Steven Yang combined his Google money with his mom’s, and with less than $1 million in seed capital he moved from California to Shenzhen, a hub in southern China for technology companies.
Ma and his Alibaba Group Holding Ltd. have minted a network of people whose combined fortunes total more than $52 billion
Eight new billionaires have emerged in China this year, while the fortunes of its wealthiest have risen faster than anywhere else
In just three years, the private conglomerate has invested at least $45 billion around the world.
Shares rose 44 percent Thursday to 28.68 yuan in Shenzhen, giving Zhou a net worth of at least $1.3b.
A revival in China’s polyester industry has produced a new billionaire.