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Jack Ma Media Alibaba Group 07 Internet1.FIN.qxp_Layout 1 13/9/16 4:37 pm Page 59 Week in China China’s Tycoons Internet and Jack Ma Media Alibaba Group information on Chinese lager, Ma got the inspiration he needed. He borrowed $2,000 to launch China Pages, Ma is the generally believed to be the country’s first tycoon who internet company. He eventually entered into personifies a joint venture with his initial competitor, China’s internet China Telecom, only to leave the company to economy very briefly run a government group in Beijing promoting e-commerce. Big Break In 1999 he then set up Alibaba.com, an online business-to-business marketplace designed to bring together importers and exporters. Initially working out of his apartment, he was able to expand after a round of cash injections from a series of big name investors – including Japan’s Softbank. In 2005, Ma sold a 40% stake to Yahoo, the US internet firm, for Many know him as China’s richest man. Some $1 billion. Since then, the growth in Ma’s says the Zhejiang native is in fact the best PR internet business has been stratospheric. In manager for corporate China. No one can deny 2003 he founded Taobao, a consumer-to- that Jack Ma has come to personify China’s consumer platform. Even eBay, which once internet economy. dominated the Chinese market, couldn’t prevent the rise of Taobao, which became the Getting started world’s most visited website. Meanwhile, Ma Ma’s father is a renowned expert in Chinese also set up Alipay, which has grown into opera. But as a teenager growing up in China’s most important internet payment Hangzhou during the seventies, Ma was more system. In 2014 Alibaba went public in New interested in all things foreign. He would York. The flotation was the world’s biggest IPO. regularly cycle to a hotel so that he could show As of August 2016, Alibaba’s market value foreign tourists around his hometown. This stood at $237 billion. Thanks to a controlling Key info not only allowed him to practice his English stake in Alipay, the Bloomberg Billionaires Bloomberg but also gave him an idea of what was going Index put Ma’s net worth at $34.5 billion. It Billionaires Index says on outside China. After twice failing the ranks him the richest man in China (and Asia). Jack Ma is China’s richest man (richer university entrance exam, Ma entered than Li Ka-shing as Hangzhou Normal University, where he What next well). trained to become an English teacher. After Alibaba has expanded into a swathe of new graduating in 1988, he went on to teach at a businesses from making Hollywood movies to Hangzhou college. co-owning China’s top football team and It was on a trip to Seattle in 1995, as an purchasing the South China Morning Post interpreter for a trade delegation, that Ma first newspaper in Hong Kong. Ma’s ambitions Imagine China Photo Source: came into contact with the internet. Told that remain vast and his vision long term: “I want Year born he could find anything in the world online, he to build a company that will flourish for 102 1964 searched for “beer”. Seeing there was no years.” 59 07 Internet1.FIN.qxp_Layout 1 13/9/16 4:37 pm Page 60 Week in China China’s Tycoons Internet and Ma Huateng Media Tencent Big break Tencent’s main product, named QQ, was an instant hit with web users, particularly the Li Ka-shing’s young. QQ’s growth was exponential, from a son invested in few million users in the first months to more Tencent in than 800 million users today. 1999. If he In 2001, Ma started to monetise his user hadn’t sold in base. Tencent then diversified into a portal (to 2001 the stake generate ad revenue), online games (with paid would be worth subscribers), plus e-commerce and search. almost $50 Tencent in 2011 launched the WeChat service, a billion hybrid between Whatsapp and Facebook. The messaging app had more than 700 million active users by 2016, and had become the dominant form of communication in China. The low-key Ma is the polar opposite of Alibaba’s flamboyant boss Jack Ma. Nevertheless the duo constitute China’s most talked-about corporate rivalry. Since 2014 the Ma Huateng, also known as Pony Ma, was born competitors have invested in almost every in 1971 in Guangdong’s Shantou, the internet-related business (including online hometown of Hong Kong’s richest man Li Ka- banking) in the quest for supremacy. shing. He is the son of a Party official who had held a senior position in a state-owned port Going global operation in Shenzhen’s Yantian. In recent years Tencent has been trying to duplicate WeChat’s success in