A MORNING WITH JEFF BEZOS SEPTEMBER 2018 • WWW.FORBES.COM MALAYSIAN METTLE KOON BROTHERS FORGED CHINESE ALUMINUM TIES FOR PRESS METAL BHD CEO Koon Poh Keong AUSTRALIA .A $12.00 CHINA RMB 85.00 HONG KONG HK $80 INDIA RS 400 INDONESIA RP 77,000 JAPAN .¥1238 + TAX KOREA W 9,500 MALAYSIA .RM 24.00 NEW ZEALAND .NZ $13.00 PAKISTAN RS 800 PHILIPPINES P 260 SINGAPORE S $12.50 TAIWAN NT $275 THAILAND B 260 UNITED STATES US $10.00 CONTENTS — SEPTEMBER 2018 S PAGE 42 “WE GET ALL OUR BIG-TICKET ITEMS— RICE, OIL, FLOUR— FROM HERE” —Avenue Supermart’s loyal customers help launch it onto our Fab 50 list VOLUME 14 NUMBER 11 | FACT & COMMENT // STEVE FORBES Time to terminate “assisted dying.” THE FAB 50 38 | THE LIST China is squeezing out the world, accounting for 30 of our best, big publicly traded companies BY JOHN KOPPISCH AND ANDREA MURPHY 39 | PRESSING FOR SUCCESS Malaysian aluminum company Press Metal dominates the Southeast Asian market BY ANIS SHAKIRAH MOHD MUSLIMIN 42 | SHOPPING SENSATION India’s Avenue Supermarts earn customer loyalty with their low-priced bulk goods BY ANURADHA RAGHUNATHAN 45 | INVESTING MACHINE There’s a purpose behind Tencent’s frenzied dealmaking: Keep users coming back to its platform BY YUE WANG 47 | NEW TO THE CLASS Notable newcomers to our list Plus: companies that may soon be Fab 50 members COMPANIES, PEOPLE 14 | POLITICAL ROAST Taiwanese-owned cofee chain draws a VIP who is of-limits on the mainland BY RALPH JENNINGS 16 | WHERE E-CASH IS KING China’s fintech giants are consolidating their gains and using their capital heft BY SARA HSU 17 | MAGIC MIRROR A Chinese virtual fitting room startup boosts retailers’ revenues with big data BY JANE HO COVER PHOTOGRAPH BY JOSHUA PAUL GILBERT FOR FORBES | FORBES ASIA SEPTEMBER 2018 UNLESS OTHERWISE SPECIFIED, ALL TOTALS AND PRICES EXPRESSED IN OUR STORIES ARE IN U.S DOLLARS CONTENTS — SEPTEMBER 2018 VOLUME 14 NUMBER 18 | SEATS, THEN SERVICES The founder of co-working startup Kr Space says growth has to come before profits BY YUE WANG 22 | MASTER BUILDER Multibillion-dollar app Procore brings the world’s construction projects onto the cloud BY ALEX KONRAD 26 | BEZOS UNBOUND The richest person of all time tells Forbes that he’s only begun to grow BY RANDALL LANE 34 | BITMAIN’S MAIN MAN The cryptocurrency-mining billionaire nobody has heard of BY JASMINE TENG 52 | A REALLY BIG SCORE Can esports legend Andy Dinh continue to dominate as billionaire moguls enter the arena? BY MATT PEREZ 54 | BEST UNDER A BILLION: BLS S PAGE 92 “I LIKE RESULTS NOW.” —HTET MYET OO, 30 Under 30 member (2016) and founder of Rangoon Teahouse and other restaurants in Myanmar Shikhar Aggarwal builds a global challenger on dad’s frustration with lengthy visa queues BY ANURADHA RAGHUNATHAN 64 | TWEENPRENEURS Social gaming unicorn Roblox teaches kids the rudiments of coding BY ALEX KNAPP 68 | BETTER OVER TIME Sincere Watch scion embraces a new idea: sell older models BY PAMELA AMBLER 77 | BILLIONAIRES TO BE: CIGARETTE BREAKERS The cofounders of Juul Labs have cornered the U.S e-cigarette market BY KATHLEEN CHAYKOWSKI TECHNOLOGY 78 | BREAKING HEARTS T PAGE 84 WILFRED UYTENGSU JR —Philippines’ 50 member and Ironman HeartFlow has raised $467 million