Baidu’s Li displaces Wang as China’s richest man
The richest Chinese man is Robin Li, founder of China’s largest search engine, Baidu Inc, who displaces property tycoon Wang Jianlin on the Bloomberg Billionaire Index.
It happened 14 days after Li grabbed second place in the index. Li’s net worth has increased by 65 percent, or $4.8 billion, to reach $12.23 billion so far this year as Baidu’s shares rallied. Meanwhile, Wang, chairman and president of Dalian Wanda Group Corp Ltd, has seen his fortune climb by $2.9 billion to $12.16 billion this year.
The prol i ferat i on of smartphones and tablets, combined with Baidu’s prominent position in the desktop search market, has boosted its share price by 69 percent over the past six months. (Photo 3)