not vested
Pinduoduo hits record as CEO named 2nd richestby Stella Zhai
Colin Huang Zheng, founder and CEO of Chinese e-commerce giant Pinduoduo, has leapfrogged founder and former chairman of Alibaba (9988) Jack Ma Yun, to become the second richest person in China, according to the Forbes Real-Time Billionaire Index.
The American depositary receipts of Pinduoduo jumped by 6.3 percent to a record US$87.58 (HK$678.77) last Friday after its annual June 18 shopping promotion, totaling a market capitalization of US$104.89 billion and exceeding that of JD.com's (9618) Nasdaq-traded stocks.
The company's stock has surged by over 95 percent from a previous low of US$44.8 in May.
Huang, who owns 43.3 percent of Pinduoduo, saw his net worth increase to US$45.4 billion as of yesterday.
He ranks next to Pony Ma Huateng, Tencent (0700) chairman and chief executive who has a net worth of US$52.4 billion.
Jack Ma, who stepped down from the operation of Alibaba last fall to focus on philanthropy, saw his net worth fall to US$43.9 billion from US$45 billion, according to data from Forbes.
The company earlier said its order volume during the "6.18" campaign surged by 1.19 times but didn't release the total sales value. Alibaba handled a total of 698.2 billion yuan (HK$764.74 billion) for its Tmall while JD recorded 269.2 billion yuan of sales on that day, according to the companies.
Mainland media had earlier reported that Pinduoduo, which is known for its deep discounts, was planing a secondary listing in Hong Kong and had hired China International Capital Corporation (3908) to arrange the deal, aiming to submit an initial public offering application by the month-end. The company, however, denied the report was true.
Founded in 2015, the platform has overtaken rival JD as China's second-largest online retailer after Alibaba. Its
revenue expanded by 44 percent from a year ago to 6.54 billion yuan during the first quarter this year, but
net losses widened to 4.12 billion yuan from 1.88 billion yuan a year earlier.
Huang previously founded online game company Xinyoudi and online e-commerce platform Ouku.com, after interning at Microsoft in both Beijing and Seattle, before working at Google in the United States in 2004, according to Forbes.
Source: The Standard
https://www.thestandard.com.hk/section- ... nd-richest
It's all about "how much you made when you were right" & "how little you lost when you were wrong"