Jack Ma of Alibaba becomes China's richest person

[webfact]

Jack Ma of Alibaba becomes China's richest person

SHANGHAI (AFP) - The largest stock offer in history has made Jack Ma, founder of e-commerce giant Alibaba, China's richest person with a fortune of $25 billion, an annual wealth ranking in the world's second largest economy showed Tuesday.

"It has been an amazing year for China’s best tycoons despite the jitters about the Chinese economy," said China-based luxury magazine publisher Hurun Report in its annual rich list.

Ma reaped more than $800 million selling shares in the company he set up 15 years ago as Alibaba listed on the New York Stock Exchange Friday, based on company filings, with the value of his remaining stake of 7.8 per cent surging to more than $17 billion by Monday.

Last year, the estimated wealth of the former English teacher turned Internet entrepreneur was just over $4.0 billion, which did not even place him in the top 20.

Alibaba’s listing raised a total of $25 billion.

But only one other Alibaba co-founder, now vice president of its China investment team Simon Xie, made the rich list, Hurun Report said.

Property tycoon Wang Jianlin, whose Wanda company bought US cinema chain AMC Entertainment, dropped to second place from first last year with a fortune of $24.2 billion as the deflating of China’s real estate bubble chased most developers out of the top 10.

A new face, Li Hejun of renewable energy firm Hanergy, tied for third place with $20.8 billion, alongside beverage magnate Zong Qinghou of Wahaha.

Completing the top five was Pony Ma of Tencent, operator of China’s most popular instant messaging application WeChat, with $18.1 billion.

Technology commanded half of the top 10. Robin Li of China’s dominant search engine Baidu was sixth; Richard Liu of Alibaba competitor JD.com took ninth, and Lei Jun of upstart mobile phone producer Xiaomi was 10th.

Rounding out the top 10 were father and son team Yan Jiehe and Yan Hao of road-builder China Pacific Construction in seventh position and another real estate mogul, Yan Bin of Reignwood in eighth.

China’s real estate and infrastructure industries have been hit by the slowing economy.

The economy grew an annual 7.7 per cent in 2013, the same as in 2012 -- which was the slowest rate of expansion since 1999. Gross domestic product growth was 7.5 in the second quarter this year.

Still, Hurun Report said the number of US dollar billionaires in China hit 354 this year, up 39 from last year.

-- (c) Copyright AFP 2014-09-23

[terryp]

all built on a base of counterfeit items

[LawrenceChee]

Very proud of Jack ...well done !

[Aldebaran1981]

well done

please come and invest in thailand before the country goes under.

[belg]

ahhhhhhh... if only ... would have invented one of those hot air balloons like this one, or facebook

[wabothai]

Hope you will be happy mr. Whoever with all the manipulators with you.

[ggt]

Jack will be a busy man...buying expensive properties around the world...hot cars...beautiful women...building and equiping an army for protection...and become a recluse...afraid to go out of his military compound.....

[rickirs]

Best of all, most of Jack Ma's wealth is offshore and not in yuans!

[LawrenceChee]

Jack will be a busy man...buying expensive properties around the world...hot cars...beautiful women...building and equiping an army for protection...and become a recluse...afraid to go out of his military compound.....

Not his first trip out of china he is known as mr ikea of china back home ....I don't think you will see him wasting his money like that

[copa8]

Don't understand why the hate? Jack Ma has already stated that he will donate all of his wealth upon his death.

[sustento]

Don't understand why the hate?

Jealousy...

[Berkshire]

Jack will be a busy man...buying expensive properties around the world...hot cars...beautiful women...building and equiping an army for protection...and become a recluse...afraid to go out of his military compound.....

Wake me up when Jack and his buddies finish buying up Australia.