According to Forbes Real Time Billionaire list, Colin Huang, Founder of Pinduoduo, has overtaken Jack Ma as the second richest person in China:

They are followed by Elon Musk.

This shift happened when Pinduoduo’s share prices surged lately:

Although at a market cap of US$105 billion, Pinduoduo is still only 1/6 the size of Alibaba, the trend is probably worrisome for the latter.

At 40 years old, Huang is 15 years younger than Ma, and still has a long way ahead for him.

Who is ahead of Colin Huang as the richest man in China? Pony Ma of Tencent, a key backer of Pinduoduo. Tencent’s share prices also surged today on news that it is entering ecommerce, again.

 

Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].