A new e-commerce tycoon is changing China’s rich rankings. According to the latest financial report, Huang Ke, the founder of Pinduoduo, which owns Pinduoduo and Temu e-commerce platforms, is currently the third richest person in China. Hurun China Rich List. Huang’s wealth increased by nearly $14 billion to $37.2 billion, up seven spots from last year.
Hurun pointed to Pinduoduo’s strong domestic growth and Temu’s rapid overseas success to explain Huang’s sudden fortune.Tycoon has a 26.5% equity According to the 2022 annual report of PDD Holdings.
The Pinduoduo founder outranked many of his tech contemporaries, such as NetEase CEO Ding Lei, ByteDance founder Zhang Yiming and Alibaba founder Jack Ma, who dropped to tenth place. As recently as 2020, Jack Ma ranked first.
Only two other Chinese business leaders are richer than Huang: Zhong Shanshan, chief executive of Nongfu Spring, China’s largest bottled water supplier, and Tencent founder Ma Huateng, according to Hurun Report.
Who is Colin Huang?
Colin Huang founded Pinduoduo, his fourth attempt In 2015, when starting the company. The Chinese e-commerce platform pioneered “group buying,” where customers can jointly order in bulk from manufacturers to reduce costs.Pinduoduo also has it Connect farmers directly Interacting with consumers through its online marketplace allows growers to bypass middlemen.
Customers from China’s less well-known cities have flocked to the platform because of its lower costs. Pinduoduo’s initial public offering on the Nasdaq exchange in 2018 valued the company at US$32.4 billion. The e-commerce company is currently worth $143 billion.
yellow Step down He will serve as chairman of Pinduoduo in 2021 because he hopes to pay more attention to his personal interest in life sciences.
Pinduoduo successfully entered the US market with Temu in September 2022, providing low prices for daily necessities. The new platform has soared in popularity since its launch last year, even surpassing Chinese e-commerce company Shein, which focuses on fast fashion. Temu is currently the No. 1 shopping app in the U.S. App Store, surpassing Shein in sales for the first time in May, according to one company, and has been solidifying its lead ever since. Bloomberg calculate.
Pinduoduo changed its name to Pinduoduo Holdings in February and also started List their primary address In filings with the U.S. Securities and Exchange Commission, it was named Dublin, not Shanghai.
PDD Holdings has bounced back from the Covid trough. In the quarter ended in June, the company’s revenue was $7.2 billion, up 66% year over year. At the time, co-CEO Zhao Jiazhen noted that “consumers’ increasing willingness to shop” was helping the company.
Beyond Jack Ma
Huang’s wealth contrasts sharply with that of his e-commerce tycoon counterpart, Jack Ma. The Alibaba founder dropped to 10th on this year’s Hurun China Rich List as financial technology company Ant Group’s market value fell further. Jack Ma, who once topped the Hurun Report, has lost $35 billion since his net worth peaked at $58.8 billion in 2020.
Beijing has placed Jack Ma and his two companies, Alibaba and Ant Group, under supervision since he publicly criticized China’s financial regulators at a conference in Shanghai in October 2020. scope. Authorities subsequently canceled Ant Group’s $35 billion Shanghai listing in November.China’s central bank then ordered Ant Group to reorganize, Jack Ma give up control Joined Ant Group in January last year. Ant Financial was also fined nearly $1 billion earlier this year, which analysts believe could end China’s years of suppression of its tech giants.
According to the Hurun Report, there are 895 billionaires in China, 51 fewer than the previous year.However, the country still has the most billionaires, ahead of the United States
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