Baidu boss mainland's wealthiest
By Feng Jianmin |
00:29 UTC+8 March 11, 2011
|
Print Edition
Print Edition
ROBIN Li, founder and CEO of search engine giant Baidu, has replaced drinks maker Zong Qinghou as the richest person on Chinese mainland, with personal assets of US$9.4 billion, Forbes said yesterday.
Hong Kong-based Li Kai-shing, chairman of Hutchison Whampoa & Cheung Kong Holdings, secured his position as the richest person in China after his wealth grew from US$21 billion to US$26 billion.
Voracious consumers in China laid the path for many of the country's newcomers to the world's billionaire club.
The new arrivals on the Forbes 2011 list of the world's richest people include Chinese makers of microwave ovens, sportswear, pharmaceuticals and sanitary pads, as well as the founder of an education company and two car distributors.
The number of billionaires on the Chinese mainland has almost doubled from last year's 64 to 115 this year, mainly thanks to funds raised through public listings, according to Forbes.
Industry data showed that the Chinese mainland led the global market for initial public offerings last year as 349 companies debuted and raised nearly 490 billion yuan (US$74.02 billion) - both records.
Chinese mainland also produced 54 of the world's 199 new billionaires, making it the area with the most newcomers on the list.
In Hong Kong, the number of billionaires rose from 25 to 36, and Taiwan saw a jump from 18 to 25.
Robin Li built his fortune through Baidu, China's most popular search engine, partly helped after rival Google began redirecting users to its Hong Kong search site in March 2010. Baidu has since gained an 83 percent market share, according to Internet consultancy iResearch Inc.
NASDAQ-listed Baidu shares have nearly doubled since April last year to around US$120 apiece, pushing Robin Li's wealth up to US$9.4 billion and making him the richest man on the mainland for the first time.
Growth in the world's second-largest economy has made it the world's largest auto market, helping launch two Chinese auto distributors - Pang Qinghua and Li Guoqiang - onto the Forbes billionaires list for the first time.
Other newcomers benefiting from Chinese spending power include Yu Minhong, founder of New Oriental Education and Technology Group Inc. His company, which offers English language instruction to prepare for tests in education-obsessed China, went public on the New York Stock Exchange in 2006. It has a market value of nearly US$3.6 billion.
Hui Lin Chit and Sze Man Bok, the co-founders of Hengan International, China's largest maker of sanitary pads, joined the list with an estimated US$1.7 billion each.
Chinese microwave oven king, Liang Qingde, chairman of Guangdong Galanz Group, is another newcomer, with an estimated US$1 billion. In Taiwan, couple Cher Wang and Wenchi Chen, made a fortune after marketing their phone and gadgets manufacturer under their HTC brand. Sales nearly doubled last year to US$9.6 billion and net profits rose by three quarters to US$1.4 billion.
Zong Qinghou, boss of China's largest drinks maker Wahaha, dropped two places to third among Chinese mainland billionaires as higher raw materials costs eroded profit margins, Forbes said. His wealth was down from US$7 billion to US$5.8 billion.
Meanwhile, Terry Guo, chairman of electronics contract manufacturing giant Foxconn, was dethroned as Taiwan's richest man. The company attracted attention following suicides at its mainland operations in 2010. Subsequent wage increases squeezed profits, Forbes said.
Hong Kong-based Li Kai-shing, chairman of Hutchison Whampoa & Cheung Kong Holdings, secured his position as the richest person in China after his wealth grew from US$21 billion to US$26 billion.
Voracious consumers in China laid the path for many of the country's newcomers to the world's billionaire club.
The new arrivals on the Forbes 2011 list of the world's richest people include Chinese makers of microwave ovens, sportswear, pharmaceuticals and sanitary pads, as well as the founder of an education company and two car distributors.
The number of billionaires on the Chinese mainland has almost doubled from last year's 64 to 115 this year, mainly thanks to funds raised through public listings, according to Forbes.
Industry data showed that the Chinese mainland led the global market for initial public offerings last year as 349 companies debuted and raised nearly 490 billion yuan (US$74.02 billion) - both records.
Chinese mainland also produced 54 of the world's 199 new billionaires, making it the area with the most newcomers on the list.
In Hong Kong, the number of billionaires rose from 25 to 36, and Taiwan saw a jump from 18 to 25.
Robin Li built his fortune through Baidu, China's most popular search engine, partly helped after rival Google began redirecting users to its Hong Kong search site in March 2010. Baidu has since gained an 83 percent market share, according to Internet consultancy iResearch Inc.
NASDAQ-listed Baidu shares have nearly doubled since April last year to around US$120 apiece, pushing Robin Li's wealth up to US$9.4 billion and making him the richest man on the mainland for the first time.
Growth in the world's second-largest economy has made it the world's largest auto market, helping launch two Chinese auto distributors - Pang Qinghua and Li Guoqiang - onto the Forbes billionaires list for the first time.
Other newcomers benefiting from Chinese spending power include Yu Minhong, founder of New Oriental Education and Technology Group Inc. His company, which offers English language instruction to prepare for tests in education-obsessed China, went public on the New York Stock Exchange in 2006. It has a market value of nearly US$3.6 billion.
Hui Lin Chit and Sze Man Bok, the co-founders of Hengan International, China's largest maker of sanitary pads, joined the list with an estimated US$1.7 billion each.
Chinese microwave oven king, Liang Qingde, chairman of Guangdong Galanz Group, is another newcomer, with an estimated US$1 billion. In Taiwan, couple Cher Wang and Wenchi Chen, made a fortune after marketing their phone and gadgets manufacturer under their HTC brand. Sales nearly doubled last year to US$9.6 billion and net profits rose by three quarters to US$1.4 billion.
Zong Qinghou, boss of China's largest drinks maker Wahaha, dropped two places to third among Chinese mainland billionaires as higher raw materials costs eroded profit margins, Forbes said. His wealth was down from US$7 billion to US$5.8 billion.
Meanwhile, Terry Guo, chairman of electronics contract manufacturing giant Foxconn, was dethroned as Taiwan's richest man. The company attracted attention following suicides at its mainland operations in 2010. Subsequent wage increases squeezed profits, Forbes said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
