China has a new richest man in 44-year-old e-commerce tycoon Colin Huang, according to the . Huang, a former engineer, is now estimated to have a net worth of $48.7 billion, making him the wealthiest person in China and 25th richest in the world.
Huang made his billions through PDD Holdings Inc., the parent company of retail platforms such as the Temu marketplace. In May, PDD's market capitalization overtook 's, ending that company's reign as China's top e-commerce giant.
Chicago-based financial-services provider Morningstar that month predicted Temu's profits would rise faster than anticipated on the back of the firm's half consignment business model, which sees the platform's merchants handle logistical costs. Another notable PDD success is Pinduoduo, an online retailer with a focus on agricultural goods. The platform is known for its bargains and a feature that allows users to team up to secure lower prices on purchases.
Huang's wealth peaked at over $71 billion in 2021, only to plummet by 87 percent over the next year amid Chinese President 's crackdown on the country's Big Tech industry. His fortunes have since again reversed as China's slowing encourages thriftiness among consumers. "Ma and have been corporate leaders in their moments, but the times have changed and Huang is seeing great success with a different, less visible approach," Brock Silvers, managing director at private equity firm Kaiyuan Capital, told .
reached out to PDD Holdings for comment. Tesla founder .