Xing Wang

Wang Xing

After quitting his doctorate in engineering programme at the University of Delaware, Wang, 36, co-founded Facebook clone Xiaonei in China, sold it, then set up Twitter-like platform Fanfou, which folded after the 2009 Xinjiang riots. He promptly started another online business Meituan, inspired by discount site Groupon. The Alibaba-backed Meituan recorded US$7.4 billion in transaction revenue last year. Its success can be attributed to its much lower commission fees of five percent compared to Groupon’s 40 percent, and a rating system that cuts off business with low-scoring merchants.