SHANGHAI — Mr Robin Li (picture) surpassed Mr Wang Jianlin as the richest man in China yesterday by US$64 million (S$80.3 million), according to the Bloomberg Billionaire Index.

As the founder of China’s largest Internet search engine Baidu, Mr Li has become the wealthiest individual in the world’s second-biggest economy, 14 days after he took the No 2 spot.

His net worth has climbed by US$4.8 billion (S$6 billion), or 65 per cent, to US$12.23 billion this year as Baidu shares rallied.

Mr Wang, Chairman of closely held real-estate group Dalian Wanda, has seen his fortune rise by US$2.9 billion to US$12.17 billion this year.

Four of China’s top billionaires are each worth about US$12 billion.

Quick expansion in smartphones and tablets as well as a predominant position in the desktop search market have boosted Baidu shares 69 per cent in the past six months, according to Ms Lucy Zhang, an analyst at Internet consulting group IResearch.

Mr Wang may reclaim the top spot after he sells shares in AMC Entertainment Holdings, the United States movie chain he bought for US$2.6 billion last year. AMC said this week it plans to raise as much as US$368 million in an initial public offering that would value the firm at up to US$1.9 billion.

Mr Zong Qinghou, Chairman of Hangzhou Wahaha Group — the largest Chinese beverage maker — trailed Mr Li and Mr Wang with a net worth of US$12 billion.

Mr Ma Huateng, founder and Chairman of Tencent Holdings, China’s largest Internet company by market value, is the country’s fourth-richest individual with a wealth of US$11.5 billion.

Mr Li, who also goes by his Chinese name Li Yanhong, said in October that his firm would continue to invest aggressively in mobile search. Its search app instalments rose 50 per cent to 330 million users by the end of September from three months ago.

Baidu is also exploring opportunities in Internet finance. In October, it offered Baifa — a money-market fund managed by China Asset Management. The product has attracted US$164 million in investments from more than 120,000 customers on its debut, according to a Baidu spokesman. Bloomberg