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Richest young mogul a Hangzhou gamer and college drop-out
By Tan Weiyun |
October 12, 2009, Monday
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Print Edition
Print Edition
A first-year college drop-out in Hangzhou is listed as China's richest young entrepreneur in a controversial list of 100 wealthiest baby moguls. Tan Weiyun reports.
China's list of the 100 richest young entrepreneurs (all men) features five from Zhejiang Province and nine from Shanghai - the two "richest" spots in China.
At the top of the list is 25-year-old Hangzhou native Jin Jin, a drop-out after one year at Zhejiang Science and Technology University. He is the founder of ferrygame.com, an online games provider, which has reported assets of almost 1 billion yuan (US$147 million).
The much-publicized list is quite unofficial and some question its accuracy - and its value in creating buzz about people who drop out of college.
It was recently issued by cuaa.net, a Website for students, and the 21st Century Talents News, which conducted 10 years of research (1999-2009) into young entrepreneurs.
They studied college students, fresh graduates and university drop-outs who established their own business.
Sixty-four on the list hold bachelor's degrees, 10 are still studying in university, 14 hold master's or doctoral degrees. Twelve attended vocational school.
The list shows that almost 40 percent of the rich young men are engaged in the information and technology industry. About 20 percent are in financial services; almost 10 percent are in the agricultural industries.
Most of the millionaires and even billionaires - 79 - were born in the 1980s.
One was born after 1990, Ding Shiyuan, the youngest on the list. He established Ding Ding Cultures and Communications early this year, and now the enterprise is worth 3 million yuan, in 60th place.
The list represents total wealth of 2.6 billion yuan, with the highest, Jin, at 1 billion yuan. Seven men are worth more than 100 million yuan, six between 50 million and 100 million yuan.
No. 1 Jin founded ferrygame.com in 2005 when he was a sophomore. It's now the largest online games provider in Zhejiang Province and has 11 branches across China. Headquarters have been shifted to Shanghai.
"He doesn't look like a boss at all," says Zheng Jun, Jin's secretary, who was quoted earlier by Hangzhou media. "He is very kind with a chubby face and he's very cute when he smiles."
Jin keeps a low profile, refuses media interviews and has changed his mobile phone number several times to avoid the press.
His secretary says Jin prefers T-shirts and sneakers and seldom wear suits.
"He tells jokes aloud, which often brings bursts of laughter in the office," she says.
The Hangzhou branch is in the Zhejiang Hi-Tech Park. Every day, Jin usually eats lunch at the park's canteen with his colleagues.
"He's not strict and is okay with people coming in late in the morning," says Zheng. "The atmosphere is easy and relaxing."
His high school teacher recalls Jin as being "very quiet and ordinary."
"He was quite a forgettable student with just a so-so academic performance and he didn't like to talk. I can remember other students very clearly, but not him," the teacher was quoted in media reports as saying.
Jin's college classmate Qi Lin says he was shocked to hear Jin has become a billionaire.
"It's incredible. He was very shy and low-profile," Qi recalls. "He liked to sit in the back of the class. We always played basketball together and he was polite and generous."
When everybody else was having fun in college, Jin had started to do some small businesses such as selling IP cards and online games cards.
After finishing his first year of study, Jin decided to drop out.
"I guess most of his time was spent preparing to start his own business," Qi says.
The list created immediate buzz - doubts, criticism and praise.
"I don't see any need to make this list," says Gu Mingjun, a student at Shanghai International Studies University. "It would motivate young people without enough energy and financial support to blindly follow these successful models and ignore their studies."
The credibility of the list has also been questioned.
"Where did the research team get these statistics? How did they assess their property? What's their criteria for being 'wealthy'?" a Netizen named Lemon Tea asked on the Website.
But some people cheered the list.
"This kind of list can encourage young students to think early and prepare their future in advance," says Xin Yang from Shanghai Tongji University. "Though the statistics might not be that credible, it still tells us these young entrepreneurs are successful and ahead of most of their peers."
China's list of the 100 richest young entrepreneurs (all men) features five from Zhejiang Province and nine from Shanghai - the two "richest" spots in China.
At the top of the list is 25-year-old Hangzhou native Jin Jin, a drop-out after one year at Zhejiang Science and Technology University. He is the founder of ferrygame.com, an online games provider, which has reported assets of almost 1 billion yuan (US$147 million).
The much-publicized list is quite unofficial and some question its accuracy - and its value in creating buzz about people who drop out of college.
It was recently issued by cuaa.net, a Website for students, and the 21st Century Talents News, which conducted 10 years of research (1999-2009) into young entrepreneurs.
They studied college students, fresh graduates and university drop-outs who established their own business.
Sixty-four on the list hold bachelor's degrees, 10 are still studying in university, 14 hold master's or doctoral degrees. Twelve attended vocational school.
The list shows that almost 40 percent of the rich young men are engaged in the information and technology industry. About 20 percent are in financial services; almost 10 percent are in the agricultural industries.
Most of the millionaires and even billionaires - 79 - were born in the 1980s.
One was born after 1990, Ding Shiyuan, the youngest on the list. He established Ding Ding Cultures and Communications early this year, and now the enterprise is worth 3 million yuan, in 60th place.
The list represents total wealth of 2.6 billion yuan, with the highest, Jin, at 1 billion yuan. Seven men are worth more than 100 million yuan, six between 50 million and 100 million yuan.
No. 1 Jin founded ferrygame.com in 2005 when he was a sophomore. It's now the largest online games provider in Zhejiang Province and has 11 branches across China. Headquarters have been shifted to Shanghai.
"He doesn't look like a boss at all," says Zheng Jun, Jin's secretary, who was quoted earlier by Hangzhou media. "He is very kind with a chubby face and he's very cute when he smiles."
Jin keeps a low profile, refuses media interviews and has changed his mobile phone number several times to avoid the press.
His secretary says Jin prefers T-shirts and sneakers and seldom wear suits.
"He tells jokes aloud, which often brings bursts of laughter in the office," she says.
The Hangzhou branch is in the Zhejiang Hi-Tech Park. Every day, Jin usually eats lunch at the park's canteen with his colleagues.
"He's not strict and is okay with people coming in late in the morning," says Zheng. "The atmosphere is easy and relaxing."
His high school teacher recalls Jin as being "very quiet and ordinary."
"He was quite a forgettable student with just a so-so academic performance and he didn't like to talk. I can remember other students very clearly, but not him," the teacher was quoted in media reports as saying.
Jin's college classmate Qi Lin says he was shocked to hear Jin has become a billionaire.
"It's incredible. He was very shy and low-profile," Qi recalls. "He liked to sit in the back of the class. We always played basketball together and he was polite and generous."
When everybody else was having fun in college, Jin had started to do some small businesses such as selling IP cards and online games cards.
After finishing his first year of study, Jin decided to drop out.
"I guess most of his time was spent preparing to start his own business," Qi says.
The list created immediate buzz - doubts, criticism and praise.
"I don't see any need to make this list," says Gu Mingjun, a student at Shanghai International Studies University. "It would motivate young people without enough energy and financial support to blindly follow these successful models and ignore their studies."
The credibility of the list has also been questioned.
"Where did the research team get these statistics? How did they assess their property? What's their criteria for being 'wealthy'?" a Netizen named Lemon Tea asked on the Website.
But some people cheered the list.
"This kind of list can encourage young students to think early and prepare their future in advance," says Xin Yang from Shanghai Tongji University. "Though the statistics might not be that credible, it still tells us these young entrepreneurs are successful and ahead of most of their peers."
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