person on the planet has ever made that a lot from a standing begin,” mentioned Hoogewerf.


Hurun Report: www.hurun.web


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Apple investors need its new iPhone to be a hit | Business


Happy Tuesday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here.

Apple’s iPhone 11 probably won’t be revolutionary. But the company needs it to sell.

The company is expected to unveil its latest iPhone lineup at its headquarters in Cupertino later on Tuesday. The rub: None of these devices are expected to look radically different from those released last year, per my CNN Business colleague Samantha Kelly.

From Samantha: “At a time when some of its competitors are launching innovative but riskier concepts, such as Samsung’s foldable smartphone and its two 5G devices, Apple is expected to stay the course. That, too, may be risky. The iPhone business — still Apple’s single biggest moneymaker — has been lackluster at best of late.”

The backdrop: Apple’s core iPhone sales have declined for three consecutive quarters. For the three months ending in June, they dropped by nearly 12% compared to the previous year.

Despite this, shares have been resilient in 2019, rising more than 35%. But Apple’s stock price is still below its 2018 peak.

What’s happening: Demand is slowing as customers hold onto their smartphones for longer. Apple is also in a slump in China, once its most promising market. The bruising trade war between Washington and Beijing has been a big part of the problem.

The iPhone 11 lineup — which should include an iPhone 11 Pro and an iPhone 11 Pro Max — presents a crucial opportunity for Apple to reverse the trend. Roughly 60 million to 70 million consumers in China are due for an upgrade, Wedbush analyst Dan Ives points out.

Expect changes such as a faster processor and improved Face ID. But without any blockbuster design overhauls or flashy 5G phones, it may be difficult for Apple to grab customers’ attention. “Apple tends to perform well when it changes the design of the iPhone in a drastic way,” ABI Research analyst David McQueen told Samantha. “However, it cannot do this every year.”

Watch this space: Look for Apple also to use the massive event to highlight its growing services business. It needs Apple TV, the App Store and Apple Music to help cushion the drop-off in iPhone sales.

Calling more stimulus from Beijing

Another batch of weak data from China is a reminder that the country’s economy is not out of the woods just yet.

China’s producer price index — which measures the cost of goods sold to businesses, and is an important measure of corporate profitability — dropped 0.8% in August compared to one year ago, according to government statistics released Tuesday. That’s the index’s worst decline in three years.

Analysts said the drop points toward a broad slowdown in demand, according to my CNN Business colleague Laura He in Hong Kong. And it bolsters the expectation that China will ease monetary policy even more in the coming months.

“The authorities will not cease easing … until they see definitive signs that PPI rises are recovering,” Freya Beamish, chief Asia economist at Pantheon Macroeconomics, wrote in a note.

China also released data this week that showed a sharp decline in exports, while imports stayed weak.

The scene: The country’s central bank has already taken some steps to support its economy. This includes its announcement last week that it would reduce the amount of cash banks have to keep in reserve. The government still has plenty of tools available, and it’s expected to use them.

Jack Ma has retired from Alibaba

If I had a fortune of nearly $40 billion, I’m not sure I would wait until my mid-50s to retire. But I’m not Jack Ma. China’s most famous entrepreneur and the country’s richest man has been preparing to hand over the reins at Alibaba for a year. He officially steps down as executive chairman on Tuesday, just as he turns 55.

After two decades building Alibaba into a $460 billion business, Ma is now pivoting full time to philanthropy, my CNN Business colleague Sherisse Pham in Hong Kong writes. A former English teacher, he’s expected to focus on education and gender equity.

Don’t expect Ma to be out of the picture entirely, Sherisse writes. He’s expected to continue to shape the company’s future through his lifetime membership with the Alibaba Partnership, a group of 36 people that can nominate a majority of the directors to the board. There’s also the matter of his 6.2% stake.

But by exiting the chairman role, Ma is leaving on a high — and at a time when China’s government is increasing restrictions on internet companies.

Up next

Apple’s iPhone 11 event kicks off at 1 pm ET. Consumers — and investors in the tech company — will definitely be tuning in.

  • The NFIB’s US small business optimism index for August posted at 6 am ET.
  • US job openings data for July arrives at 10 am ET.

Coming tomorrow: OPEC releases its monthly report, coming just after Saudi Arabia appointed a new oil minister.


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