Colin Huang Becomes China's Richest Person

Colin Huang, the founder of PDD Holdings, has become China's richest person with an estimated net worth of $48.6 billion, surpassing Zhong Shanshan. Huang's success stems from the rapid growth of his e-commerce platforms Pinduoduo and Temu, which leverage a group-buying model to offer deep discounts. Despite a significant drop in his wealth during China's crackdown on private businesses, Huang's fortune rebounded with the overseas success of Temu. Huang, a former Google engineer, founded Pinduoduo in 2015, and the company went public in 2018. His innovative approach and market strategies have made him a prominent figure in e-commerce, akin to tech leaders like Jack Ma and Jeff Bezos.