Temu’s billionaire founder becomes China’s richest person

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Temu’s billionaire founder becomes China’s richest person
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Temu's Colin Huang is part of a new generation of Chinese tech entrepreneurs.

Former Google engineer Colin Huang quickly ascended the ranks of the world’s richest people, with his net worth peaking at US$71.5 billion in early 2021.

Like many so-called Covid-19 billionaires, his fortune collapsed just as fast as it was made, tumbling 87 per cent in the span of about a year. Mr Huang’s decline was especially stark as the slowing global pandemic coincided with China’s abrupt crackdown on the country’s private sector. Mr Huang’s remarkable ascent has been fuelled by China’s changing shopping habits after the nation’s real estate crisis morphed into a prolonged slowdown. He is also the first tech tycoon to top the wealth rankings in more than three years, after government pressure on private businesses ensnared rivals like Mr Jack Ma’s Alibaba Group. Along the way, Mr Huang has also drawn protests from suppliers for driving down prices and for setting a punishing work schedule for his own employees.

Two years after graduating, he moved back to help set up Google China. He founded his first company in 2007, then sold it in 2010 to start a new one that helped companies market themselves on websites like Alibaba’s Taobao or JD.com. When an ear infection led him to retire in 2013, he hatched the idea for Pinduoduo.

All that, along with China dropping its zero-Covid policy in December 2022, has driven a surge in PDD’s valuation. In November, the company surpassed Alibaba for the first time to become China’s second-largest internet firm and the two rivals have been neck-and-neck since.Still, the breakneck growth has drawn scrutiny at home and abroad.

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