Temu Parent Company 'Pinduoduo' Founder Rises to China's Richest Person

Hwang Jeong, founder of Pinduoduo. [Image source=Reuters·Yonhap News]

According to a report by Bloomberg on the 9th, Huang Zheng, the founder of the Chinese e-commerce platform Pinduoduo (PDD Holdings), has risen to become the richest person in China.

As of that day, Bloomberg's billionaire index recorded Huang Zheng's wealth at $48.6 billion (approximately 66.4 trillion KRW), surpassing Zhong Shanshan, the founder of the Chinese bottled water company Nongfu Spring (農夫山泉), who was previously the richest person in China. This is the first time Huang Zheng has reached the top spot as China's richest person.

Born in 1980 and aged 44, Huang Zheng is a former Google engineer and the protagonist of an unprecedentedly rapid success story in China. In April 2015, the e-commerce company Pinduoduo, which he founded, grew rapidly with a strategy targeting the lower-income population.

Since then, in September 2022, Pinduoduo launched its subsidiary shopping platform Temu in the United States and expanded its business globally, including to South Korea. Huang Zheng also listed Pinduoduo on the NASDAQ in the U.S. As of the end of last year, Pinduoduo surpassed Alibaba in NASDAQ market capitalization and has continued its growth to the extent that it has emerged as a competitor to Amazon and Walmart in the U.S.

This content was produced with the assistance of AI translation services.