Shend's boss the richest in China as share soars

The price of NASDAQ-listed Internet games operator Shenda soared to 21.22 USD after the company disclosed its financial statements on August 10. With a capitalization of 1.48 billion USD, Shenda was then made not only the most successful China-concept Internet stock in NASDAQ, but also the most valuable Internet games share in the world, replacing South Korea's NCSOFT.

This has also updated the wealth championship in China. Chen Tianqiao, founder of Shenda, has become the richest in China with his shares valued about 1.11 billion USD or 9 billion RMB, outpointing Ding Lei of Netease.

When going public in May, Shenda reduced its offering price from 13 USD to 11USD. Now the price has nearly doubled amid a depressive market for the first half of the year.

As New York Times reported on August 1, Shenda, with a stark rise of 72.7 percent, led the 32 newly listed tech shares in the world. Time for new tech shares is hard this year. Two-thirds of them suffered from more than 10 percent plunge while non-tech shares debuted in the same period moved up slightly by 1 percent.

Shenda's second-quarter report released on August 9 showed that its operating revenue for the second quarter reached about 36.5 USD, a year-on-year surge of 108.8 percent and 25.8 percent better than the previous quarter. Its net profits, 21.8 million USD, ascended sharply by 117 percent compared with the same period of last year and by 31.5 over the previous quarter. This revenue is second to sina.com but higher than Sohu and Netease.

Shenda's CEO Tang Jun, who was Microsoft's China executive, hold about 200 million yuan worth of more than 2.6 million corporate options. He is believed to be the most expensive professional manager in China.

By People's Daily Online