SHANGHAI, Oct 24 (Reuters) – In a year marked by a sluggish global economy that redirected more consumers towards Chinese discount e-commerce platforms, Temu and Pinduoduo, Colin Huang, the founder of PDD Holdings (PDD.O), saw his fortune swell by an astonishing $13.8 billion. This revelation emerged in the annual Hurun Rich List published on Tuesday.
Colin Huang, who established PDD in 2015 and relinquished his CEO role in 2020, stands out as the most rapid climber in this year’s Hurun Rich List. He leaped seven places to secure the title of China’s third richest individual, boasting a substantial $37.2 billion in net worth. This significant ascent also marks his debut in the coveted top three ranking.
This wealth accumulation underscores the evolving landscape of e-commerce in both China and beyond. China continues to grapple with diminished consumer confidence following three years of COVID-related restrictions. Simultaneously, international shopping platforms like Temu and Shein are gaining substantial traction. PDD has yet to respond to requests for comment regarding this exceptional development.
In contrast, Jack Ma, the founder of rival company Alibaba (9988.HK), which is presently undergoing restructuring to fend off competition from PDD and others, descended one spot from last year’s ranking to claim the 10th spot. Furthermore, the number of Alibaba shareholders on the list dwindled from 18 in the prior year to a total of 12 in the current year.
Richard Liu, the founder of e-commerce giant JD.com, faced a significant decline in his net worth, along with that of his wife, Zhang Zetian. Their wealth receded by $6.2 billion compared to the previous year, now amounting to $8.26 billion, as per the latest Hurun list. JD.com witnessed its shares plummet to a historic low earlier this month after banks trimmed their price targets, attributing this downturn to a weaker-than-expected revival in consumer spending.
Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, stated, “Going global has been one of the key sources of growth this year,” highlighting PDD’s Temu, ByteDance’s TikTok short video platform, and the ultra-fast fashion brand Shein as prime examples of this trend.
While the founder of bottled water brand Nongfu Spring, Zhong Shanshan, maintained his top position for the third consecutive year with a formidable $62 billion fortune, Pony Ma, the founder of the social media and gaming giant Tencent (0700.HK), secured the second spot with a net worth of $38.6 billion.
In a contrasting development, the Hurun report disclosed that 179 individuals failed to retain their spots on this year’s list, which ranks China’s wealthiest citizens with a minimum net worth of 5 billion yuan. Notably, 15% of these individuals were involved in real estate, a sector grappling with a prolonged debt crisis.
Wang Jianlin, the owner of Dalian Wanda Group and former China’s richest man, suffered a substantial loss as his wealth, along with that of his family, plummeted by $7.3 billion, relegating him to the 89th position with a $6.47 billion fortune.
The founder of China Evergrande Group (3333.HK), the world’s most indebted property developer, managed to retain his place on the list at 268th, despite the ongoing woes of his company. This was attributed to dividends paid out in previous years. Hui Ka Yan is currently under investigation for suspected “illegal crimes,” as confirmed by Evergrande last month.
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