A new e-commerce tycoon is shaking up the rankings of China's wealthy. Colin Huang, the founder of PDD Holdings, which owns the e-commerce platforms Pinduoduo and Temu, is now the third-richest person in China, according to the latest Hurun China Rich List. Huang's fortune swelled by almost $14 billion to hit $37.2 billion, jumping forward seven places compared to last year.
Hurun pointed to Pinduoduo's strong domestic growth and Temu's rapid overseas success to explain Huang's sudden fortunes. The tycoon has a 26.5% stake in PDD Holdings, according to the company's 2022 annual report.
