Chinese Delivery Mogul’s Wealth Doubles to $10 Billion in Months
- Meituan soars 10.4% after hopes grow about a recovery
- The billionaire is among a generation of tech up-and-comers
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Meituan Dianping founder Wang Xing’s fortune has nearly doubled since his company emerged from the depths of China’s Covid-19 lockdown, cementing his place among a generation of the country’s most prominent tech entrepreneurs.
Meituan’s stock climbed 10.4% on Tuesday after it reported better than expected revenue, driving its market value past $100 billion for the first time and stoking hopes the world’s largest meal delivery business will bounce back as China regains its footing. Based on his 11.3% slice of the company, the chief executive officer’s wealth has soared since Meituan plumbed a low on March 19 to about $10.3 billion as of Tuesday.