Li Ka-shing’s Hong Kong business empire may be struggling, but he’s managed to remain the city’s richest man. That’s largely thanks to an early bet on Zoom Video Communications Inc. and Solina Chau, his long-time confidante who co-founded the billionaire’s venture-investment arm.
The tycoon, who’s best known for building some of the most iconic skyscrapers to dot Hong Kong’s skyline, first invested in the video-conferencing app in 2013. The 92-year-old now holds 8.5% of the San Jose, California-based company, a stake that’s worth US$11 billion ($14.95 billion), or one-third of his wealth.
Zoom has been on a tear this year as the coronavirus shuttered offices and schools, forcing people to hold virtual meetings and classes. On Monday, the U.S.-listed company reported a 355% jump in sales for the three months ended July 31, the second-best result among Nasdaq 100 Index members last quarter. That boosted the stock a further 41% Tuesday, with Li’s stake gaining US$3.2 billion in just one day. He’s now worth US$32.6 billion, according to the Bloomberg Billionaires Index.