E-commerce tycoon Colin Huang now China's wealthiest

Colin Huang, founder of PDD Holdings, has become China's richest man, with a net worth of USD48.6bn, according to the Bloomberg Billionaires Index. Huang, a former Google employee, surpassed Zhong Shanshan, head of Nongfu Spring, who had led the list since 2021. PDD Holdings owns the popular shopping platforms Temu and Pinduoduo, which have attracted consumers with low prices and advanced algorithms. Huang's e-commerce empire rivals Jack Ma’s Alibaba. Ma Huateng of Tencent and Zhang Yiming of Bytedance follow Huang on the list. Born in Hangzhou in 1980, Huang founded Pinduoduo in 2015, turning it into one of China's leading e-commerce platforms with its competitive pricing and extensive product range.