Colin Huang

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Colin Huang
Born
Huang Zheng

(1980-01-01) January 1, 1980 (age 43)[1]
Zhejiang, China
EducationZhejiang University
University of Wisconsin
OccupationBusinessman
Known forPart of the team that set up Google China
TitleFounder, Pinduoduo

Colin Huang or Huang Zheng (Chinese: 黄峥; pinyin: Huáng Zhēng, born January 1, 1980) is a Chinese billionaire businessman and philanthropist.[2][3][4]

He is the founder and former CEO of the e-commerce company Pinduoduo, which is now the largest agriculture platform in China.[5] Huang is also the owner of at least three other limited liability Cayman companies each owning a 7.7% stake in Pinduoduo.[6][7]

Early life and education

Huang was born in 1980 to a middle-class factory worker parents in the out skirts of Hangzhou, Zhejiang.[8][9] Huang attended secondary school at Hangzhou Foreign Language School.

At the age of 18, Huang began studying computer science at Chu Kuchen Honors College of Zhejiang University.[10] In his freshman year, he was selected as a fellow at the Melton Foundation, established by VeriFone founder Bill Melton.[11] Huang graduated with a master's degree in computer science from the University of Wisconsin in 2004.[12]

Business career

Early career

Huang joined Google as an intern and then started working as an engineer in 2004.[13] He also interned at Microsoft.[12][14] In 2006, he went back to China with Kaai-fu Lee to expand Google services in China.

After resigning from Google in 2007, Huang started ecommerce site Oku. He sold it for $2.2m in 2010.[7] In October, ranked 7th on the "2019 Huron Report".[15] In March, Huang ranked 2nd in the "2020 Huron Global Young Zhuang Sect Self-Made Rich List".[16] In November, he was selected into the "2021 Forbes Rich List of Mainland China", ranking 6th with a wealth of ¥213.2 billion.[17]

Pinduoduo IPO

The Shanghai-based company Pinduoduo,[18] also known as PDD,[19] was founded in 2015, led by Huang, and reported revenue of 1.4 billion yuan ($280 million) in 2017. In 2019, its revenue was $4.33 billion US dollars (30.14 billion RMB).[20] It became publicly traded following an initial public offering in the United States in July 2018, raising $1.6 billion.[21]

Following the July 2018 initial public offering of Pinduoduo on NASDAQ,[22] Huang's 47% stake was valued at $14 billion, making him the 13th richest person in China.[23][12]

Resignation

On July 1, 2020, Huang stepped down as CEO but continued as the chairman.[24][25]

On March 17, 2021, Huang stepped down as chairman and entrusted the voting rights of his shares to the Board.[26] The company said in a statement that he will pursue "new, long-term opportunities".[27][28][29]

Philanthropy

As of July 2, 2020, it is reported that from a June 30 filing that Colin Huang has reduced his PDD stake down to 29.4% from 43.3% as he donated 2.37% to the charitable foundation and 7.74% to the Pinduoduo Partnership.[30][31] Huang donated 2.37% to the irrevocable charity with the aim of promoting social responsibility development and scientific research.

Huang was named the leading philanthropist on the Hurun Philanthropy List 2021 after pledging billions for social responsibility projects and scientific research.[3][32]

According to Bloomberg, Huang and the Pinduoduo founding team has donated 100 million (2.37% of Pinduoduo shares)[33] to the Starry Night Charitable Trust to "support fundamental research in biomedical science, agriculture and food."[34]

