Colin Huang
{{Short description|Chinese entrepreneur (born 1980)}}
{{Family name hatnote|Huang|lang=Chinese}}
{{Infobox person
| name = Colin Huang
| birth_name = Huang Zheng
| birth_date = {{Birth date and age|1980|01|01|df=y}}{{cite web |last1=Cannon |first1=Christopher |title=Colin Huang - Biography |url=https://www.bloomberg.com/billionaires/profiles/zheng-huang/ |website=www.bloomberg.com |access-date=27 August 2021}}
| birth_place = Hangzhou, Zhejiang, China
| education = Zhejiang University
University of Wisconsin (MS)
| occupation = Businessman, investor, philanthropist, software engineer
| known for = Founding Pinduoduo
| title = Chairman and Former CEO of Pinduoduo
| successor =
}}
Colin Huang Zheng ({{zh|c=黄峥|p=Huáng Zhēng}}, born 1 January 1980) is a Chinese businessman, investor, and philanthropist.{{Cite news|last=McMorrow|first=Ryan|date=2020-12-23|title=Colin Huang, Shanghai's secretive internet king|work=Financial Times|url=https://www.ft.com/content/09e313c8-a1f7-4b49-9c2f-a287683512d1|access-date=2022-02-06}}{{cite news |last1=Choi |first1=Martin |title=Pinduoduo's founder is China's top donor with US$1.85 billion in charity |url=https://www.scmp.com/business/money/wealth/article/3133034/pinduoduos-founder-colin-huang-tops-chinas-philanthropists |access-date=27 August 2021 |work=South China Morning Post |date=11 May 2021 |language=en}}{{cite news |last1=LAU |first1=YVONNE |title=China's Big Tech billionaires up philanthropic giving as Beijing cracks down |url=https://fortune.com/2021/08/06/china-big-tech-crackdown-billionaires-philanthropy-giving-donations/ |access-date=27 August 2021 |work=Fortune |language=en}} He is the founder and former CEO of the e-commerce company Pinduoduo, which is now the largest agriculture platform in China.{{Cite web|url=https://sec.report/Ticker/pdd|title=PDD Stock - Pinduoduo Inc. SEC Filings|website=sec.report|access-date=2020-07-21|archive-date=2021-11-23|archive-url=https://web.archive.org/web/20211123015541/https://sec.report/Ticker/PDD|url-status=dead}} Huang is also the owner of at least three other limited liability Cayman companies, including Pinduoduo.{{Cite web|url=https://sec.report/Document/0001104659-20-080986/|title=Pinduoduo Inc. Acquisition Statement SC 13D|website=SEC.report|access-date=2020-07-21|archive-date=2021-11-25|archive-url=https://web.archive.org/web/20211125180230/https://sec.report/Document/0001104659-20-080986/|url-status=dead}}{{Cite news|title=Colin Huang, Shanghai's secretive internet king|work=The Financial Times|url=https://www.ft.com/content/09e313c8-a1f7-4b49-9c2f-a287683512d1}}{{Cite web |title=Pinduoduo - Together, More Savings, More Fun |url=https://m.pinduoduo.com/en/ |access-date=2022-11-25 |website=m.pinduoduo.com |language=en}}
According to Forbes, Huang has an estimated net worth of US$39.1 billion as of May 2025.{{cite web|title=Forbes profile: Colin Huang |url=https://www.forbes.com/profile/colin-huang/ |work=Forbes |access-date=23 November 2024}}
Early life and education
Huang was born in 1980 in the outskirts of Hangzhou, Zhejiang.{{cite news |last1=Liang |first1=Lu-Hai |title=Meet Colin Huang, who just stepped down as CEO of $100 billion Pinduoduo and whose wealth exploded by $25 billion in 2020 |url=https://www.businessinsider.com/fabulous-life-colin-huang-pinduoduo-2020-7#huang-came-from-humble-beginnings-and-a-math-olympiad-changed-his-life-1 |access-date=20 March 2021 |work=Business Insider}}{{cite news |last1=De Wei |first1=Low |title=The bumpy road of Pinduoduo and its founder Colin Huang |url=https://kr-asia.com/the-bumpy-road-of-pinduoduo-and-its-founder-colin-huang |access-date=29 May 2022 |work=KrASIA |date=16 April 2021 |language=en}} His parents were middle-class factory workers. He attended Hangzhou Foreign Language School.
