Colin Huang Falls to Fifth Richest in China

Colin Huang, founder of the shopping platform Temu, has lost his title as China's richest person after a dramatic drop in shares of PDD Holdings, resulting in a personal loss of nearly $21 billion and leaving him with a net worth of $51.9 billion. Zhong Shanshan of Nongfu Spring has reclaimed the top spot with a fortune of $73.7 billion. The decline in Huang's wealth coincided with protests from independent merchants in China against Temu, who accused the company of imposing unjust fines and withholding payments. Additionally, fast-fashion brand Shein has filed a lawsuit against Temu, alleging design theft and other fraudulent activities. A US congressional report has raised concerns about the use of forced labor in Temu's supply chains and issues related to tax evasion. Huang's fall from grace underscores the volatility of the tech sector amid intensified competition and economic challenges in China.