Temu owner’s billionaire founder becomes China’s richest person

The logo of Temu, an ecommerce platform owned by PDD Holdings, on a mobile phone displayed in front of its website. Huang’s remarkable ascent has been fuelled by China’s changing shopping habits after the nation’s real estate crisis morphed into a prolonged slowdown. — Reuters

After several moderately successful ventures in gaming and ecommerce, Colin Huang got sick and retired. At one point, the young entrepreneur stayed home for a year thinking about his next move.

The former Google engineer eventually started Pinduoduo, an ecommerce platform known for selling dirt-cheap products with massive promotions, in 2015. He quickly ascended the ranks of the world’s richest people, with his net worth peaking at US$71.5bil (RM318.04bil) in early 2021.