China's Second-Richest Man Behind Retail Fortune—Including Temu—Grows $7 Billion Richer Tuesday

Updated Nov 28, 2023, 04:35pm EST. Chinese billionaire Colin Huang's net worth exploded Tuesday after PDD, the bargain-focused Chinese retailer he founded, posted blowout earnings, sending shares of PDD to their highest price since June 2021. New York-listed shares of PDD surged 18% to $139 in Tuesday trading after the firm reported quarterly earnings and revenue more than 25% above analyst forecasts, generating record net income and sales. Huang, who held a 26.5% stake in PDD as of the end of 2022, simultaneously enjoyed a significant bump in his fortune Tuesday. Following PDD's rally, Huang overtook Zhang Yiming, the founder of TikTok parent ByteDance, as China's second-richest man. Pinduoduo originally took off as a "Virtual bazaar" for Chinese shoppers to score cheap prices on produce and other agricultural products, but PDD has since set its sights globally, launching the shopping app Temu in the U.S. last fall to significant fanfare. PDD, whose market capitalization soared nearly $30 billion Tuesday, is the second-largest U.S.-listed Chinese company, trailing only online retailer Alibaba. Huang's wealth has similarly swung wildly, dipping from $55 billion on Forbes' 2021 billionaires list to just $11 billion on the 2022 ranking before recovering to its current $49 billion level.