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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, popular culture, and gender issues. Contact at manya@whatsonweibo.com, or follow on Twitter.

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China Celebs

Weibo Shuts Down Rumors of Tong Liya’s Alleged Marriage to CMG President Shen Haixiong

The censorship surrounding the Tong Liya story almost drew more attention than the actual rumors themselves.

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The famous actress and dancer Tong Liya (佟丽娅, 1983) has had an eventful year. After hosting the CCTV Spring Festival Gala in 2020, she performed at the CCTV Spring Festival Gala in February of 2021 and in May she announced that after seven years of marriage, she finalized her divorce with actor and director Chen Sicheng (陈思诚).

Tong Liya is of Xibe ethnicity and was born in Xinjiang. The former beauty pageant and award-winning actress is known for her roles in many films and TV series, such as those in The Queens and Beijing Love Story. She also starred in the 2021 Chinese historical film 1921, which focuses on the founding of the Communist Party of China.

This month, online rumors about Tong flooded the internet, alleging that she was recently remarried to Shen Haixiong (慎海雄, 1967), the deputy minister of the Party’s Central Propaganda Department and the President of the CMG (China Media Group), which includes CCTV, China National Radio, and China Radio International.

Some of the rumors included those claiming the actress was previously Shen’s mistress, or netizens connecting Tong Liya’s relations with such an influential and powerful person to her role at the previous CCTV Spring Gala Festival.

But these rumors did not stay online for long, and the quick censorship itself became somewhat of a spectacle. As reported by China Digital Times, the topic ‘Tong Liya’s Remarriage’ (‘佟丽娅再婚’) was completely taken offline.

Following the rumors and censorship, it first was announced that Tong reported the online rumors about her to the police, with the hashtag “Tong Liya Reports the Case to Authorities” (#佟丽娅报案#) receiving over 310 million clicks. On December 23rd, the hashtag “Beijing Police is Handling Tong Liya’s Report” (#北京警方受理佟丽娅报案#) went viral online, attracting over 1.7 billion (!) views on Weibo within three days.

The Beijing Haidian police statement on Weibo is as follows:

In response to the recent rumors on the Internet, the public security authorities have accepted Tong Liya’s report, and the case is now under investigation. The internet is not a place beyond the law, and illegal acts such as starting rumors and provoking trouble will be investigated and punished according to the law.”

The statement led to some confused responses among netizens who wanted to know more about what was actually reported and what it is the police are exactly ‘investigating.’

On Twitter, Vice reporter Viola Zhou wrote that the censorship “angered many young people,” some of whom lost their social media accounts for discussing Tong Liya’s second marriage: “It’s now prompting a mass pushback against the potential abuse of censorship power.”

In an attempt to circumvent censorship, and perhaps also ridicule it, some netizens even resorted to morse code to write about Tong Liya.

One Weibo post about the issue by Legal Daily received over 3000 comments, yet none were displayed at the time of writing.

The case is allegedly still being investigated by Beijing authorities.

By Manya Koetse

With contributions by Miranda Barnes.

Spotted a mistake or want to add something? Please let us know in comments below or email us. First-time commenters, please be patient – we will have to manually approve your comment before it appears.

©2021 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

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China Celebs

China’s Livestreaming Queen Viya Goes Viral for Fraud and Fines, Ordered to Pay $210 Million

Viya, the Queen of Taobao, is under fire for tax evasion.

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Viya, one of China’s most well-known and successful live streamers, is trending today for allegedly committing tax fraud by deliberately providing false information and concealing personal income.

The ‘Taobao queen’ Viya (薇娅, real name Huang Wei 黄薇) reportedly committed tax fraud from 2019 to 2020, during which she evaded some 643 million yuan ($100 million) in taxes and also failed to pay an additional 60 million yuan ($9.4 million) in taxes.

The Hangzhou Tax Administration Office reportedly ordered Viya to pay an amount of over 1.3 billion yuan ($210 million) in taxes, late payment fees, and other fines. On Monday, a hashtag related to the issue had garnered over 600 million views on Weibo (#薇娅偷逃税被追缴并处罚款13.41亿元#).

Viya made headlines in English-language media earlier this year when she participated in a promotional event for Single’s Day on October 20th and managed to sell 20 billion yuan ($3.1 billion) in merchandise in just one live streaming session together with e-commerce superstar Lipstick King.

China has a booming livestreaming e-commerce market, and Viya is one of the top influencers to have joined the thriving online sales industry years ago. When the e-commerce platform Taobao started their Taobao Live initiative (mixing online sales with livestreams), Viya became one of their top sellers as millions of viewers starting joining her channel every single day (she livestreams daily at 7.30 pm).

With news about Viya’s tax fraud practices and enormous fines going viral on Chinese social media, many are attacking the top influencer, as her tax fraud case seems to be even bigger than that of Chinese actress Fan Bingbing (范冰冰).

Chinese actress Fan Bingbing went “missing” for months back in 2018 when she was at the center of a tax evasion scandal. The actress was ordered to pay taxes and fines worth hundreds of millions of yuan over tax evasion. The famous actress eventually paid approximately $128,5 million in taxes and fines, less than Viya was ordered to pay this month.

Like Fan Bingbing, Viya will also not be held criminally liable if the total amount is paid in time. This was the first time for the e-commerce star to be “administratively punished” for tax evasion.

Around 5pm on Monday, Viya posted a public apology on her Weibo account, saying she takes on full responsibility for the errors she made: “I was wrong, and I will bear all the consequences for my mistakes. I’m so sorry!”

It is not clear if she will still do her daily live stream later today and how this news will impact Viya’s future career.

Update: Vaya’s live stream was canceled.

Update 2: Vaya’s husband also issued an apology on Weibo.

Update 3: Taobao has suspended or ‘frozen’ (“冻结”) Vaya’s livestreaming channel. Her Taobao store is still online.

By Manya Koetse

With contributions by Miranda Barnes.

Spotted a mistake or want to add something? Please let us know in comments below or email us. First-time commenters, please be patient – we will have to manually approve your comment before it appears.

©2021 Whatsonweibo. All rights reserved. Do not reproduce our content without permission – you can contact us at info@whatsonweibo.com.

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