Colin Huang Becomes China’s Wealthiest, Surpassing Beverage Tycoon Zhong Shanshan

Colin Huang, the visionary behind PDD Holdings, has emerged as China’s richest individual. With a net worth of $48.6 billion, Huang has overtaken Zhong Shanshan, the head of Nongfu Spring, who has held the top spot since April 2021. Huang now ranks as the world’s 25th wealthiest person.

Huang’s journey from a former Google China employee to the leader of one of China’s most formidable e-commerce companies marks a remarkable ascent. He founded PDD Holdings, the parent company of the popular Chinese retail platform Pinduoduo and the international shopping site Temu. Pinduoduo, launched in 2015, quickly became a major player in China’s e-commerce sector, competing with the likes of Jack Ma’s Alibaba. The platform attracted millions of users by offering deep discounts and a vast selection of products at highly competitive prices.

Temu, an international extension of Huang’s e-commerce empire, debuted in the United States in 2022, where it quickly garnered a significant following thanks to its extremely low-cost goods sourced from China. The platform’s popularity surged amid high inflation as budget-conscious consumers sought out the bargains it offered. Temu has since expanded its reach to Europe, Latin America, and other regions, boasting around 75 million monthly active users in Europe alone, despite only launching there last year.

However, Temu’s rapid success has not come without controversy. The platform has faced criticism for alleged unfair commercial practices and concerns over product safety. Consumer groups in Europe accused Temu of manipulating buyers into spending more by distorting their decision-making processes. Additionally, South Korean regulators launched an investigation in April into claims of false advertising and unfair business practices.

In July, discontent among merchants boiled over as hundreds protested at a PDD Holdings office in Guangzhou, China, citing unfair treatment in how their products were sold on the platform. Despite these challenges, PDD Holdings continues to thrive. In May, the company reported that its net profit for the first quarter had more than tripled compared to the previous year. As of Thursday, PDD Holdings’ U.S.-listed shares closed at $138.02 each, valuing the company at $191.68 billion.

Trailing closely behind Huang in wealth are Ma Huateng, known as Pony Ma, the head of tech giant Tencent, and Zhang Yiming, the founder of ByteDance, which owns the hugely popular TikTok platform.

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