With Jack Ma now claiming the top spot as the richest person in China, following Alibaba’s massive listing in New York, what does it really take now to be a successful entrepreneur on the Mainland?
When Alibaba’s massive IPO was listed in New York, it made Jack Ma the richest man on the Mainland.
The 38 per cent rise in Alibaba’s stock on its first day saw Ma’s fortune soar five times to 25 billion US dollars - displacing from the top spot property tycoon Wang Jianlin, Chairman of Dalian Wanda Group, reports Hurun China Rich List.
"New development is not only the sectors which they are in, before the domination in the manufacture sector and the real estate sector, now its more on the the IT," said Reuben Mondejar, professor at City University.
Mr Ma isn’t the only tech savvy, self-made billionaire in the top ten list. He is flanked by Pony Pa Huateng of Tencent, Baidu Chairman and CEO Robin Li, Richard Liu Qiangdong of JD.dom and Lei Jun of Xiaomi Technology.
Analysts say those on China’s rich list now reveal a trend away from people who were positioned well in terms of who they knew - and in gaining early access to industries that were going to grow well as the Mainland economy developed. That’s why the entrepreneurial spirit that has caught on the Mainland does not appear to be losing steam, even amid a corruption crackdown continue.
"The entrepreneurs who are going to be successful are going to be the ones who have vision but who are extremely flexible. What we see with companies like Alibaba is an ability to execute very quickly and this is a big part of what has made them and other top private Chinese firms successful," said Benjamin Cavender, an analyst at China Market Research Group.
Three of the top six also speak fluent English, including Ma, underscoring the globalization of the Chinese private sector, says the Hurun report.
"There are many, many start-ups in Internet coming. But how many of them eventually succeed maybe after a decade very few. And then the cases is the winner takes all," Billy Mak, associate professor at Hong Kong Baptist University, said.
Jack Ma may be tough act to follow, but the equally tech savvy on the Mainland look to be in the best position to follow his lead.