overseas Getting started markets. In 2016 Tencent splashed $8.6 billion Ma junior studied computer science at to acquire Supercell, the Finnish software Shenzhen University. Upon graduation he developer behind the popular smartphone- joined China Motion Telecom as a software based game Clash of Clans. In the same year it engineer. also unveiled a deal to cooperate with In 1998 Ma came across the Israeli firm ICQ, Foxconn to produce and sell unmanned Key info which had developed an instant messaging electric cars by 2020. The share price of service. He realised there was no Chinese Tencent has climbed language version and decided to design one. Need to know more than 200 times since its Hong Kong That became Tencent. In late 2013 Tencent’s market valuation IPO in 2004. At the outset the firm was cash-strapped, exceeded $100 billion, making it the first having to “steal” bandwidth from rivals, says Chinese internet firm to reach this figure. As China Computer World. Denied investment by of August 2016 its market value stood at $247 more established Chinese internet firms such as billion, or more than 200 times its IPO value Sina, Ma approached Richard Li (Li Ka-shing’s in 2004. Had Richard Li held onto his stake it younger son) for funding in 1999. Li’s company would be worth nearly $50 billion. Imagine China Photo Source: PCCW invested $1.1 million for 20% in the start- The Bloomberg Billionaire Index ranks Ma Year born up, though two years later Li sold the stake for as the third richest man in China with a net 1971 $10 million. worth of $22 billion. 60 07 Internet1.FIN.qxp_Layout 1 13/9/16 4:37 pm Page 61 Week in China China’s Tycoons Internet and Robin Li Media Baidu search engines were overwhelmed by the global giants – Baidu grew to completely dominate China’s search industry, with a The name of nearly 80% share of market revenue. A key Li’s company is part of Baidu’s success comes from its named after a superiority in Chinese language search. When Song Dynasty Google scaled back operations in China that poem also made space for Baidu to expand. Baidu was listed on NASDAQ in 2005. As of August 2016, its market value stood at $60 billion. That means that its major rivals Alibaba and Tencent – the internet trio is dubbed as BAT in China – have both grown four times larger than Baidu. Tough times Despite a reputation for being the most tech- savvy among the BAT trio, the business model of Baidu’s core search engine division has been Li Yanhong (English name, Robin) is “the most under pressure in recent years. For instance, in handsome CEO in history” according to the 2015 Baidu’s shares lost $4 billion in market Tianfu Morning Post. Born in 1968 in Shanxi value when investors were rattled by news province, Li graduated in information that hospitals run by Putian businessmen (the management from Peking University, before biggest advertisers on Baidu) were threatening departing for a master’s degree at State to boycott Baidu for overcharging on medical University of New York. ads. Moreover, critics say that Baidu is not doing enough to differentiate paid searches Getting started from unsponsored links. That became a After finishing his studies, Li went to work for nationwide concern in 2016 following the Dow Jones, where he developed software for death of a college student who had accused the online edition of the Wall Street Journal. At Baidu of misleading him. He blamed the the same time, he made a major advance in search engine for directing him to a Key info search engine technology with his creation of fraudulent cancer treatment in what turned Li is worth $12.6 “hyperlink analysis” – a system where a web into a major scandal. billion as of August page is ranked according to the number of 2016 according to the Bloomberg websites that link to it. In 1996, he applied for Need to know Billionaires Index. a patent, and soon became recognised as a A bit like Steve Jobs, Li also relishes the leading search engine expert. showman’s role of announcing innovative new He returned to China in 1999 and struck products to an adoring techie crowd each year gold immediately. His venture, Baidu, was a at the Baidu World event. Although in Li’s case locally developed search engine designed to – being one of China’s corporate sex symbols – take on the likes of Yahoo and Google. there are a good deal more women present in Imagine China Photo Source: the audience. He’s also danced the tango on Year born Big break primetime TV. Another reason for the girls to 1968 And unlike most other markets – where local swoon.
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