E-commerce Tycoon Huang Tops China's Rich List

Colin Huang has topped China's rich list thanks to the huge success of the Temu and Pinduoduo retail apps (Credit: AFP)

E-commerce tycoon Colin Huang has become China's richest man, an index showed Friday, capping an ascent for the former Google employee whose shopping site Temu has sucked in consumers with its low prices and all-powerful algorithms.

Huang, the founder of PDD Holdings -- which owns Temu and Chinese retail app Pinduoduo -- is now worth $48.6 billion, the Bloomberg Billionaires Index said.