[ad_1]
Huang Zheng, also known as Huang Zheng, the founder of Chinese e-commerce company Pinduoduo and operator of the famous Temu platform, is China’s richest man, according to the Bloomberg Millionaires Index.
With a fortune of $48.6 billion, Huang surpassed bottled water magnate Shanshan Zheng, who had held the top spot since April 2021, according to EFE, citing the same source.
In March last year, Huang Renxun was named China’s richest technology entrepreneur by Hurun Report, the Chinese version of Forbes, surpassing Ma Huateng of Tencent and Zhang Yiming of ByteDance. Short video sharing social network TikTok.
Huang founded Pinduoduo in 2015, an e-commerce platform known among Asian giants for its low product prices and heavy promotions.
In 2022, Pinduoduo began its international expansion under the Temu brand, and according to local media reports, sales reached US$20 billion in the first half of 2024, exceeding last year’s total sales of approximately US$18 billion.
After launching in September 2022, Temu quickly expanded to 75 countries and competed with Chinese rivals such as Shein, TikTok Shop or Alibaba’s international subsidiary AliExpress, making a name for itself by offering extremely low prices.
Temu is currently facing scrutiny from the European Union (EU) or US authorities, who are considering imposing tariffs on such Chinese platforms for selling at low prices.
[ad_2]
Source link
