Baidu founder in second place on China's rich list
Robin Li worth US$12 billion after an increase of 63 per centin the value of his company this year
A 63 per cent rise in Baidu share price this year has made the founder of China's top internet search engine, Robin Li Yanhong, its second-richest person.
Li's net worth has risen to US$12 billion, overtaking Hangzhou Wahaha chairman Zong Qinghou, the country's richest individual just three months ago, who is now worth US$11.8 billion.
Li trails Dalian Wanda Group founder and developer Wang Jianlin, who is worth US$13 billion.
Nearly all of Li's wealth stems from his 20.8 per cent stake in Baidu. The shares are owned directly by Li and his wife, Melissa Ma Dongmin, and through Handsome Rewards, a British Virgin Islands-based holding company.
Baidu has climbed more than 50 per cent on the Nasdaq since July 16, when the Beijing-based company said it would acquire mainland mobile app developer 91 Wireless Websoft for US$1.8 billion.
The purchase, together with four acquisitions Li has made over the past year, helped Baidu sap its primary challenger Qihoo 360 Technology as more internet users tap smartphones.