From tycoons to state bosses key people in Chinese business

center_img 0 Comments   Share   ___Online innovator: Ma Huateng, co-founder and chairman of Tencent Holdings Ltd.Ma, who is no relation to Jack Ma, is the quiet counterpart to his flamboyant rival at Alibaba. The company co-founded by Ma Huateng in 1998 has gone from success to success, first in online games, then with its QQ instant message service and now as operator of the hugely popular WeChat social media platform, which it says has 550 million active users. Its strategy is built on offering entry-level services for free, then charging for added features on games and linking social media to e-commerce and other money-making ventures. That has helped to make Tencent, with 25,000 employees, one of the most valuable tech companies, with a market cap of $150 billion. Ma is worth $18 billion. Along with Alibaba and search engine Baidu Inc., the third member of China’s trio of leading Internet companies, Tencent is rushing to build a presence in mobile Internet as Chinese Web surfers switch to going online via smartphones and tablets. Since the start of 2013, Tencent has spent about $1 billion, according to Chinese news reports, to buy a 15 percent stake in China’s No. 2 e-commerce company, JD.com, and to acquire or create services in online video and taxi-hailing. ____Reformer in Chief: Xi Jinping, general secretary of China’s Communist Party.In a state-dominated economy, Xi has more influence over business than any entrepreneur or state company boss. The son of a guerrilla commander in the 1949 revolution, Xi has amassed more personal power than any leader since the late Deng Xiaoping, who launched economic reform in 1979. Under Xi, the ruling communists have promised to make the slowing economy more productive by giving entrepreneurs a bigger role. That will require Beijing to trim the subsidies and privileges of state companies and make government-owned banks more market-oriented. At the same time, the party is building state-owned “national champions” to control industries from oil and gas to telecoms to banking and has tightened censorship of the press and the Internet. Unlike predecessors who entrusted economic management to the country’s premier, Xi named himself to head a ruling party committee in charge of reform. That puts his personal authority behind quelling opposition from state companies and their supporters in the ruling party. Xi has presided over an anti-corruption campaign that led to the arrest of a former member of the party Standing Committee, China’s inner circle of power, and a retired army general. Ex-FBI agent details raid on Phoenix body donation facility Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Milstead says best way to stop wrong-way incidents is driving sober ___China’s Warren Buffett: Guo Guangchang, chairman of Fosun International Ltd.Dubbed “China’s Warren Buffett” by the Financial Times, Guo is, along with Wanda’s Wang, one of China’s biggest private investors abroad. He has described his business strategy as linking global technology and resources with China’s rapid market growth. In China, Fosun pursues an approach similar to Buffett’s Berkshire Hathaway, combining an insurance business with ownership stakes in businesses including pharmaceuticals, construction, mining and steel production. It bought Portuguese insurance company Caixa Seguros e Saude for $1.4 billion and agreed to invest in U.S. film producer Studio 8. In February, Fosun won a two-year bidding war against an Italian tycoon for France’s Club Med.____Green champion: Li Hejun, chairman of Hanergy Holding Group Ltd.Li is among a generation of Chinese entrepreneurs who have made fortunes from the growing global market for renewable power. He ranked No. 3 on this year’s Hurun Rich List of China’s wealthiest tycoons with a fortune estimated at $20 billion. Li set up Hanergy in 1994 to build hydropower projects. It became the first private company to be awarded a contract to build a dam in China when it was picked in 2002 to construct the 2,400-megawatt Jin’anqiao dam, completed in 2012. The company, headquartered in Beijing, also invested in wind farms but shifted its emphasis in 2009 to solar power. In 2012, it acquired Germany’s Solibro and California’s MiaSole and says it hopes to become a world leader in “thin-film” solar panels that can be used as tinted windows on buildings or integrated into building materials for use on rooftops. Last year, Hanergy was ranked No. 23 on the MIT Technology Review’s list of the world’s 50 “smartest companies.” Former Arizona Rep. Don Shooter shows health improvement ___Net nuts and bolts: Ren Zhengfei, founder and CEO of Huawei Technologies Ltd.A former military engineer, Ren founded Huawei in 1988 to sell imported equipment to Chinese phone carriers, then moved into technology development when its foreign supplier was bought by a competitor. It has grown to become, along with Sweden’s LM Ericsson and the proposed tie-up between Nokia and France’s Alcatel Lucent, one of the biggest suppliers of switching gear used by phone and Internet companies. Shut out of Chinese cities that were dominated by state-owned and foreign suppliers, Ren pursued a guerrilla strategy of selling to developing countries in Asia and Africa and to Chinese small towns before making inroads into major urban markets. Today, Huawei is expanding into consumer products with its own line of smartphones. With 150,000 employees, the company reported 288.2 billion yuan ($46.5 billion) in sales last year but has struggled to mollify concerns in the United States, Australia and elsewhere that it is a security risk. Ren, who turned 70 in October, has created a system of three co-chief executives who take turns to lead the company.___Smartphone challenger: Jun Lei, co-founder and chairman of Xiaomi.last_img read more