Tech millionaires keep China's wealth machine humming
Global banks are monitoring new fintech business models emerging there
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WANG Feng is the kind of successful technology entrepreneur whom private wealth bankers from Goldman Sachs to Credit Suisse would love to land as a client. He is chairman of Beijing-based Linekong Interactive Group, a Chinese mobile and online game developer valued at about US$194 million - in which he owns a 20 per cent stake.
What is more, five years ago, Mr Wang, 46, co-founded Geek Founders Capital, which has since raised 300 million yuan (S$64.6 million) in three financing rounds and invested in more than 60 companies. Last year, he and a partner, Zhang Xiaowei, a former Huawei Technologies executive, raised US$60 million from venture capitalists to launch a home console game company to take on the likes of Microsoft's Xbox and Sony's PlayStation in China.
"Fast technological innovations have created waves of opportunities," said Mr Wang, whose rectangular black glasses, slim build and red sweater seem inspired by the hipsters of Silicon Valley. "As long as you're smart, you're going to make money."
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