Last year was an unfortunate year for Jack Ma who also once held the status of the richest person in Asia. Founder and Chief Executive of market place Pinduoduo Cholin Huang managed to become the second richest person in China.
Huang’s wealth of US $ 63.1 billion displaces big names like Jack Ma who owns Alibaba Group and Ma Huateng, the founder of Tencent. Huang only fell behind the chairman of Nongfu Spring, Zhong Shanshan, who became the number one rich man in China.
Huang’s Shares Up 7.77% on Nasdaq
Huang’s company Pinduoduo on the Nasdaq was up 7.77% last week. This raises its market capitalization to US $ 220 billion, quoted by the South China Morning Post, Saturday (2/1/2021).
Founded in 2015, Pinduoduo is a market place company that focuses on remote towns and villages compared to its competitors. At the start of last year, Huang planned to invest 50 billion yuan in the next five years.
The money is planned for an online retail program in rural China. In addition, it also creates new infrastructure to increase demand for agricultural products.
Last year was not the best year for Jack Ma, one of which was losing US $ 11 billion. His fortune is currently US $ 50.9 billion from being 25th on the Bloomberg Billionaires Index.
Previously, Ma’s wealth reached US $ 61.7 billion and was the richest person in Asia last year.
Apart from the matter of his wealth, Ma also had to accept the bitter pill when the Chinese government conducted an investigation into his company Alibaba over allegations of monopolistic practices.
Meanwhile, Alipay’s parent company, Ant Group, also failed to take the floor on the stock exchange in early November. The failure came shortly after Ma criticized the Chinese government’s policies and judged them to be too cautious and prioritizing risk management that reduced innovation.
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