Colin Huang Tops China’s Rich List with $48.6 Billion
Colin Huang, the founder of PDD Holdings, which owns the popular shopping platforms Temu and Pinduoduo, has risen to become China’s richest person. According to the Bloomberg Billionaires Index, Huang’s net worth has reached $48.6 billion.
Huang’s wealth surpasses that of Zhong Shanshan, the head of Nongfu Spring, who had been the top-ranked individual in China since April 2021. Huang now ranks as the 25th wealthiest person globally.
Following Huang are Ma Huateng, also known as Pony Ma, the founder of tech giant Tencent, and Zhang Yiming, the founder of Bytedance, the company behind the widely used TikTok app.
Born in 1980 in Hangzhou, China, Huang was an exceptionally talented mathematician and previously worked at Google China. In 2015, he established Pinduoduo, an e-commerce platform that has since become one of China’s largest, competing closely with Alibaba, founded by Jack Ma.
Pinduoduo attracted millions of users with its significant discounts and diverse product offerings. Its international counterpart, Temu, launched in the United States in 2022, quickly gained popularity by offering extremely low-cost goods manufactured in China.
The success of Temu has been bolstered by high inflation rates, prompting cost-conscious consumers to seek out bargains. The platform has expanded into Europe, Latin America, and other regions, with around 75 million monthly active users in Europe alone.
Despite its growth, Temu has faced criticism. Consumer groups in Europe have accused the platform of manipulating customers into spending more and hindering their ability to make informed decisions. Additionally, South Korean regulators are investigating Temu for potential false advertising and unfair practices.
In China, the company has faced protests from merchants in Guangzhou, who allege unfair treatment regarding product sales on the platform. Nonetheless, PDD Holdings has reported significant financial success, with first-quarter net profit more than tripling from the previous year. The company’s US-listed shares closed at $138.02 on Thursday, giving it a market capitalization of $191.68 billion.
Armed with a Laptop and a cup of coffee, Rothschild is on a mission to conquer the news world, one headline at a time.