New Strong Buy Stocks For July 23rd

Bloomberg
Mining Deals to Pick Up as World Reopens, Leading Adviser Says
(Bloomberg) -- Deals among cashed-up mining companies are poised to pick up once lingering uncertainties from the pandemic dissipate, according to the most-active investment bank in the industry.Miners are flush with cash and ready to expand through acquisitions, with resurgent demand and supply shortfalls driving up metals prices and company earnings to levels not seen for a decade, according to global metals and mining group co-heads Ilan Bahar and Jamie Rogers of BMO Capital Markets, which is hosting one of the world’s largest mining conferences this week.“History has shown that when there’s positive momentum in commodity prices that tends to drive M&A activity,” Bahar said in an interview ahead of the gathering. “As the world opens up -- if the commodity price remains strong -- we expect M&A to follow.”The deal-making environment is among this week’s topics at the 30th annual global metal and mining conference, which is being held virtually due to ongoing travel restrictions and risks associated with the pandemic. Such Covid-19 issues have already constrained mergers-and-acquisition activity in the past year, even though Bank of Montreal’s investment bank sees plenty of discussions happening.“It feels pretty busy,” Rogers said in the interview, while noting “there’s still that stumbling block of boards and directors trying to get over the hurdle of ‘How can I step out and make a big acquisition without putting boots on the ground?’”Pent-up demand for acquisitions should start to be realized as the world opens up assuming buoyant commodity prices hold up, the co-heads said of the five-day virtual gathering that has attracted a record number of equity investors and presenting companies.“If it weren’t for the travel restrictions associated with Covid -- with this commodity price environment, with this momentum -- we would have seen much more M&A,” Bahar said.The pace and type of deal-making varies by sector, according to the bankers, whose firm advised on 118 takeovers in the past decade and ranks among the top-10 based on total deal value and market share, according to data compiled by Bloomberg.Gold DealsIn gold, which saw a wave of large takeovers in 2019, producers are expected to buy more exploration and development companies to shore up future supply, with shareholders keen to see more consolidation.Among companies involved in industrial metals like copper and nickel, there are fewer players to consolidate. The main decision facing executives and directors is whether to spend the windfall on stepping up development of their own pipeline of projects or to go after complementary assets of other companies.“That’s a real dynamic we’re seeing right now,” Rogers said. “Many of the largest players are awash in cash because of metal prices and they look and say ‘OK, do I look outside or inside for my best returns?’”For now, the answer leans toward the latter, according to Rogers. Battery metals like copper have rallied so much that prices are reaching levels that might encourage companies to build rather than buy, especially as share values soar.Longer term, the industry may undergo further consolidation as it it becomes more expensive to operate and build mines due to declining ore quality and rising environmental and social expectations. “Usually higher prices bring further consolidation. We’ll have to see, but that’s a common trend,” Southern Copper Corp. Chief Financial Officer Raul Jacob said in an interview Monday. “We would expect there will be some consolidation in the future.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2d ago
Benzinga
Rocket Companies Short Squeeze Gives $25B Single-Day Boost To Dan Gilbert's Wealth
Rocket Companies Inc (NYSE: RKT) founder Dan Gilbert’s wealth got a $25 billion booster on Tuesday as the holding company gets the attention of retail investors on Reddit’s r/WallStreetBets, according to Bloomberg Billionaire’s Index. What Happened: Gilbert, Age 59, has moved up 19 spots to No. 16 on the index that tracks 500 of the world’s richest. A large chunk of Gilbert’s fortune, 93% to be precise, is comprised of his stake in Rocket, reported Bloomberg. See also: How to Buy Rocket Companies (RKT) Stock Why It Matters: The one-day jump in Gilbert’s wealth is the largest so far in the year, noted Bloomberg. As of press time, Detroit-based Rocket Companies with subsidiaries such as Rocket Mortgage and Quicken Loans was the most discussed company on WallStreetBets, according to SwaggyStocks data. WallStreetBets investors previously carried out short squeezes in the stocks of GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), Nokia Oyj (NYSE: NOK), BlackBerry Ltd (NYSE: BB), and others. Rocket reported 162% revenue growth and 350% growth in net income for the fourth quarter, which beat analyst estimates. The company’s shares have shot up since last Friday. S3 Partners data indicates the Rocket has currently $1.2 billion in short interest — making it one of the most shorted stocks in the market. Price Action: Rocket shares traded nearly 8.2% lower at $38.20 in after-hours trading on Tuesday after shooting up almost 71.2% in the regular session. Photo by Steve Jennings on Wikimedia See more from BenzingaClick here for options trades from BenzingaRocket Companies Overtakes GameStop, Palantir As WallStreetBets' Top Interest© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
7h ago
Bloomberg
