Meet China’s New Wealth King: Colin Huang and His E-Commerce Empire

Colin Huang has officially taken the crown as China’s richest man, as per the latest update from the Bloomberg Billionaires Index. Once a Google employee, Huang is now making headlines with his e-commerce platforms, particularly Temu, which has captivated consumers with its incredibly low prices.

Having a net worth of $48.6 billion, Huang has surpassed Zhong Shanshan, the head of Nongfu Spring, who held the title since April 2021. Now, Huang ranks as the 25th wealthiest person in the world and holds the number one spot in China.

Right behind him are notable figures like Ma Huateng, also known as Pony Ma, the CEO of tech giant Tencent, and Zhang Yiming, founder of ByteDance, which is widely recognized for its popular app TikTok.

Born in 1980 in Hangzhou, Colin Huang was a math prodigy and later worked for Google China. He ventured into the online retail space in 2015 by founding Pinduoduo, which quickly became a major player in China’s e-commerce landscape, attracting users with massive discounts and a wide product selection.

In 2022, he launched Temu, an international version of his successful app, targeting consumers in the United States and beyond, where it gained popularity by offering ultra-low-cost goods shipped straight from China. This move aligned perfectly with the rising demand for affordable shopping options amid high inflation trends.

Since its launch in Europe last year, Temu has claimed an impressive average of around 75 million monthly active users. However, this success story isn’t without its controversies.

Consumer advocacy groups in Europe have raised concerns about Temu’s tactics, accusing the platform of manipulating customers into spending more and hindering their ability to make informed choices while shopping.

Furthermore, regulators in South Korea opened an investigation in April over suspicions of false advertising and unfair commercial practices related to Temu. Meanwhile, earlier this summer, a protest erupted in Guangzhou as hundreds of merchants voiced their grievances regarding treatment on the platform.

Despite these allegations, PDD Holdings, which oversees both Pinduoduo and Temu, showed robust growth, announcing in May that their first-quarter net profit had more than tripled compared to the previous year, with shares trading at $138.02 each, giving the company a whopping market cap of $191.68 billion.