Baidu founder Robin Li is China's richest person

Robin Li yesterday passed Wang Jianlin as the richest person in the mainland by US$63.6 million, according to the Bloomberg Billionaire Index.

The founder of China's largest Internet search engine, Baidu, has become the wealthiest individual in the world's second-biggest economy, 14 days after he took the No 2 spot. Li's net worth has climbed by US$4.8 billion, or 65 per cent, to US$12.23 billion so far this year as Baidu shares rallied.

Wang, chairman of closely held Dalian Wanda Group, has seen his fortune rise by US$2.9 billion to US$12.2 billion.

Wang may reclaim top spot after he sells shares in AMC Entertainment Holdingsm, the US cinema chain he bought for US$2.6 billion in 2012. AMC this week said it plans to raise as much as US$368 million in an initial public offering. Quick expansion in smartphones and tablets plus a predominant position in the desktop search market have boosted Baidu shares 69 per cent in the past six months, says Lucy Zhang, an analyst at internet consulting group IResearch.

"Baidu's development on mobile has surprised the market and its search app's traffic volume has been growing very fast," Zhang said from Beijing, where Baidu is based.