A $21 Trillion Treasuries Mystery Is Bedeviling Global Markets
(Bloomberg) -- Bond traders have been saying for years that liquidity is there in the world’s biggest bond market, except when you really need it.Last week’s startling gyrations in U.S. Treasury yields may offer fresh backing for that mantra, and prompt another bout of soul-searching in a $21 trillion market that forms the bedrock of global finance. While stocks are prone to sudden swings, such episodes are supposed to be few and far between in a government-debt market that sets the benchmark risk-free rate for much of the world.Yet jarring moves occur periodically in Treasuries, forming a bit of a mystery as no two events have been the same. Some point to heightened bank regulations in the wake of the 2008 financial crisis. Scrutiny over liquidity shortfalls intensified in October 2014 when a 12-minute crash and rebound in yields happened with no apparent trigger. Panic selling during the pandemic-fueled chaos a year ago, exacerbated when hedge funds’ leveraged wagers blew up, brought the issue to the fore again.And then came last week, when the gap between bid and offer prices for 30-year bonds hit the widest since the panic of March 2020.The latest events “are a stark reminder what happens when liquidity suddenly vanishes in the deepest, largest bond market,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.At issue is whether this vast market is more vulnerable to sudden bouts of turbulence thanks to measures that have made it more difficult for banks to hold Treasuries. Some analysts say the tumult last week was magnified by questions over whether the Federal Reserve will extend an easing of bank capital requirements, which is set to end March 31. Put in place early on in the pandemic, the measure is seen as making it easier for banks to add Treasuries to their balance sheets.The 2014 episode triggered a deep dive into the market structure, and regulators have pushed through some changes -- such as increased transparency -- and speculation has grown that more steps to bolster the market’s structure may be ahead.“While the scale and speed of flows associated with the COVID shock are likely pretty far out in the tail of the probability distribution, the crisis highlighted vulnerabilities in the critically important Treasury market that warrant careful analysis,” Fed Governor Lael Brainard said Monday in prepared remarks to the Institute of International Bankers.There are plenty of potential culprits in last week’s bond-market tumble -- which has since mostly reversed -- from improving economic readings to more technical drivers. Ultra-loose Fed policy and the prospect of fresh U.S. fiscal stimulus have investors betting on quicker growth and inflation. Add to that a wave of convexity hedgers, and unwinding by big trend-following investors -- such as commodity trading advisers.Based on Bloomberg’s U.S. Government Securities Liquidity Index, a gauge of how far yields are deviating from a fair-value model, liquidity conditions worsened recently, though it was nothing like what was seen in March.For Zoltan Pozsar, a strategist at Credit Suisse, the action began in Asia with bond investors reacting to perceived hawkish signs from the central banks of Australia and New Zealand. That sentiment then carried over into the U.S. as carry trades and other levered positions in the bond market were wiped out. A disastrous auction of seven-year notes on Thursday added fuel to the unraveling.Last week’s drama “brings to mind other notable episodes in recent years in which a deterioration in the Treasury market microstructure was primarily to blame,” JPMorgan & Chase Co. strategist Henry St John wrote in a note with colleagues.One key gauge of Treasury liquidity -- market depth, or the ability to trade without substantially moving prices -- plunged in March 2020 to levels not seen since the 2008 crisis, according to data compiled by JPMorgan. That severe degree of liquidity shortfall didn’t resurface last week.The bond-market rout only briefly took a toll on share prices last week, with equities surging to start this week, following a sharp retreat in Treasury yields amid month-end buying.The Fed cut rates to nearly zero in March 2020, launched a raft of emergency lending facilities and ramped up bond buying to ensure low borrowing costs and smooth market functioning. That breakdown in functioning has sparked calls for change from regulators and market participants alike.GLOBAL INSIGHT: Recovery? Yes. Tantrum? No. Yield Driver ModelFor now, Treasuries have settled down. Pozsar notes that the jump in yields has provided an opportunity for some value investors to swoop in and pick up extra yield, effectively helping offset the impact of the leveraged investors who scrambled for the exits last week.“Some levered players were shaken out of their positions,” Pozsar said in a forthcoming episode of Bloomberg’s Odd Lots podcast. “It’s not comfortable -- especially if you’re on the wrong side of the trade -- but I don’t think that we should be going down a path where we should redesign the Treasury market.”Why Liquidity Is a Simple Idea But Hard to Nail Down: QuickTake(Updates with details on Bloomberg’s liquidity index in 10th paragraph, and a chart)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
12h ago
Fortune
13 years after investing in an obscure Chinese automaker, Warren Buffett’s BYD bet is paying off big
A $232 million investment has ballooned into a $5.9 billion stake.
