Huateng Ma becomes the richest person in China

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Summary

Huateng Ma, CEO of Tencent, has become China's wealthiest individual, with his net worth increasing significantly to 46.7 billion RMB. This surge is attributed to Tencent's robust financial performance, including a 54% revenue increase and a 24.8% net profit rise, largely driven by the growing popularity and international expansion of WeChat. The internet industry is a prominent source of wealth in China, as evidenced by the ranking. However, a recent WeChat outage due to infrastructure issues underscored the critical importance of comprehensive disaster recovery plans for global services.

On 22 July, Licai Zhoubao, a famous wealth management media in China, released a ranking about Chinese most richest people. In this ranking, Tencent CEO, Huateng Ma for the first time becomes the richest person in China with 46.7 billion RMB(around  $7.6 billion), his wealth was 35.4 billion RMB(around $5.76 billion) last year. That means his wealth increases 11.3 billion RMB($1.84 billion) in one year.

In 2012, Tencent Corp had a revenue of 43.9 billion RMB(around $7.15 billion), which increased by 54% compared to previous year. Its net profit was 12.7 billion RMB(around $2.07 billion), which increased by 24.8%. With the popularity of WeChat, Tencent is expected to gain more revenue in the future. Now Tencent has a market value of 455 billion RMB(around $74.09 billion), while in 2004, when Tencent went to public, it had only a few  billions RMB.

Robin Li, Baidu CEO, ranked at the second place with 41.1 billion RMB(around $6.69 billion). From the list, we can find many richest people are from Internet industry.

On the same day, ironically Tencent's WeChat service was down for a few hours due to some hardware maintenance work in the city which cut the fiber connection WeChat's server. Later Tencent cooperated with related government departments repaired the infrastructure and now the service is back to normal.

WeChat is going to be Tencent's next big revenue generator, it also becomes its critical product for expanding Tencent;s international business. On 3 July, Tencent announced that WeChat owned 70 million users out of China. Hope the incident today will give a remind to Tencent that they should have a complete disaster recovery plan especially if they want to be truly international.

TENCENT WECHAT HUATENG MA

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