China's millionaire students

Source: www.globaltimes.cn

A list of graduate millionaires published recently has attracted media attention and also public controversy.

The List of Richest College Graduates with their Own Business was jointly issued by the Chinese University Alumni website and 21st Century Report on June 24, with the average fortune of the 100 rich college graduates on the list amounting to 2.6 million yuan ($380,380), local Beijing Times reported Tuesday. Most enterprises on the list are small-scale start-up companies and are in their initial stages, with no competitiveness with mature large companies in terms of scale and capital, the newspaper said.

The IT industry is the favorite choice when graduates decide to start their own businesses. 40 percent of the enterprises on the list are IT-related. Among the top 10, eight are in the IT industry.

Regarding funding, 90 percent of those listed raised funds by themselves and 10 percent obtained financial aid from their parents. Research findings show that 20 percent received venture capital from foundations or banks.