After the Chinese government released a large-scale economic stimulus package on the 24th of last month, the Chinese stock market soared, and the wealth of billionaires was found to have increased by more than 170 trillion won. Accordingly, investment enthusiasm is heating up, with individual investors scrambling to open securities accounts to ride the stock market rally that has come for the first time in several years.
According to Bloomberg News on the 2nd, the property value of 54 Chinese people included in the ‘Bloomberg Billionaire Index’ increased by a whopping 19% between the 24th and 30th of last month. Converted into monetary terms, it amounts to approximately 130 billion dollars (approximately 172.185 trillion won). Bloomberg News reported, “This is the largest increase in a one-week period since the index began to be compiled in 2016.”
The reason billionaires’ wealth has increased is because the value of their company stocks has increased significantly. The wealth of Zhong Shanshan, founder and chairman of Nongfushanquan, China’s No. 1 bottled water company, increased by $8.9 billion during the same period. Tencent Chairman Ma Huateng also increased by $3.7 billion, and Alibaba founder Jack Ma also increased by nearly $2 billion.
Due to this atmosphere, Chinese individual investors are also flocking to the stock market. According to Guangzhou Daily, etc., after the announcement of the government’s stimulus package, the number of account openings at some securities companies increased by 200-250%. Although the Chinese stock market has been closed for the National Day holiday since the 1st, inquiries from customers about opening accounts continue.
Accordingly, securities companies are providing 24-hour online account opening services or deploying employees to some offline branches to operate on holidays. It is said that many of the customers are mainly in their 20s or 30s when they open an account for the first time, or are trying to open an account again after stopping investing for a long time.
Feng Fai Newspaper analyzed, “Young people who had been buying gold (a safe asset) instead of investing in stocks are turning their attention to the stock market again as the stock market continues to hit record highs every day.”
Beijing = Correspondent Kim Cheol-joong [email protected]
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2024-10-03 13:24:23