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.
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