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Saturday, November 1, 2014

Internet Entrepreneurs Top New Forbes Ranking Of China's Richest

This story appears in the November 3, 2014 issue of Forbes Asia.

The quicksilver of the Chinese Internet may even exceed what the Web bestows elsewhere. Especially when an outfit from China enjoys a U.S. stock listing. Look no further than Liu Qiangdong and his Amazon-like online shopping site JD.com. Though it lost money in the first half, it rocketed on the share market after a May IPO. Even with a 22% comedown from its peak, JD.com’s $35 billion valuation is sufficient to lift Liu from 98th on last year’s China Rich List to 10th this time, with $7.1 billion.

Click here for the full list of China’s Richest

JD.com, like many independent e-commerce sites in China, will continue to face volatile prospects, not just because of the changing fortunes of Chinese consumers but also because of how the Web itself continues to consolidate. Pushing that latter shift are the three dominant figures on the 2014 list, the founders of Alibaba, Baidu and Tencent. Effectively megaportals, the three companies are swallowing up Internet players and functions, looking abroad and in the process proving reliably profitable.

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