Alibaba's founder becomes the richest person in China

Alibaba founder Jack Ma has become the richest man in China after the IT multinational’s boost to its initial public offering (IPO) to a world record of $25bn.

Ma’s $25bn fortune has pushed him to the top of the Hurun Report rich list that includes Tencent’s Pony Ma and Wahaha’s Qinghou family.

The firm is understood to have sold 26.1m additional shares at $1.8bn and Yahoo! an extra 18.3m at $1.2bn.

Jack Ma is said to have agreed to sell an extra 2.7m shares and co-founder Joe Tsai to sell 902,782 additional shares.

Hurun Report chairman Rupert Hoogewerf told BBC: “Jack Ma is the 11th number one we have had in China in the last 16 years, showing the dynamism of the Chinese economy, and a stark reminder of the growth potential that is being realised in the emerging markets.”

The sale of extra shares followed overwhelming demand for the IPO on the NYSE on Friday, which initially raised $21.8bn, sending the company’s shares up 38%.