1d ago
MoneyWise
Monthly stimulus checks may be on the way for families later this year
A bill in Congress would give families up to $300 a month per child starting this summer.
1d ago
Benzinga
Tesla Former Board Member Says Elon Musk Company Won't Remain 'King Of The Hill In Electric Forever'
A former board member of Tesla Inc (NASDAQ: TSLA) said Tuesday that the company is unlikely to remain the “king of the hill” in electric vehicles forever, CNBC reported. What Happened: Steve Westly said on CNBC’s “Power Lunch” that he had been bullish on the Elon Musk-led automaker for the last 10 years and it’s “hard to imagine an auto company executing better than Tesla has.” Westly pointed to the company’s latest earnings release in January where it said it had a “multi-year horizon” and expected to achieve 50% average annual growth in vehicle deliveries. See also: How to Invest in Tesla Stock “No one else in the auto world is doing that. Having said that, Tesla is not going to be king of the hill in electric forever,” said Westly. Why It Matters: The venture capitalist noted that there have been large-scale commitments on EVs from legacy automakers such as General Motors Company (NYSE: GM) and Volkswagen AG (OTC: VWAGY). “Tesla is not just getting hit from the high end,” said Westly on the availability of EVs from Volkswagen marques such as Audi and Porsche. Tesla also faces increased competition from Chinese EV rivals, which have more affordable offerings. The analyst noted increased competition in Europe where according to him the company was “No. 1, they’re now No. 4.” See Also: Tesla's Share Of European EV Market Reduced To 3.5% “They’re getting competition from all sectors. They’re going to have to double down to compete.” Tesla’s plans to make a more affordable $25,000 vehicle have left Chinese rivals such as Xpeng Inc (NYSE: XPEV), Nio Inc (NYSE: NIO), and others unfazed. In January, a two-door $4,500 EV made by Wuling — a joint venture of GM and state-owned SAIC Motor — outsold Tesla’s Model 3 in China by nearly two-to-one. Price Action: Tesla shares closed 4.45% lower at $686.44 on Tuesday and gained 0.34% in the after-hours session. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. See more from BenzingaClick here for options trades from BenzingaNio Says Chip Shortage Will Hit EV Production In Q2Such Popularity, Much Wow! Dogecoin Now Available At 1,800 ATMs Across US© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
14h ago
Reuters
Staff at some major U.S. firms to keep masks on in Texas even as state lifts mandate
Japanese carmaker Toyota, which has its U.S. headquarters and a factory in Texas, said it was looking into the move by Governor Greg Abbott to roll back the mask mandate, and it doesn't contemplate any immediate changes. "The early read is – no change for us," Toyota spokesman Scott Vazin said.
18h ago
Investopedia
Is Bitcoin Useless?
Bitcoin passed its tenth anniversary of the release of its whitepaper, first introducing it to the world, in 2018. But assessments of the cryptocurrency's impact in the last decade or so have mostly been negative. Is bitcoin useless?
15h ago
Reuters
Rocket shares soar more than 70% as analysts eye 'GameStop-esque' short squeeze
Heavily shorted mortgage provider Rocket Companies saw its stock surge on Tuesday, in an eye-popping move reminiscent of the rallies that powered GameStop and other so-called meme stocks earlier in the year. Shares of Rocket, the parent company of Quicken Loans, closed up 71.2% at $41.60 after being halted several times for volatility. The outsized move puts Rocket among the stocks that have experienced wild gyrations after becoming a focus of investors on sites such as Reddit’s WallStreetBets, where mentions of the company have multiplied in recent days.
22h ago
Reuters
Exxon touts growing dividends, cutting spending as climate challenges loom for Big Oil
Exxon Mobil Corp on Wednesday unveiled plans to grow dividends and curb spending with projections that were less bold than previous years after the top U.S. oil and gas producer posted a historic annual loss for 2020. Investor pressure has mounted for Exxon to cut costs, improve financial returns and better prepare for the energy transition to lower-carbon fuels. At its investor day presentation, the company reaffirmed plans to keep project spending between $16 billion and $19 billion in 2021, and between $20 billion and $25 billion a year through 2025.