for a heart-disease test, but it may not make patients better BY ELLIE KINCAID 80 | GADGETMAN // BEN SIN Poker fanatic Xu Ke launches Ono, a social network based on blockchain technology THE PHILIPPINES’ 50 RICHEST 84 | THE LIST It has been a volatile year, with 19 members seeing a net worth shift of 20% or more BY GRACE CHUNG ENTREPRENEURS 90 | HAIR ON FIRE Nancy Twine went from trading commodities to building a luxury hair-care brand BY CHLOE SORVINO FORBES LIFE 92 | GOOD EATS IN MYANMAR A hungry 30 Under 30 entrepreneur comes home to feed his people BY JANE A PETERSON 94 | FROM THE EXPERTS Art, booze and timepieces to buy, hold and sell 96 | THOUGHTS On advice | FORBES ASIA SEPTEMBER 2018 FORBES ASIA SIDELINES Editor Tim W Ferguson Editorial Director Karl Shmavonian Rich, Yes Crazy? Art Director Charles Brucaliere Senior Editor John Koppisch Wealth Lists Editors Luisa Kroll, Kerry A Dolan Statistics Editor Andrea Murphy Research Director Sue Radlauer Online Editor Jasmine Smith Reporter Grace Chung Editorial Bureaus Beijing Yue Wang Shanghai Russell Flannery (Senior Ed.); Maggie Chen India Editor Naazneen Karmali Contributing Editors Bangkok Suzanne Nam Chennai Anuradha Raghunathan Hong Kong Shu-Ching Jean Chen Melbourne Lucinda Schmidt Perth Tim Treadgold Singapore Jane A Peterson Taipei Joyce Huang Vietnam Lan Anh Nguyen Columnist Ben Sin Production Manager Michelle Ciulla EDITOR-IN-CHIEF Steve Forbes FORBES MAGAZINE CHIEF CONTENT OFFICER Randall Lane EXECUTIVE EDITOR Michael Noer ART & DESIGN DIRECTOR Robert Mansfield FORBES DIGITAL VP, INVESTING EDITOR Matt Schifrin VP, DIGITAL EDITOR Mark Coatney VP, PRODUCT DEVELOPMENT Salah Zalatimo VP, WOMEN’S DIGITAL NETWORK Christina Vuleta ASSISTANT MANAGING EDITORS Frederick E Allen LEADERSHIP Loren Feldman ENTREPRENEURS Janet Novack WASHINGTON Michael K Ozanian SPORTSMONEY E ven many of the favorable reviewers of the hit movie Crazy Rich Asians concede it is familiar romantic-comedy fare from Hollywood, save for the faces Yet therein lies the basis of a cultural moment, as Asian characters assume mainstream roles for a largely Western audience Of direct interest to Forbes Asia readers is the backdrop of the story (earlier a book by Kevin Kwan): the tussle between traditional and modern mores in an extremely wealthy Singaporean Chinese family Of course this ilm is an entertaining caricature, although I trust it inspires conjectured likenesses to real clans Singapore itself appears in several glam cameos he vast ictional fortune itself, however, popularizes what this magazine has been reporting for years: the Asia-Paciic region’s extraordinary personal riches If this cinematic staple is nevertheless a breakthrough on the far side of the Paciic, it is not the only one lately for those of Asian background Amid the continuing and ever remarkable rise of immigrants and their ofspring from East and South Asia in North America, we are seeing their academic, artistic and inancial success extend gradually into the civic realm A growing (if belated) presence in public and political life, through new candidates and constituencies, is rounding out the “cast” of North America’s real-life drama Note two recent cases of similar theme: