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These Are China’s Youngest Billionaires

What’s on Weibo explores who the richest kids of mainland China are: a top 10 of China’s youngest billionaires, according to the Forbes List of the World’s Billionaires.

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After inheriting a fortune from her father, the 19-year-old Alexandra Andresen has been named the youngest billionaire on the globe by the Forbes World’s Billionaire List. Forbes has got Weibo talking about money.

The teenage girl Alexandra Andresen from Norway is worth an estimated 1.2 billion US$ according to the Forbes billionaires list. The young rich woman became trending on China’s social media site Sina Weibo under the title of ’19-year-old girl becomes world’s youngest multi-millioniare’ (19岁少女成世界最年轻亿万富翁).

In light of this news, What’s on Weibo explores who the richest ‘kids’ of mainland China are: a top 10 of China’s youngest billionaires, according to Forbes’ World’s Billionaires.

No. 1 – Wang Han (王瀚, 28 years old): 1.3 billion US$

chinasyoungestbillionaires

At just 28 years, Wang Han became one of the world’s youngest billionaires – he is number 7 in the international top 10. Wang became a billionaire after inheriting shares in regional airline Juneyao Air (吉祥航空有限公司) from his late father Wang Junyao (王均瑶), who was the founder. According to Forbes,
Wang Han owns 27% of the airline and 14% of department store Wuxi Commercial Mansion Grand Orient (无锡商业大厦大东方股份有限公司). The Juneyao Group also has businesses in the education and food sector. They are also active on social media; Juneyao also has a rather large fanbase on its Weibo account.

No. 2 – Wang Yue (王悦, 32 years old): 1.1 billion US$

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Wang Yue is a newcomer to the list of the world’s youngest billionaires, according to Forbes 2016. He is called China’s “web game billionaire”. Wang earned a fortune being an online and mobile game entrepreneur. He is the CEO of Shanghai Kingnet Technology (上海恺英网络科技有限公司), better known as Kingnet (恺英网络).

No. 3 – Cheng Wei (程维, 33 years old): 1 billion US$

chengweiwhatsonweibo

Cheng Wei (程维, 1983) is CEO of China’s Uber rival Didi Kuaidi (滴滴快滴), a transportation company which was formed in early 2015 as a merge of Cheng’s company Didi Dache and Alibaba’s Kuaidi Dache. Previous to starting his own company, Cheng worked for Alibaba for 8 years and became vice president for Alibaba’s online payment service Alipay. Cheng has a verified Weibo account, but he has not posted much since his rise to fame.

No. 4 – Yang Huiyan (杨惠妍, 34 years old): 4.9 billion US$

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Born in 1981, Yang Huiyan from Guangdong’s Foshan is one of the world’s richest women. She became the largest shareholder of real estate developer Country Garden Holdings (碧桂园集团) after her father transferred his holdings to her when she was just 25 years old (also see the featured image). According to its official website, Country Gardens is “a company constantly fighting for the development of a harmonious society.”

No. 5 – Frank Wang Tao (汪滔, 35 years old): 3.6 billion US$

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Wang Tao, also known in English as Frank Tao or Frank Wang, is the founder and CEO of Shenzhen-based DJI, the world’s largest supplier of civilian drones. Forbes describes him as “the world’s first drone billionaire”. Headquartered in China’s “Silicon Valley” Shenzhen, DJI started as a single small office in 2006, and has now turned into to a global workforce of over 3,000. Their offices can be found in the United States, Germany, the Netherlands, Japan, Beijing and Hong Kong (dji.com).

No. 6 – Zhang Bangxin (张邦鑫, 35 years old): 1.01 billion US$

zhangbang

Who ever thought after school tutoring could make you rich? Zhang Bangxin (1980) is the cofounder, chairman and CEO of the Beijing-based educational tutoring firm TAL Education Group (世纪好未来教育科技有限公司). The company has been around since 2003, and it provides after-school tutoring for pupils from kindergarten to 12th grade at over 500 locations throughout China. Zhang is also an official Weibo microblogger, but, like his fellow billionaires in this list, he might be too busy making money to actually post on social media.

