China’s stock markets have surged, driven by the AI boom and hopes for more government stimulus to counter a sluggish economy and trade tensions with the U.S. The CSI 300 index has climbed 15% since last measured, boosting the collective wealth of China’s 100 richest from $1.03 trillion to $1.35 trillion.
Two-thirds of the list grew richer this year. Zhong Shanshan, founder of Nongfu Spring, remains No. 1 for the fifth consecutive year, with his wealth rising $26.3 billion to $77.1 billion following double-digit growth in net profit and revenue for the first half of 2025.
ByteDance cofounder Zhang Yiming moved up to second, adding $23.7 billion to reach $69.3 billion. TikTok avoided a potential U.S. shutdown after an executive order required a new joint venture with majority American ownership.
Ma Huateng, chairman of Tencent Holdings, saw his wealth rise over a third to $62.8 billion but slipped to No. 3. Tencent shares jumped more than 40% over the past year thanks to AI investments, online gaming, and advertising on Weixin (WeChat).
Wang Ning, founder of Pop Mart International Group, gained the most in percentage terms, with his fortune soaring more than fourfold to $22.2 billion thanks to the global craze for Labubu dolls. Chen Tianshi, chairman and CEO of Cambricon Technologies, nearly tripled his net worth to $21 billion after the AI chipmaker reported its first half-year net profit of $140 million since its 2020 IPO.
Among newcomers, Liang Wenfeng, founder of AI firm DeepSeek, debuted at No. 34 with $11.5 billion after launching a cost-effective AI model in January. Zhou Chaonan, founder of data center operator Range Intelligent Computing Technology Group, appeared at No. 85 with $5.3 billion.
Six tycoons returned to the list, including Qian Dongqi, founder of robot vacuum maker Ecovacs Robotics, whose net profit jumped over 60% in the first half of 2025. The biggest decline was Wang Xing, chairman of Meituan, whose fortune fell $6.2 billion, or over 42%, to $8.4 billion amid a price war with Alibaba and JD.com.
Among the 14 who dropped off the list is Wang Jianlin, chairman of Dalian Wanda Group, as his property conglomerate sells assets amid a liquidity crunch. The minimum net worth to make the list rose to $4.6 billion from $3.9 billion last year.
