E-commerce tycoon Colin Huang has become China's richest man, an index showed Friday, capping an ascent for the former Google employee whose shopping site Temu has sucked in consumers with its low prices and all-powerful algorithms.
Huang, the founder of PDD Holdings—which owns Temu and Chinese retail app Pinduoduo—is now worth $48.6 billion, the Bloomberg Billionaires Index said.
He overtakes Zhong Shanshan, the boss of beverage company Nongfu Spring who had topped the list since April 2021, as the world's 25th wealthiest person and the richest in China.
Close behind them is Ma Huateng, known as Pony Ma— head of tech giant Tencent, whose WeChat is often described as China's "everything app".
And in fourth place is Zhang Yiming, founder of Bytedance, which owns the massively popular TikTok video sharing platform.
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