3h ago
Bloomberg
Intel Told to Pay $2.18 Billion After Losing Patent Trial
(Bloomberg) -- Intel Corp. was told to pay VLSI Technology LLC $2.18 billion by a federal jury in Texas after losing a patent-infringement trial over technology related to chip-making, one of the largest patent-damages award in U.S. history. Intel pledged to appeal.Intel infringed two patents owned by closely held VLSI, the jury in Waco, Texas, said Tuesday. The jury found $1.5 billion for infringement of one patent and $675 million for infringement of the second. The jury rejected Intel’s denial of infringing either of the patents and its argument that one patent was invalid because it claimed to cover work done by Intel engineers.The patents had been owned by Dutch chipmaker NXP Semiconductors Inc., which would get a cut of any damage award, Intel lawyer William Lee of WilmerHale told jurors in closing arguments Monday. VLSI, founded four years ago, has no products and its only potential revenue is this lawsuit, he said.VLSI “took two patents off the shelf that hadn’t been used for 10 years and said, ‘We’d like $2 billion,”’ Lee told the jury. The “outrageous” demand by VLSI “would tax the true innovators.”He had argued that VLSI was entitled to no more than $2.2 million.“Intel strongly disagrees with today’s jury verdict,” the company said in a statement. “We intend to appeal and are confident that we will prevail.”Intel fell 2.6% to $61.24 in New York trading. The stock is up 23% since the beginning of the year.One of the patents was originally issued in 2012 to Freescale Semiconductor Inc. and the other in 2010 to SigmaTel Inc. Freescale bought SigmaTel and was in turn bought by NXP in 2015. The two patents in this case were transferred to VLSI in 2019, according to data compiled by Bloomberg Law.VLSI lawyer Morgan Chu of Irell & Manella said the patents cover inventions that increase the power and speed of processors, a key issue for competition.‘Willful Blindness’Federal law doesn’t require someone to know of a patent to be found to have infringed it, and Intel purposely didn’t look to see if it was using someone else’s inventions, he said. He accused the Santa Clara, California-based company of “willful blindness.”The jury said there was no willful infringement. A finding otherwise would have enabled District Court Judge Alan Albright to increase the award even further, to up to three times the amount set by the jury.“We are very pleased that the jury recognized the value of the innovations as reflected in the patents and are extremely happy with the jury verdict,” Michael Stolarski, chief executive of VLSI, said in an e-mailed statement.Officials with NXP couldn’t immediately be reached for comment.The damage request isn’t so high when the billions of chips sold by Intel are taken into account, Chu said. Intel paid MicroUnity Systems Engineering Corp. $300 million 2005 and in 2011 paid Nvidia Corp. $1.5 billion even though a settlement in that case involved a cross license of technology, he said.“Operating companies are going to be disturbed by not only the size of the award but also the damages theory,” said Michael Tomasulo, a Winston Strawn lawyer who attended the trial. “They more or less seemed to have bought the entire VLSI case.”The damage award is about half of Intel’s fourth-quarter profit. The company has dominated the $400 billion chip industry for most of the past 30 years, though it’s struggling to maintain that position.The verdict is smaller than the $2.5 billion verdict won by Merck & Co. over a hepatitis C treatment. It was later thrown out. Last year, Cisco Systems Inc. was told by a federal judge in Virginia to pay $1.9 billion to a small cybersecurity companies that accused it of copying a feature to steal away government contracts. Cisco has asked the judge for a new trial.The case is among the few in-person patent trials in recent months, with many courts pressing pause amid the coronavirus pandemic. It was delayed a week because of the winter storm that wreaked havoc across much of Texas.Intel had sought to postpone the case because of the pandemic, but was rejected by Albright, a former patent litigator and magistrate who was sworn in as a federal judge in 2018 and has quickly turned his courtroom into one of the most popular for patent owners to file suit.The case is VLSI Technology LLC v. Intel Corp., 21-57, U.S. District Court for the Western District of Texas (Waco).(Updates with VLSI comment in 12th paragraph. An earlier version corrected the spelling of law firm name in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
19h ago
CoinDesk
BitGo Reveals $250M in Bitcoin Holdings, Signaling More Crypto-Native Disclosures Ahead
The crypto custodian has had bitcoin on its own balance sheet since 2014, CEO Mike Belshe told CoinDesk.
