A list of graduate millionaires published recently has attracted media attention and also public controversy.
The List of Richest College Graduates with their Own Business was jointly issued by the Chinese University Alumni website and 21st Century Report on June 24, with the average fortune of the 100 rich college graduates on the list amounting to 2.6 million yuan (380,380 U.S. dollars), local Beijing Times reported Tuesday. Most enterprises on the list are small-scale start-up companies and are in their initial stages, with no competitiveness with mature large companies in terms of scale and capital, the newspaper said.
The IT industry is the favorite choice when graduates decide to start their own businesses. 40 percent of the enterprises on the list are IT-related. Among the top 10, eight are in the IT industry.
Regarding funding, 90 percent of those listed raised funds by themselves and 10 percent obtained financial aid from their parents. Research findings show that 20 percent received venture capital from foundations or banks.
Of those on the list, 79 are of the post-1980s generation, 20 the post-1970s generation and one the post-1990s generation.
Jin Jin and Ding Shiyuan stand out on the list. Jin set up one of the largest web-games enterprises in Zhejiang Province and ranks No. 1 on the list with a total wealth of 1 billion yuan. Ding owns a culture-related company in Shenzhen, Guangdong Province and he is the only one born in the 1990s on the list.
Jin, a new IT industry engine
Jin Jin, 25, who founded games company Ferry Network in Hangzhou, Zhejiang Province, tops the list. He turned an initial investment of 5,000 yuan (731 U.S. dollars) into one billion within two years, China News Service reported.
When he was a boy, Jin adored online games so much that his parents always knew where to find him - in the game room. Yet he is different from other game lovers, and was always thinking about how to make money from playing games.
Established in 2005, Ferry Game has set up 11 offices all over China, its self-developed 3D online games are the favorites of millions of young people in major Chinese cities.
"My friends and I had an agreement at high school that we would set up our own on-line game publisher after graduation. Now we've made it earlier than that," Jin told China News Service.
Jin said he and his company are both "made in Hangzhou." "It is Hangzhou that helps to make it possible," he said.
The city's development of the creative industry, including online games, is an eye-catching trend. In 2008 alone, the economic output by its cultural and creative industry increased by about 58 billion yuan, according to People's Daily.
Ding, a post-1990s CEO
Ding Shiyuan strikes a pose in his office. (Photo: GlobalTimes.cn)
"How are you? How old are you?" are the standard greetings when people see him. Ding Shiyuan, or Denny, a 19-year-old student from Shenzhen, Guangdong Province, is the only young tycoon of the post-1990s generation on the list.
Denny has left his peers far behind and is now a man of multiple titles. He is a freshman at Shenzhen Institute of Information Technology. But he is also the boss of Dingding Cultural Development Company, which he established when he was 17.
"When I was told that I was on the list, frankly, I was excited yet worried. I don't think it's appropriate to make a list to compare our wealth. It may pose a threat to our security," Denny told the Global Times.
At the age of 14, when one is supposed to be enjoying childhood, Denny plowed himself into the adult world. He spent his summer vacations attending evening classes in psychology, marketing, journalism and design studies. Then he became the youngest reporter of China Fashion Weekly, which is where his connections ballooned.
"I had no childhood. I didn't watch cartoons and I didn't play online games. They're a waste of time," he said.
And now he is not a broke student anymore. He is a fabulously wealthy businessman who earns one million yuan (146,340 U.S. dollars) a year.
And projects from all over China are flying into his office. His hands are full with work, with no time left for school, he said.
"A certificate is not that important for me anymore. It's just a piece of paper that shows your capability."
(By Ji Beibei and Lin Meilian)
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