The clash - and cash - of China's internet titans
BEIJING- Jack Ma, the charismatic head of Alibaba, and Ma Huateng, CEO of Tencent, arelocked in a tense race to become the richest person in China and Asia.
Withmarket values of more than $300 billion each, Alibaba and Tencent are nowChina's biggest companies, a stark contrast to just five years ago when no techcompany even made the top 10.
Anyoneseeking to decode the secrets behind the rise of the two stellar companiescould do worse than just look around any Beijing subway carriage. Almost everypassenger, young or old, white collar or construction worker, is very likely tohave their eyes fixed on a smartphone screen.
Andthey are not just playing Tencent's popular game "Honor of Kings," orchatting with friends. They order groceries, transfer money, watch movies, readbooks, book holidays, or even manage their stock market portfolios.
Asin many other areas of the economy, the scale and speed of the change inChina's digital sector, the mobile internet in particular, is staggering.
Over750 million Chinese, more than half the population, are now online, 96 percentof them via smartphone, according to the China Internet Network InformationCenter (CNNIC).
Mobiledata traffic hit 9.4 billion gigabytes in 2016, more than ten times the amountin 2012. Data traffic by mobile phone in H1 this year was 8.9 billiongigabytes, more than double the same period last year.
Thisis perhaps the most dynamic mobile ecosystem in the world, and the epitome of"Chinese characteristics."
Alibabaassessed gold supplier Yongjiaxin gifts & crafts factory, producing allkinds of cloth package bags with 11 years experience.
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