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China’s Communist Party turns 100
BusinessMarkets

Tycoons spotting: Hui Ka-yan, Wang Xing, Lei Jun and Hong Kong’s trio seen at Communist Party’s centenary party in Beijing

  • Their attendance at such a high-level gathering will be seen as a signal that top policymakers are softening their stance towards the two companies
  • Food delivery giant Meituan is under investigation by antitrust watchdogs, while developer China Evergrande has faced pressure to clear its debts

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Hui Ka Yan, chairman of the board at China Evergrande (pictured in 2018), was invited to the gala, according to the company’s public relation officials. Photo: Nora Tam
Zhang Shidong

Several of China’s wealthiest tycoons were spotted among the crowd attending the Communist Party’s centenary celebrations in the capital, providing a sigh of relief for traders who are betting on at least a couple of them.

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Hui Ka-yan, the 63-year-old chairman of China Evergrande – at one stage the world’s most indebted property developer, was seen in the crowd. Hui, also known as Xu Jiayin in China, is estimated to be worth US$17.3 billion, as the 17th wealthiest businessman in China. Evergrande, one of the largest Chinese real estate builders by revenue, is under government pressure to cut its debt levels.
Wang Xing, the 42-year-old chairman of Meituan, the food delivery giant that is currently the subject of an antitrust probe, was among attendees of the Party’s 100th anniversary celebrations at Tiananmen Square on Thursday morning, according to live television footage. Wang is China’s 43rd richest man according to Hurun Report, with his fortunes estimated at US$34 billion.
The sight of wealthy capitalists at the Communist Party’s most important event this year shows how the party of the proletariat has changed over the course of a century. China’s parliament features more billionaires as legislators than anywhere else in the world, with the combined wealth of the 2021 sessions worth US$391 billion according to Hurun , more than Hong Kong’s economy.

Their appearance at such a high-level gathering, in which Chinese President and party chief Xi Jinping delivered the keynote speech, will be seen as a signal that top policymakers are softening their stance towards the two companies. That should restore some confidence in the companies’ battered stocks.

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