At the age of 18, Huang began studying computer science at Chu Kuchen Honors College of Zhejiang University.{{cite web |last1=JUAN |first1=CHEN |title=Young Talents in Shanghai -- Impressions of Pinduoduo Founder Colin Huang |url=https://www.yicaiglobal.com/news/young-talents-in-shanghai---impressions-of-pinduoduo-founder-colin-huang |website=www.yicaiglobal.com |access-date=27 March 2021 |language=en}} During his freshman year, he was selected as a fellow at the Melton Foundation.{{cite news |last1=Huang |first1=Zheping |title=How Pinduoduo founder became China's youngest self-made billionaire |url=https://www.scmp.com/tech/china-tech/article/2158175/how-colin-huang-went-factory-workers-son-chinas-youngest-self-made |access-date=20 March 2021 |work=South China Morning Post |date=6 August 2018 |language=en}} Huang graduated with a master's degree in computer science from the University of Wisconsin in 2004.{{cite web |title=A Former Google Employee Just Became One of China's Richest People |url=http://fortune.com/2018/07/27/pdd-ipo-colin-huang-net-worth/ |access-date=1 August 2018 |website=fortune.com}}
Business career
= Early career =
Huang interned at Google and Microsoft. In 2004, he became an engineer at Google.{{Cite web|title=How the pandemic boosted the net worth of China's fastest-rising billionaire|url=https://fortune.com/2020/05/27/colin-huang-net-worth-pinduoduo-coronavirus/|access-date=2020-06-24|website=Fortune|language=en}} In 2006, he returned to China with Kai-fu Lee to expand Google services in China.
After resigning from Google in 2007, Huang started the e-commerce site Oku. He sold it for $2.2 million in 2010. In October, he ranked seventh on the 2019 Huron Report.{{Cite web|title=2019胡润百富榜公布 马云家族第三次夺冠(搜索版)|url=http://finance.sina.com.cn/zt_d/2019_hrbfb_qmd/|access-date=2022-02-07|website=finance.sina.com.cn}} In March, he ranked second in the 2020 Huron Global Young Zhuang Sect Self-Made Rich List.{{Cite web|title=Hurun Report - Info - Hurun Global 40 & Under Self-Made Billionaires 2020|url=https://www.hurun.net/en-US/Info/Detail?num=9A660E5EF44A|access-date=2022-01-23|website=www.hurun.net}} In November, he was named to the 2021 Forbes Rich List of Mainland China, ranking sixth with a wealth of ¥213.2 billion.{{Cite web|title=China's Richest 2021|url=https://www.forbes.com/lists/china-billionaires/|access-date=2022-01-23|website=Forbes|language=en}}
= Pinduoduo IPO =
Huang founded and led the Shanghai-based company Pinduoduo in 2015.{{Cite web |date=2021-04-16 |title=The bumpy road of Pinduoduo and its founder Colin Huang |url=https://kr-asia.com/the-bumpy-road-of-pinduoduo-and-its-founder-colin-huang |access-date=2022-01-23 |website=KrASIA |language=en}}{{Cite news |last=Moss |first=Trefor |date=2021-03-20 |title=How Pinduoduo Beat Alibaba to Become China's Top Shopping Site |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/how-pinduoduo-beat-alibaba-to-become-chinas-top-shopping-site-11616232601 |access-date=2022-02-06 |issn=0099-9660}} Pinduoduo had a revenue of 1.4 billion yuan ($280 million) in 2017. In 2019, the company generated a revenue of $4.33 billion US dollars (30.14 billion RMB).{{cn|date=September 2023}} The company became publicly traded following an initial public offering in the United States in July 2018, raising $1.6 billion in investment backing capital.{{cite news|title=Colin Zheng Huang|language=en|work=Forbes|url=https://www.forbes.com/profile/colin-zheng-huang/|access-date=20 March 2021}} After the public offering was floated on NASDAQ, Huang's 47% stake in Pinduoduo was valued at $14 billion, making him the thirteenth richest person in China.{{cite web|url=https://www.forbes.com/sites/alexfang/2018/07/26/ipo-of-chinese-e-commerce-firm-pinduoduo-mints-new-young-billionaire/#3722b7a04024|title=IPO Of Chinese E-Commerce Firm Pinduoduo Mints New Young Billionaire|first=Alex|last=Fang|website=forbes.com|access-date=30 July 2018}}{{Citation |title=Pinduoduo opens on the Nasdaq | date=26 July 2018 |url=https://www.youtube.com/watch?v=orMmAV8nfME |language=en |access-date=2022-01-23}}