21h ago
MoneyWise
Warren Buffett says this is how you stay financially healthy in the pandemic
Buffett has shared these bits of wisdom to protect your money from COVID.
18h ago
Reuters
ASML extends sales deal with Chinese chipmaker SMIC to end of 2021
ASML Holding NV has extended a deal to sell chip manufacturing equipment to Semiconductor Manufacturing International Corp, China's largest chipmaker, until the end of this year, the Dutch company said in a statement on Wednesday. ASML made the statement after SMIC on Wednesday disclosed a volume purchase agreement under which it has already spent $1.2 billion with the toolmaker. In a clarifying statement issued several hours later, ASML said the agreement began in 2018 and was slated to expire at the end of 2020, but the two companies agreed in February to extend the deal to the end of this year.
2h ago
Benzinga
'Roaring Kitty' Keith Gill No Longer Has Financial Broker License: Report
One of the biggest names in the GameStop storyline of 2021 has lost his financial license. What Happened: Keith Gill is known by many names to investors and fans of GameStop Corp (NYSE: GME) stock. He is called Roaring Kitty and is also known as DeepF***ingvalue on Reddit. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock prior to its 1,000% increase. It was later revealed that Gill was a registered financial broker. Gill no longer has his financial broker license, according to a Monday report from Reuters. Related Link: Wallstreetbets Trader Keith Gill Appears To Have Bought 50,000 More Shares Of GameStop Why It’s Important: Gill was registered as an agent with MML Investors Services LLC, a broker dealer arm for Mass Mutual. The company filed a termination request with FINRA to remove Gill’s broker license. The internal review cited “outside activities” as the reason for the filing. Gill’s last day of employment with MML Investors Services was Jan. 28. See also: How‌ ‌to‌ ‌Buy‌ ‌GameStop‌ ‌(GME)‌ ‌Stock‌ Registrations are terminated when a person is no long longer employed at a registered firm, a FINRA spokeswoman told Reuters. Gill was sued last month, accused in a class action suit of violating security laws and causing “huge losses” for investors. Gill is expected to appear before Massachusetts regulators later this week, the Reuters report said. Shares of GameStop were trading 0.15% higher at $120.58 at last check Tuesday. Photo by Mike Mozart via Wikimedia. See more from BenzingaClick here for options trades from BenzingaWhat To Know About Dave Portnoy And The New BUZZ Social Media Sentiment ETFGreen Eggs & SPAC: What Could Tweet From Elon Musk Mean?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
20h ago
MoneyWise
Suze Orman's 5 rules to avoid going broke in retirement
The personal-finance superstar doesn’t want you running out of coin in your golden years.
1d ago
MoneyWise
Here are 9 get-rich tips from Warren Buffett's annual shareholder letters
Among investors, Buffett’s annual advice is eagerly awaited and closely followed.
23h ago
CoinDesk
Institutions Are Making Bullish Bets on Bitcoin Rallying to $75K by May – Or Even Higher
Institutions are loading up on bull call spreads in anticipation of a continued bitcoin price rally.
1d ago
Reuters
ASML extends sales deal with Chinese chipmaker SMIC to end of 2021
ASML Holding NV has extended a deal to sell chip manufacturing equipment to Semiconductor Manufacturing International Corp, China's largest chipmaker, until the end of this year, the Dutch company said in a statement on Wednesday. ASML made the statement after SMIC on Wednesday disclosed a volume purchase agreement under which it has already spent $1.2 billion with the toolmaker. In a clarifying statement issued several hours later, ASML said the agreement began in 2018 and was slated to expire at the end of 2020, but the two companies agreed in February to extend the deal to the end of this year.
