I cover Chinese billionaires, and help to compile the China Rich List as well as Under30 list in Asia. I contribute to Forbes, and previously I freelanced for SCMP and Nikkei. Prior to Beijing, I spent six months as an intern at TIME magazine's Hong Kong office. I am a graduate of the Medill School of Journalism, Northwestern University.
Colin Huang , founder of Pinduoduo, the precursor of PDD Holdings, speaks at the company's listing ceremony in Shanghai on July 26, 2018.Huang, 44, clinched the crown for a few hours Thursday with wealth of $46.9 billion, according to Forbes estimates. The mogul stepped down as chairman of PDD Holdings in 2021 but continues to derive his net worth from a large company stake.
Huang, on the other hand, is seeing his wealth rise thanks to Nasdaq-listed PDD Holding’s success. The reclusive mogul, who started his career as a Google engineer in the U.S. in 2004, founded PDD Holdings in 2015, almost two decades after competitors such as Alibaba and JD.com. “In addition to cheap prices, the company has a quite high market share in lower-tier cities and markets,” says Kenny Ng, a Hong Kong-based securities strategist at Everbright Securities International. “Market competition will continue, but I think PDD Holdings has big advantages.”, it managed to contain the crisis with no serious fallout, according to Robert McKay, a Shenzhen-based senior research associate at research firm Blue Lotus Capital Advisors. McKay points to the stock’s 8.
PDD Holdings reported a whopping 131% year-on-year surge in revenues to 86.8 billion yuan in the first quarter, while net income more than tripled to 28 billion yuan. Alibaba, by comparison, saw its sales increase 7% to 222 billion yuan in the same period and its net income decrease 96% to 919 million yuan due to losses from investments in certain publicly traded companies.
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