On 1 July 2020, Huang stepped down as CEO of Pinduoduo but retained his titular position as the company's chairman.{{Cite news|title=Pinduoduo founder steps down as chief and reduces personal stake|url=https://www.ft.com/content/005881cc-5e98-463a-ad17-f6746b60c396|url-access=subscription|access-date=2020-10-08|newspaper=Financial Times|date=July 2020 }}{{Cite web|date=2021-04-21|title=Meet Colin Huang, the billionaire who founded, and just quit, Pinduoduo|url=https://www.scmp.com/magazines/style/luxury/article/3130399/why-did-pinduoduo-founder-colin-huang-step-down-get-know|access-date=2022-01-23|website=South China Morning Post|language=en}} On 17 March 2021, Huang stepped down as chairman and entrusted the voting rights of his shares to the Board.{{cite news|last1=Shead|first1=Sam|date=17 March 2021|title=Pinduoduo founder Colin Huang steps down as chairman|language=en|work=CNBC|url=https://www.cnbc.com/2021/03/17/pinduoduo-founder-colin-huang-steps-down-as-chairman.html|access-date=27 August 2021}} The company said Huang will pursue "new, long-term opportunities."{{Cite web|title=Chinese tycoon abruptly quits tech giant he founded|url=https://finance.yahoo.com/news/chinese-billionaire-abruptly-quits-firm-023838631.html|access-date=2021-03-18|website=Yahoo Finance|language=en-US|url-status=dead|archive-url=https://web.archive.org/web/20210318042204/https://finance.yahoo.com/news/chinese-billionaire-abruptly-quits-firm-023838631.html|archive-date=18 March 2021}}{{Cite web|title=China's third-richest man relinquishes control of its fastest-growing e-commerce giant|url=https://fortune.com/2021/03/18/colin-huang-pinduoduo-chair-control-ceo-steps-down-resigns/|access-date=2022-01-23|website=Fortune|language=en}}{{Cite news|last=Zhai|first=Keith|date=2021-03-17|title=Pinduoduo Founder Colin Huang Steps Down From Company|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/pinduoduo-overtakes-alibaba-to-become-china-s-largest-e-commerce-company-11615978559|access-date=2022-02-06|issn=0099-9660}}
Philanthropy
By June 2020, Huang reduced his Pinduoduo stake to 29.4% by donating 2.37% to a charitable foundation and 7.74% to the Pinduoduo Partnership.{{cite news |last1=Keatinge |first1=Colin |title=Pinduoduo Founder Foundation Donates $100 Million to Alma Mater |url=https://www.bloomberg.com/news/articles/2021-03-18/pinduoduo-founder-foundation-donates-100-million-to-alma-mater |newspaper=Bloomberg |date=18 March 2021 |access-date=27 August 2021}}{{Cite web|title=His Wealth Surged By 25 Billion Then Jack Ma's Rival Quit|url=https://www.bloomberg.com/news/articles/2020-07-02/his-wealth-surged-by-25-billion-then-jack-ma-s-rival-quit?sref=VOVP9TWo|author=Feng, Venus|author2=Jin, Berber|author3=Schmidt, Blake|author4=Huang, Zheping|date=2 July 2020|website=Bloomberg|access-date=July 17, 2020}} He also donated 2.37% to an irrevocable charity to promote social responsibility development and scientific research. Huang was named the leading philanthropist on the Hurun China Philanthropy List in 2021 after pledging US$1.85 billion for social responsibility projects and scientific research.{{cite web|title=Hurun Report - Info - Hurun China Philanthropy List 2021|url=https://www.hurun.net/en-US/Info/Detail?num=TUP87P75SEX3|access-date=27 August 2021|website=www.hurun.net}}
According to Bloomberg, Huang and the Pinduoduo founding team have donated 100 million (2.37% of Pinduoduo shares) to the Starry Night Charitable Trust to "support fundamental research in biomedical science, agriculture, and food."{{cite news|last1=Keatinge|first1=Colin|title=Pinduoduo Founder Foundation Donates $100 Million to Alma Mater|work=www.msn.com|url=https://www.msn.com/en-us/money/companies/pinduoduo-founder-foundation-donates-dollar100-million-to-alma-mater/ar-BB1eI4JX|access-date=27 March 2021}}{{cite web |title=Letter to Pinduoduo staff: Another baby step of Pinduoduo {{!}} Pinduoduo Inc. |url=https://investor.pinduoduo.com/news-releases/news-release-details/letter-pinduoduo-staff-another-baby-step-pinduoduo |access-date=27 March 2021 |website=investor.pinduoduo.com |language=en}}
See also
Notes
- In this Chinese name, the family name is Huang.
References
{{Reflist}}
External links
- [https://investor.pinduoduo.com/letter-to-shareholders The letter to the shareholders] at Pinduoduo
- [https://wemp.app/accounts/d6a4efbc-0ff4-4741-8251-12e812625301 Colin Huang] on Wechat
{{Portal bar|Business and economics|China|Biography}}
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Category:21st-century Chinese businesspeople
Category:Billionaires from Zhejiang
Category:Businesspeople from Hangzhou
Category:Chinese computer businesspeople
Category:Chinese online retailer founders
Category:Chinese philanthropists
Category:Chinese software engineers
Category:Chinese technology chief executives
Category:Chinese technology company founders
Category:University of Wisconsin–Madison College of Letters and Science alumni