Hangzhou born in the 1980s becomes China's new richest man!
2024-08-10
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
On the afternoon of August 9, the Bloomberg Billionaires Index showed thatPinduoduo founder Huang Zheng has become China's richest man.With a net worth of US$48.6 billion, he replaced Nongfu Spring founder Zhong Shanshan, who had topped the list since April 2021, to become the richest person in China.
Huang Zheng, who was born in 1980, is from Hangzhou and is known as the strongest counterattack comer from a grassroots background.
Huang Zheng's family was not well off when he was young. He won a prize in the Mathematical Olympiad and successfully entered Hangzhou Foreign Language School. After graduating from high school, he was recommended to Zhejiang University, majoring in computer science. Later, he was selected to study at the University of Wisconsin in the United States.
While his peers spent their best time playing games and dating, Huang Zheng spent most of his time studying computer technology. As a result, he met "noble people" such as Ding Lei and Duan Yongping, the latter of whom even took him to lunch with Buffett.
After returning to China, Huang Zheng founded several e-commerce companies in Hangzhou and a gaming company in Shanghai. Miraculously, most of them are still running on the same track as before and maintaining good operations.
In 2015, Huang Zheng and his classmates founded Pinduoduo, slowly creating a gap in the e-commerce world dominated by Alibaba and JD.com.
In less than three years, Huang Zheng ranked among the top three e-commerce platforms in the country and successfully listed on the Nasdaq in the United States, completing more than ten years of efforts of Alibaba and JD.com and becoming a dark horse in the e-commerce field.
Some people say that Huang Zheng is a strategic master in the e-commerce industry in recent years.
In a media interview, Huang Zheng said that he would not plan for five or ten years, but would think about a very distant goal and a very near implementation.
"Just like in a relationship, do you end up with the person you planned to be with? Can you decide who the next girl you meet will be?"
The 2019 financial report shows that Pinduoduo's transaction volume exceeded one trillion yuan, and its founder Huang Zheng also became the second on the list of young self-made billionaires in the world, second only to Zuckerberg.
At the beginning of 2021, Huang Zheng's personal net worth reached a peak of US$71.5 billion (currently about RMB 513.2 billion). At this time, he made another surprising decision to completely withdraw from the Pinduoduo board of directors and choose to become a biologist.
Since stepping down as Pinduoduo's CEO in 2020 and resigning from the board of directors in 2021, Huang Zheng has largely kept a low profile.
Meanwhile, Pinduoduo's "overseas version" Temu has boosted the company's revenue. Temu quickly climbed to the top of the U.S. App Store in September 2022, targeting inflation-pressured American consumers who like cheap, unbranded products shipped directly from China. Pinduoduo reported revenue of about 248 billion yuan last year, up 90% from 2022.
According to previous reports, Temu's sales in the first half of this year reached approximately US$20 billion (currently approximately RMB 143.542 billion), of which GMV in the second quarter was approximately US$12 billion (currently approximately RMB 86.125 billion), with the US market accounting for nearly 45%.
In May this year, Pinduoduo released its first quarter 2024 performance report. Data showed that the company achieved revenue of 86.812 billion yuan in the quarter, a year-on-year increase of 131%; at the same time, adjusted net profit reached 30.602 billion yuan, a year-on-year increase of 202%.
These financial data once pushed Pinduoduo's market value to US$218.8 billion.
More News
Follow Zhejiang Online Video Account
Everyone is paying attention
