TapTechNews August 9th news, according to today's report by Bloomberg, the Bloomberg Billionaires Index shows that Huang Zheng, the 44-year-old founder of Pinduoduo, has become the richest man in China - with a wealth of $48.6 billion (TapTechNews note: currently about 348.806 billion yuan). He has replaced Zhong Shanshan, the king of bottled water who has held the top spot since April 2021 ($47.4 billion, currently about 340.194 billion yuan).
It is reported that this former Google engineer founded Pinduoduo in 2015 - an e-commerce platform known for extremely low prices and large-scale promotions. He quickly rose to the top of the global rich list, and his personal net worth peaked in early 2021, reaching $71.5 billion (currently about 513.161 billion yuan).
He is also the first tech tycoon to top the wealth list in three years. Huang Zheng has basically remained low-key since he stepped down as the CEO of Pinduoduo in 2020 and resigned from the board of directors in 2021.
At the same time, Pinduoduo's overseas version Temu has played a boosting role in the company's revenue. Temu quickly climbed to the top of the US app store in September 2022, targeting US consumers under inflation pressure who like cheap, unbranded products shipped directly from China. Pinduoduo reported revenue of about 248 billion yuan last year, an increase of 90% compared to 2022.
According to TapTechNews' previous report, Temu's sales in the first half of this year reached about $20 billion (currently about 143.542 billion yuan), of which the GMV in the second quarter was about $12 billion (currently about 86.125 billion yuan), and the US market accounted for nearly 45%.