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Dotcom tycoon William Ding will lose his place at the top of China's rich list
when Asiamoney publishes this year's listing tomorrow, according to
mainland media.
The 33-year-old founder of popular Internet portal NetEase.com, with assets
estimated at US$900 million (HK$7.02 billion), nudged aside Citic Pacific Group
chairman Larry Rong as No 1 on the annual list of China's 100 richest people in
2003.
But in fast-changing China, fortunes can wax and wane quickly, according to the Beijing
Youth Daily.
The newspaper said Ding's fortune has shrunk because of NetEase's falling share
price. It's one of the big three Nasdaq-listed Chinese portals.
NetEase shares, valued at US$39.08 on Friday, have lost almost half their value
since October 13, 2003, when they sold for US$71.65.
Shanghai-based researcher Rupert Hoogewerf, who compiles the list for Asiamoney,
said the 2004 list had changed greatly from last year. ``Compared with last
year, there are 32 new faces on this year's list and the richest people have
got more money,'' he said.
The combined assets of the 100 richest people exceeds 245.6 billion yuan
(HK$231.57 billion) with each, on average, having 2.5 billion yuan in assets
compared to 1.8 billion yuan a year earlier.
The threshold for inclusion on the list of China's 100 wealthiest entrepreneurs
has climbed to 1.25 billion yuan compared to the 900 million yuan required last
year. Hoogewerf said real estate players dominated this year's list. About 45
of the list's entrepreneurs are from the real estate and building sectors while
new faces come from the agricultural, retail and steel and iron industries.
Hoogewerf, who has complained of the difficulties involved in uncovering the
mainland's wealthiest, said it is getting easier to identify them thanks to the
growing number of listed Chinese companies.
``As more private enterprises are preparing for listings, the transparency of
these companies is higher, which makes my work easier and more accurate,'' he
said.
This is Hoogewerf's sixth year listing China's richest but, asked about rising
stars, he declined to name names.
However, 31-year-old Chen Tianqiao, Shanda Interactive Entertainment chairman
and chief executive, at No 10 last year with a net estimated worth of US$480
million,
is expected to be at or near the top this year.
olivia.chung@globalchina.com
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