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E-commerce fuels fortunes of richest Chinese

E-commerce fuels fortunes of richest Chinese

Lisa 2019-11-08 14:59:15
Forbes released China's Richest 2019 on Nov 7, listing 400 Chinese billionaires with at least $1 billion net worth.

A prominent feature on this year's list is growing fortunes in e-commerce. Five of the top 10 richest come from e-commerce or internet service business.

Topping the list is Jack Ma, who recently resigned as chairman of the e-commerce giant he co-founded, Alibaba.

Huang Zheng, CEO of e-commerce site Pinduoduo, saw his estimated net worth soar to $21.2 billion, roughly $10 billion richer from a year earlier, propelling him up five places to No 7 on the Forbes China's Richest list.

"Entrepreneurs who provide services tied to e-commerce also did well: Lai Meisong, CEO of Alibaba-backed express delivery firm ZTO, saw his fortune climb to $4.6 billion from $3.35 billion," Russell Flannery, the compiler of the China Rich List, said in his analysis. "Chinese consumers spent more on everything and spent more of it online."

The above news was excerpted from china daily by China towel supplier Shenzhen City Dingrun Light Textile Import and Export Corp.Ltd, a company specialized in producing baby diapers, baby bibs, beach towel, blankets, bath towels, tea towels, compressed towels, microfiber towels etc.