See also

Notes

  1. In this Chinese name, the family name is Huang.

References

  1. ^ Cannon, Christopher. "Colin Huang - Biography". www.bloomberg.com. Retrieved 27 August 2021.
  2. ^ McMorrow, Ryan (2020-12-23). "Colin Huang, Shanghai's secretive internet king". Financial Times. Retrieved 2022-02-06.
  3. ^ a b Choi, Martin (11 May 2021). "Pinduoduo's founder is China's top donor with US$1.85 billion in charity". South China Morning Post. Retrieved 27 August 2021.
  4. ^ LAU, YVONNE. "China's Big Tech billionaires up philanthropic giving as Beijing cracks down". Fortune. Retrieved 27 August 2021.
  5. ^ "PDD Stock - Pinduoduo Inc. SEC Filings". sec.report.
  6. ^ "Pinduoduo Inc. Acquisition Statement SC 13D". SEC.report.
  7. ^ a b "Colin Huang, Shanghai's secretive internet king". The Financial Times.
  8. ^ Liang, Lu-Hai. "Meet Colin Huang, who just stepped down as CEO of $100 billion Pinduoduo and whose wealth exploded by $25 billion in 2020". Business Insider. Retrieved 20 March 2021.
  9. ^ De Wei, Low (16 April 2021). "The bumpy road of Pinduoduo and its founder Colin Huang". KrASIA. Retrieved 29 May 2022.
  10. ^ JUAN, CHEN. "Young Talents in Shanghai -- Impressions of Pinduoduo Founder Colin Huang". www.yicaiglobal.com. Retrieved 27 March 2021.
  11. ^ Huang, Zheping (6 August 2018). "How Pinduoduo founder became China's youngest self-made billionaire". South China Morning Post. Retrieved 20 March 2021.
  12. ^ a b c "A Former Google Employee Just Became One of China's Richest People". fortune.com. Retrieved 1 August 2018.
  13. ^ "How the pandemic boosted the net worth of China's fastest-rising billionaire". Fortune. Retrieved 2020-06-24.
  14. ^ "Colin Zheng Huang". Forbes. Retrieved 2022-01-23.
  15. ^ "2019胡润百富榜公布 马云家族第三次夺冠(搜索版)". finance.sina.com.cn. Retrieved 2022-02-07.
  16. ^ "Hurun Report - Info - Hurun Global 40 & Under Self-Made Billionaires 2020". www.hurun.net. Retrieved 2022-01-23.
  17. ^ "China's Richest 2021". Forbes. Retrieved 2022-01-23.
  18. ^ "The bumpy road of Pinduoduo and its founder Colin Huang". KrASIA. 2021-04-16. Retrieved 2022-01-23.
  19. ^ Moss, Trefor (2021-03-20). "How Pinduoduo Beat Alibaba to Become China's Top Shopping Site". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-06.
  20. ^ Sun, Leo (12 March 2020). "Pinduoduo's Growth Decelerates Again as It Burns More Cash". fool.com. Retrieved 27 March 2021.
  21. ^ "Colin Zheng Huang". Forbes. Retrieved 20 March 2021.
  22. ^ Pinduoduo opens on the Nasdaq, retrieved 2022-01-23
  23. ^ Fang, Alex. "IPO Of Chinese E-Commerce Firm Pinduoduo Mints New Young Billionaire". forbes.com. Retrieved 30 July 2018.
  24. ^ "Pinduoduo founder steps down as chief and reduces personal stake". Financial Times. July 2020. Retrieved 2020-10-08.
  25. ^ "Meet Colin Huang, the billionaire who founded, and just quit, Pinduoduo". South China Morning Post. 2021-04-21. Retrieved 2022-01-23.
  26. ^ Shead, Sam (17 March 2021). "Pinduoduo founder Colin Huang steps down as chairman". CNBC. Retrieved 27 August 2021.
  27. ^ "Chinese tycoon abruptly quits tech giant he founded". finance.yahoo.com. Retrieved 2021-03-18.
  28. ^ "China's third-richest man relinquishes control of its fastest-growing e-commerce giant". Fortune. Retrieved 2022-01-23.
  29. ^ Zhai, Keith (2021-03-17). "Pinduoduo Founder Colin Huang Steps Down From Company". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-06.
  30. ^ Keatinge, Colin. "Pinduoduo Founder Foundation Donates $100 Million to Alma Mater". www.bloomberg.com. Retrieved 27 August 2021.
  31. ^ Feng, Venus; Jin, Berber; Schmidt, Blake; Huang, Zheping (2 July 2020). "His Wealth Surged By 25 Billion Then Jack Ma's Rival Quit". Bloomberg. Retrieved July 17, 2020.
  32. ^ "Hurun Report - Info - Hurun China Philanthropy List 2021". www.hurun.net. Retrieved 27 August 2021.
  33. ^ "Letter to Pinduoduo staff: Another baby step of Pinduoduo | Pinduoduo Inc". investor.pinduoduo.com. Retrieved 27 March 2021.
  34. ^ Keatinge, Colin. "Pinduoduo Founder Foundation Donates $100 Million to Alma Mater". www.msn.com. Retrieved 27 March 2021.

External links

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