Emerg­ing in­dus­tries put mark on rich list

China Daily (Hong Kong) - - FRONT PAGE - By SHI JING in Shang­hai shi­jing@chi­nadaily.com.cn

Ris­ing new in­dus­tries such as food de­liv­ery, ride hail­ing and co-work­ing have given birth to a grow­ing num­ber of new bil­lion­aires in China, ac­cord­ing to the Hu­run Rich List, re­leased on Thursday.

The ser­vices sec­tor, in­clud­ing emerg­ing in­dus­tries and the courier in­dus­try, has reg­is­tered the fastest in­crease in the past 12 months, the re­port said. Up to 3.3 per­cent of the shortlisted bil­lion­aires are from the ser­vices sec­tor, com­pared with 2.4 per­cent a year ago.

The big­gest win­ner in the sec­tor is the courier com­pany SF Ex­press, which made a suc­cess­ful ini­tial pub­lic of­fer­ing in Fe­bru­ary. As a re­sult, com­pany founder Wang Wei came in at No 6 on the list this year with a net wealth of 155 bil­lion yuan ($23.5 bil­lion).

Companies linked to the shared econ­omy, which are hotly pur­sued by in­vestors, have en­abled their founders to rise quickly on the list, said Ru­pert Hoogew­erf, chair­man and chief re­searcher of Hu­run Re­port.

Cheng Wei, 34, founder of ride hail­ing com­pany Didi Chux­ing, saw his per­sonal wealth surge by 27 per­cent year-on-year to 16.5 bil­lion yuan.

Dai Wei, 26, founder and CEO of bike shar­ing ser­vice provider Ofo, ap­pears on the list for the first time with per­sonal wealth of 3.5 bil­lion yuan. He is the youngest self-made en­tre­pre­neur in the 19-year his­tory of Hu­run Rich List.

Li Bin, 43, who in­vested 1.5 mil­lion yuan in Mo­bike, Ofo’s chief ri­val, in 2015, saw his wealth rise by 235 per­cent in the past 12 months to 6.7 bil­lion yuan.

Wang Xing, 38, CEO of food de­liv­ery com­pany Meituan Dian­ping, saw his per­sonal wealth soar by 66 per­cent to 26.5 bil­lion yuan. Mao Daqing, 48, founder and CEO of co-work­ing space UR Work, also joined the list for the first time at 2 bil­lion yuan.

Hoogew­erf pre­dicts those linked to companies spe­cial­iz­ing in ar­ti­fi­cial in­tel­li­gence, driver­less cars and biotech will be the next wave of ad­di­tions.

Lu Yanxia, re­search man­ager at con­sul­tancy IDC China, pre­dicted that all companies that put peo­ple on the list in the fu­ture will be closely re­lated to AI, with such spe­cial­ties as ro­bots, smart hard­ware and driver­less cars.

Sill, the rich­est man in China comes from the prop­erty in­dus­try. Hui Ka Yan, 59, chair­man of Guangzhou Ever­grande Group, tops the list this year with his wealth hav­ing quadru­pled to 290 bil­lion yuan.

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