The Google techie who is now China's richest man
Colin Huang (44), the visionary behind e-commerce giants Temu and Pinduoduo, has now become China's richest person with a net worth of $48.7 billion, as per the Bloomberg Billionaires Index. He has surpassed beverage magnate Zhong Shanshan ($47.3 billion) to take the 25th spot in the global index and emerge as China's richest individual. Huang's meteoric rise to the top of the list highlights the success of his disruptive e-commerce platforms.
Huang worked at Google for about 3 years
Huang, who has a master's in computer science from the University of Wisconsin, interned at Microsoft in both Beijing and Seattle before starting his career at Google in the US in 2004. In 2006, he returned to China to expand Google services in the country. After resigning from Google in 2007, Huang started the e-commerce site Oku, which he sold for over $2 million in 2010.
Pinduoduo, founded in 2015, got listed on NASDAQ in 2018
Huang founded Pinduoduo, a Shanghai-based company, in 2015. The e-commerce platform rapidly expanded, with revenue reaching $4.33 billion in 2019. Pinduoduo's successful initial public offering (IPO) on the NASDAQ in July 2018 raised $1.6 billion. Following the IPO, Huang's 47% stake in the company was valued at $14 billion, propelling him to 13th on China's wealth ranking.
Temu's strategic expansion and advertising efforts
Launched in 2022 as a US extension of Chinese online retailer Pinduoduo, Temu has made significant strides in the e-commerce sector. The platform's unique selling proposition is its ultra-low prices on everyday items and numerous promotions, which have quickly gained consumer favor. Rivaling Amazon, Temu expanded its marketplace in April 2023 to include sellers with US-based warehouses and spent nearly $2 billion on advertising on Meta's platforms. The same year, Temu was the most-downloaded shopping app in the US.
Huang's wealth rebounds despite challenges
Huang's journey to becoming China's wealthiest individual has not been without hurdles. His wealth was significantly impacted by the COVID-19 pandemic and China's regulatory crackdown. However, despite these setbacks, his fortune has rebounded due to Pinduoduo's consistent growth and the international success of Temu. Huang stepped down from his role as Pinduoduo's CEO in July 2020 but continued to serve as chairman until March 2021, when he relinquished that position as well.
