Colin Huang has become the richest man in China, thanks in part to the extremely successful bargain app Temu. The financial news agency Bloomberg published its new ranking on Friday. According to it, 44-year-old Huang has a fortune of 48.6 billion dollars (44.5 billion euros), putting him in first place. He founded the holding company PDD, the parent company of the Chinese online retailer Pinduoduo and Temu, and is responsible for foreign markets.
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Temu lures customers with extreme bargains. However, the online retailer is repeatedly criticized for poor quality, undelivered shipments and, last but not least, the catastrophic climate and environmental impact of its products. Consumer advocates criticize the online marketplace for being “full of manipulative techniques aimed at getting consumers to spend more on the platform.”
Founder Huang, a former Google employee in China, is the 25th richest person in the world with his billion-dollar fortune, according to Bloomberg. He founded Pinduoduo in 2015. Temu followed in the US in 2022, followed by the European and Latin American markets. In Europe, Temu says it has around 75 million active users per month.
In second place in the rich ranking for China is “mineral water king” Zhong Shanshan with his bottling company Nongfu Spring, who had been at the top of the ranking since 2021. Number three on the Bloomberg list is the head of the internet group Tencent, Ma Huateng, followed by the founder of Tiktok parent company Bytedance, Zhang Yiming.