3h ago
South China Morning Post
China overtakes US to host most dollar billionaires as 2020 stock market rally defied Covid-19 and minted wealth at a record pace
One in every two newly minted dollar-denominated billionaires last year were in China, the first country to exit from a nationwide pandemic lockdown and the only major economy to have expanded last year, according to a list by Hurun Report. China surpassed the United States last year to become the first country with more than 1,000 dollar-denominated tycoons, with 1,058 billionaires last year compared with 696 in the US, according to the latest Hurun Global Rich List 2021. Of the 610 newly minted tycoons globally, 318 were in China, compared with 95 in the US based on January 15 valuations, Hurun said. "The world has never seen this much wealth created in just one year, much more than expected for a year so badly disrupted by Covid-19," said Rupert Hoogewerf, chief research and chairman of Hurun Report. "A stock markets boom, driven partly by quantitative easing, and flurry of new listings have minted eight new dollar billionaires a week for the past year." Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The richest individuals on the planet became collectively richer in 2020 while the world was mired in unprecedented economic slumps caused by the worst public health crisis in decades, with the collective wealth of the 0.01 per cent swelling by 32 per cent to US$14.7 trillion. Their ranks also grew to encompass 3,228 known billionaires across 2,402 companies in 68 countries, according to the report. Elon Musk is the world's wealthiest centibillionaire. Photo: Reuters alt=Elon Musk is the world's wealthiest centibillionaire. Photo: Reuters China had six of the world's top 10 cities with the highest concentration of billionaires, with Beijing at the top of the ranking for the sixth consecutive year as home to 145 of the ultra rich. Shanghai was in second place with 113 billionaires, edging out New York with 112. Hong Kong was in fifth place with 82 billionaires, behind Shenzhen's 105. Elon Musk was the world's wealthiest centibillionaire, as the 622 per cent surge in Tesla's stock price in 2020 bolstered his fortunes to an estimated US$197 billion, more than Amazon.com's founder Jeff Bezos at US$189 billion. Colin Huang Zheng, founder and CEO of the online group discounter Pinduoduo. Photo: CNS via Reuters alt=Colin Huang Zheng, founder and CEO of the online group discounter Pinduoduo. Photo: CNS via Reuters Zhong Shanshan, founder and chairman of the water bottler Nongfu Spring, was one of the newest members of the multibillionaires' club, with US$85 billion in estimated wealth in seventh place. His bottled water company's initial public offering (IPO) was one of the Hong Kong's hottest stock sales, locking up a record HK$677 billion (US$87 billion) in capital, about a third of the city's cash in circulation, in subscriptions by enthusiastic retail investors. Zhong, based in the Zhejiang provincial capital of Hangzhou, was Asia's new richest person, booting Mukesh Ambani of Reliance Industries off his spot with US$83 billion, Hurun said. "Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined," said Hoogewerf. "Wealth creation is moving to Asia." Ma Huateng, also known as Pony, was the world's 14th-wealthiest billionaire, with his rank rising by eight spots as the net worth of the founder and chief executive of Tencent Holdings rose 70 per cent to US$74 billion. The family of Jack Ma, whose Alibaba Group Holding owns this newspaper, fell four notches to 25th spot with their wealth growing 22 per cent to US$55 billion. (Left to right): Henderson Land Development's Martin Lee Ka-shing, Co-Chairmen; Lee Shau-kee, Former Chairman; and Peter Lee Ka-kit, Co-Chairmen. Photo: Sam Tsang alt=(Left to right): Henderson Land Development's Martin Lee Ka-shing, Co-Chairmen; Lee Shau-kee, Former Chairman; and Peter Lee Ka-kit, Co-Chairmen. Photo: Sam Tsang Wealth creation was helped by the boom in global equity markets, led by Nasdaq's 44 per cent increase and a 35 per cent gain in the Shenzhen stock market. India and Japan rose by over 20 per cent, the report said. The US dollar depreciated 7 per cent against the yuan and weakened by 9 per cent against the euro, it added. Only three Hong Kong billionaires made it to the top 50 in China, as Old Money fortunes by the tycoons Lee Shau-kee of Henderson Land Development, Li Ka-shing of the Cheung Kong Group and Henry Chen of New World Development were dwarfed by their mainland counterparts. Electric vehicles (EVs), e-commerce, blockchain and biotechnology were the fastest growing industries in the past year, the report revealed. The list saw billionaires whose wealth were amassed from EVs more than tripling their fortunes, with the fastest wealth creator being Li Bin of EV maker NIO, up 10-fold to US$10 billion. E-commerce platform Pinduoduo's founder Colin Huang Zheng was propelled into the top 20, with his estimated wealth surging 286 per cent to US$69 billion, Hurun said. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.
1d ago

Symbol	Last Price	Change	% Change
AN AutoNation, Inc.	79.05	+2.90	+3.81%
SRLP Sprague Resources LP	22.54	+0.43	+1.92%

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AutoNation, Inc. Price and Consensus

Sprague Resources LP Price and Consensus

Huaneng Power International, Inc. Price and Consensus

Agnico Eagle Mines Limited Price and Consensus

NexPoint Real Estate Finance, Inc. Price and Consensus

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