Netease's Ding Lei Now Worth RMB5 Billion Yuan
Ding Lei, founder of Netease (Nasdaq: NTES), one of China's
leading portals, is now worth RMB5 billion (US$604 million)
based on Netease's recent high of US$36 on June 20.
Ding, who holds 58.8% of the company's stock, originally
started as a software engineer, and made his first money
by offering free email service during the Internet bubble.
Later, he started the Internet portal, Netease. The company
went public in 2000, and opened at US$13, but with the
collapse of the market, fell to less than US$1. At the
same time, the company faced investigations regarding
financial irregularities, internal management strife and
general layoffs.
The company has benefited from online games and SMS service,
both of which are big money-makers in China. This has
led to the company's share price rise. China portal competitors,
Sohu and Sina,
both of which are also listed on Nasdaq, have also had
a runup in their share price. Other Internet players which
are dominant in their respective sectors, such as Eachnet
in online auctions, have also show precipitous growth
lately. Eachnet was recently bought out by eBay.
Ding Lei, who goes by the English name William, has become
a cult personality in China and Taiwan. Rumor has it that
he is now avoiding the press by going on vacation outside
China.
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