No. 7 – Cai Xiaoru (蔡小如, 36 years): 1.2 billion US$

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Cai Xiaoru is chairman of Tatwah Smartech (达华智能), a company that is specialized in the research, development, manufacture and distribution of radio frequency identification (RFID). The company produces, amongst others, non-contact IC cards and electronic labels. Cai became a billionaire in mid-2015, following the fast-growing stock price of Tatwah Smartech.

No. 8 – Li Weiwei (李卫伟 aka 李逸飞, 37 years): 1.3 billion US$

37wan

For Li Weiwei, it is all work and all play. The young entrepreneur, who was born in Chengdu city, is the vice chairman of online game company Wuhu Shunrong Sanqi Interactive Entertainment Network Technology (芜湖顺荣三七互娱网络科技股份有限公司). The company is better known under the name of 37wan, a platform that offers high-quality game products. Li Weiwei is also known as Li Yifei (李逸飞).

No. 9 – Zhou Yahui (周亚辉, 39 years): 2 billion US$

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Another billionaire who got rich through the gaming industry is Zhou Yahui (1977) – the CEO of Beijing Kunlun Tech (北京昆仑万維科技股份有限公司). Kunlun Tech is one of China’s biggest web game developers and operators. In January of 2016, NY Times reported that the company paid $93 million for a 60% stake of Grindr, the largest social networking app for gay men in the world. With over 2 million daily users in 196 countries, the app has proven to be a good investment for Zhou.

No. 10 – Wu Gang (吴刚, 39 years old): 1.3 billion US$

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Wu Gang is co-founder and CEO of money management company Beijing Tongchuang Jiuding Investment Management (北京同创九鼎投资管理股份有限公司), better known as JDcapital (九鼎投资), “a leading investment firm with deep roots in equity investment and management”, as it describes itself.

On Weibo, some netizens have asked Norwegian billionaire Alexandra Andresen to come and visit China. With so many other billionaires, the young heiress will certainly have no reason to feel lonely at the top in China.

– By Manya Koetse

Sources:
*163 (2015): http://news.163.com/15/1104/14/B7J6UOEO00014AED.html
*Jiangsu.China.com (2015): http://jiangsu.china.com.cn/html/jsnews/gnxw/2758273_2.html
*Forbes.com (various pages, see in-text links) and the China Rich List sorted by age.

Images:
Featured: Yang Huiyan (http://blog.sina.com.cn)
http://www.ittime.com.cn/news/news_10433.shtml
http://www.eeyy.com/jinjing/2014/
http://uk.china-info24.com/british/tic/ht/20150729/200775.html
http://baike.baidu.com/view/880927.htm
http://startupbeat.hkej.com/?author=12
http://www.cyzone.cn/a/20131114/247015.html
http://money.163.com/15/1216/07/BAULIVAD00252G50.html
http://www.laonanren.com/news/2015-11/104275.htm
http://www.forbes.com/profile/zhou-yahui-1/
http://www.gsm.pku.edu.cn

©2016 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

Manya Koetse is the editor-in-chief of www.whatsonweibo.com. She is a writer and consultant (Sinologist, MPhil) on social trends in China, with a focus on social media and digital developments, Sino-Japanese relations and gender issues. Contact at manya@whatsonweibo.com, or follow on Twitter.

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China Celebs

Weibo Servers Down After Lu Han Announces New Relationship

A Chinese celebrity’s relationship announcement led to a rare breakdown of Weibo’s servers on Sunday.

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A Chinese celebrity’s relationship announcement led to a rare breakdown of Weibo’s servers on Sunday. So many fans commented on Lu Han’s new love affair that the social media platform was inaccessible for two hours.

