Tianqiao Chen, Chairman and CEO of Shanda Interactive Entertainment, has replaced Ding Lei, head of NetEase to become China's new wealthiest man.

Shanda is one of the largest operators of online games in China, and its NASDAQ-listed stock value shot up to nearly 1 and a half billion US dollars.

As the company's founder, Tianqiao Chen and his family members now hold stocks now valued at nearly 9 billion yuan or over 1.1 billion US dollars, far more than Ding Lei's 7 billion yuan.

Shanda's stock rose sharply after the country's largest online game operator announced its better-than-expected financial results for the second quarter.

Shanda's stock value has also surpassed South Korea's online game operator NCsoft, becoming the world's top online game share. (Photo Source:Sina)

(CRI August 13, 2004)