Shanghai e-commerce billionaire Colin Huang has passed Jack Ma, the main founder of China’s Internet heavyweight Alibaba Group, as China’s second-richest man
Pinduoduo, founded in 2015, has in its short life become one of China’s largest online retail business, boasting a market capitalization of $104 billion. Successful investors in the company include Tencent, Sequoia China and Gaorong Capital ; board members include Sequoia China’s founding partner Neil Shen, who ranked No. 1 on the 2020 Forbes Midas List announced in April and is a billionaire himself.
Before setting up Pinduoduo, Huang founded Xinyoudi Studio to develop and operate online games and Ouku.com, a company that operated an online platform for consumer electronics and home appliances, according to a biography in a Pinduoduo stock filing this year. Huang started his career at Google’s U.S. headquarters in 2004, and subsequently relocated to China as part of the team that established Google China.
Huang was trained as a data scientist and has presented his work at international conferences such as the ACM SIGMOD Conference and International Conference on Machine Learning, the filing says. Huang holds a bachelor’s degree in computer science from Zhejiang University and a master’s degree in computer science from the University of Wisconsin-Madison.
For all its market-capitalization heft, Pinduoduo has been a money-losing business. It lost $582 million in the first-quarter versus $924 million in revenue.
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