Colin Huang, PDD Holdings founder and the owner of the popular online discount store Temu was named China’s richest man with a net worth of €44.7 billion ($48.6 billion).
The high figure was published in Bloomberg’s Billionaires Index, trumping bottled-water tycoon Zhong Shanshan, who had held the title for three consecutive years.
Mr Huang has founded multiple businesses such as e-commerce platform Oku, the online games company Xinyoudi and agricultural platform Pinduoduo.
The 44-year-old billionaire also held the role of engineer at Google where he was involved in expanding the company’s services in China.
Temu is widely recognised for its extremely cheap items. In China, Temu gained popularity in light of economic challenges.
Popularity for the online platform was also noted among shoppers from the United Kingdom and the United States.
Despite its popularity, it has been criticised for imposing high fines against suppliers for issues pertaining to poor customer service such as wrong product descriptions or parcels or late deliveries.
Furthermore, Temu has been accused of subjecting employees to long work hours and overtime.
KDM Group names John Bartolo Group Chief Commercial Officer
He says he is 'excited for the journey ahead.'
APS CEO says bank could tap into digital currencies to take advantage of disruption
Marcel Cassar says APS views disruption to traditional banking as a potential opportunity.
Steves&Co. – 20 years and counting
Twenty years of building brands, shaping experiences, staying curious.
APS CEO eyes further growth after ‘standout’ 2025 performance
Marcel Cassar says the bank's strategy 'clearly paid off' as it registered 'broad-based double-digit growth over 2024.'
