While the majority of his fortune comes from Xiaomi, he also owns minority stakes in a number of Chinese online enterprises, including Hong Kong-listed anti-virus firm Kingsoft, private e-commerce companies Vancl and Lakala, mobile browser provider UC Web, and YY, which hit the Nasdaq exchange last Wednesday.

FORBES: Chinese Billionaire Lei Jun Sees Hundred-fold Return After YY IPO

One deal that has been rumoured for months is a takeover of UC Web, a Chinese mobile browser operator with 400 million users worldwide.

FORBES: Chinese Mobile Browser UC Web Hikes Spending, Stays Independent

In short, UC Web wants to build the next mobile browser.

FORBES: China's Largest Mobile Browser Heads Into U.S. Market