irst, an attempt by New York City oicials to soten the admission criteria for its prestigious specialized high schools, where a standardized-test cutof has resulted in a bulge of ethnic Asian enrollment And second, a lawsuit aimed at the fuzzy measures by which Harvard University has arguably reduced the number of its ethnically Asian matriculants (Harvard being a proxy for elite colleges generally) In each case, Asians have been unusually outspoken in the debate To be sure, solidarity is one thing, but tribalism is another, and such a scourge can take both let- and right-wing forms It can cloud legitimate policy considerations Take the increasing resistance in the West to mainland Chinese economic forays: Is this a bigoted response or an expression of strategic or security concerns? A culture warrior might see the former—ater all, look at China’s great companies on our Fab 50 (p 38) But what of other Asian nations also recoiling from Beijing’s push? he world is getting smaller, and battles for turf are to be expected Competition that is open and objective under the rules will make for happier endings DEPARTMENT HEADS Mark Decker, John Dobosz, Clay Thurmond Jessica Bohrer VP, EDITORIAL COUNSEL Malcolm S Forbes, Editor-in-Chief (1954-90) James W Michaels, Editor (1961-99) William Baldwin, Editor (1999-2010) | FORBES ASIA SEPTEMBER 2018 Tim Ferguson Editor, forbes asia globaleditor@forbes.com ALAMY FOUNDED IN 1917 B.C Forbes, Editor-in-Chief (1917-54) PROMOTION SUSTAINABILITY Panelists discussed the ways they are contributing to a more sustainable future in Asia PART 1: WORKING TOWARDS A SUSTAINABLE FUTURE IN ASIA (L-R) " F# #? M XP M # #C @ X " ! #H?#B J XJ " #? K # " PART 2: NECESSITY IS THE MOTHER OF INVENTION Reyhan Jamalova, Founder, Rainergy DISRUPTIVE TECHNOLOGY Tech disruptors presented their innovative solutions and highlighted how these technologies are changing the world PART 1: TECH SHOWCASE Hu Zhenyu, Founder & Executive Director, Linkspace Togo Ogi, Cofounder, FunLife PART 2: DISRUPTING THE STATUS QUO Dhruv Sharma, Founder, GuestHouser (L-R) E N # #@ XJ " # Digital Reporter, Forbes Asia H K #> & COO, Bitspark PART 3: THE ULTIMATE PART 4: THE FUTURE OF AI IN ASIA HACK TRICK M H #> & CEO, Lucideus (L-R) H C Q #>@I` # GXM M# #N H X ? BC #>@I#JNE I XNG#J #S PROMOTION SOCIAL RESPONSIBILITY Panelists shared more about their causes and how some of them used entrepreneurship as a tool for social change PART 1: ENTREPRENEURSHIP FOR A CAUSE (L-R) PART 2: INSPIRING CHANGE G R F #> #N J J XMM #> # @ " XN= # #? Q C XK Q #M @ ±M J # " DISCOVERY AREA Suhani Jalota, Founder, H H ... $8.8 Billion Billion 2008 33 2 009 28 BASED ON 8/27 / 2018 STOCK PRICE 2010 18 2011 13 2012 11 2013 12 2014 15 2015 2016 2017 2018 SEPTEMBER 2018 FORBES ASIA | 31 FORBES ASIA JEFF BEZOS APRIL 3, 1995... Malcolm S Forbes, Editor-in-Chief (1954-90) James W Michaels, Editor (1961-99) William Baldwin, Editor (1999- 2010 ) | FORBES ASIA SEPTEMBER 2018 Tim Ferguson Editor, forbes asia globaleditor @forbes. com... trademark registered with the U.S Patent & Trademark Oice Forbes Asia is a trademark of Forbes Asia Copyright © 2013 FORBES ASIA 200 Best Asian Companies Under A Billion 13,311 Singapore’s Shoebox