“Hi everyone, I want to introduce my girlfriend @GuanXiaoTong to you.” It was this one-sentence message that set Weibo on fire on Sunday, October 8.

The message was posted by Chinese singer and actor Lu Han (鹿晗 1990), who is one of the most popular celebrities on Weibo. Lu currently has 41.2 million followers on his official Weibo account (@M鹿M).

The singer previously had 43 million fans on Weibo, but lost many followers after his relationship announcement. Many fans did not like the idea that their favorite star is no longer single. Lu was formerly a member of the South Korean-Chinese boy group EXO and its sub-group EXO-M.

So many people responded to the news of Lu Han’s new girlfriend that some servers of Sina Weibo experienced a rare breakdown. Chinese media report that, according to a statement released by a Weibo Data Assistant, the two-hour network crash was the result of a data surge caused by fans commenting, sharing and liking Lu Han’s update.

By Monday, the public announcement had received 2,4 million comments and nearly 5 million likes.

Guan Xiaotong (关晓彤) is Lu Han’s new girlfriend – and everybody knows it.

Guan Xiaotong is a Chinese actress with more than 20 million fans on her Weibo page.

It is not the first time that a public announcement by a Chinese celebrity causes so much consternation on Weibo. In 2016, Chinese actor Wang Baoqiang announced that he would divorce his wife Ma Rong after she had a secret affair with his own agent. That post became one of the top-trending topics of the year.

A day after Lu Han’s revelation, searches for his name on the Weibo platform were limited and only showed a “we can not display any results for this search” announcement.

By Manya Koetse

Spotted a mistake or want to add something? Please let us know in comments below or email us.

©2017 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

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China Arts & Entertainment

Celebrities in Chinese TV Dramas Can No Longer Receive Excessive Salaries

Celebrities in Chinese TV dramas can no longer receive ‘excessive’ salaries, which are considered ‘harmful.’

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A document issued by the Chinese film, TV & radio industry association states that celebrities in Chinese TV dramas should no longer receive ‘excessive’ salaries. Top-earning stars’ high fees are considered ‘harmful’ for a healthy development of China’s entertainment industry.

On September 22, the China Alliance of Radio, Film, and Television (CARFT) issued a statement regarding the pay of actors in Chinese television dramas, Xinhua News reports.

The CARFT, a non-profit organization that works under the government, orders China’s production agencies to limit the expenses for cast salaries to no more than 40% of the total production costs for online/TV drama series. Within this percentage, the salary of the show’s leading actors cannot exceed 70% of the total salary paid to all actors.

The measurement is meant to improve the “healthy and orderly development of the [entertainment] industry.” China produces the largest amount of television dramas in the world.

According to DW News, around 50% to 70% of current total TV drama production investments goes to actors’ salaries; in countries such as the US, Korea, or Japan, this is only 10% to 20%.

In 2016, the lead actors for the 90-episode Chinese TV drama Ruyi’s Royal Love in the Palace, actress Zhou Xun and actor Wallace Huo, each made $22.5 million. The series production costs were $1.35 million per episode.

Chinese actress Angelababy is one of China’s top-earning actresses. She makes around $200,000 for every episode.

It is not the first time the high fees of Chinese actors make headlines. In 2016, The Beijing Review reported that Chinese stars’ salaries were under fire for being excessively high. A member of the Standing Committee of the National People’s Congress, Sun Baoshu, stated that since casting takes up such a large part of production funds, producers have to cut budgets for things such as scriptwriting, stage setting, and sound recording. This leads to poorer productions, Sun said, harming the development of China’s entertainment market.

On Weibo, many netizens expressed their support for the latest measure, although others said it would be better if authorities would not meddle so much with the entertainment industry. “The higher ups have policies, while the lower downs have their own ways of getting around them” (“上有政策,下有对策”), one user said, meaning that production companies and actors will always find other ways to channel money in the industry.

By Manya Koetse


Spotted a mistake or want to add something? Please let us know in comments below or email us.

©2017 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

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