Colin Huang Explained

Colin Huang
Birth Name:Huang Zheng
Birth Date:1 January 1980[1]
Birth Place:Zhejiang, China
Education:Zhejiang University
University of Wisconsin
Occupation:Businessman, investor, philanthropist, software engineer
Known For:Founding Pinduoduo
Chairman and Former CEO of Pinduoduo

Colin Huang Zheng (born 1 January 1980) is a Chinese businessman, investor, 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, including Pinduoduo.[6] [7] [8]

Early life and education

Huang was born in 1980 in the outskirts of Hangzhou, Zhejiang.[9] [10] 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.[11] During his freshman year, he was selected as a fellow at the Melton Foundation.[12] Huang graduated with a master's degree in computer science from the University of Wisconsin in 2004.[13]

Business career

Early career

Huang interned at Google and Microsoft.[14] In 2004, he became an engineer at Google.[15] 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.[16] In March, he ranked second in the 2020 Huron Global Young Zhuang Sect Self-Made Rich List.[17] In November, he was named to the 2021 Forbes Rich List of Mainland China, ranking sixth with a wealth of ¥213.2 billion.[18]

Pinduoduo IPO

Huang founded and led the Shanghai-based company Pinduoduo in 2015.[19] [20] 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). 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.[21] 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.[22]

On 1 July 2020, Huang stepped down as CEO of Pinduoduo but retained his titular position as the company's chairman.[23] [24] On 17 March 2021, Huang stepped down as chairman and entrusted the voting rights of his shares to the Board.[25] The company said Huang will pursue "new, long-term opportunities."[26] [27] [28]

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.[29] [30] 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.[31]

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."[32] [33]

See also

Notes

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

External links

Notes and References

  1. Web site: Cannon . Christopher . Colin Huang - Biography . www.bloomberg.com . 27 August 2021.
  2. News: McMorrow. Ryan. 2020-12-23. Colin Huang, Shanghai's secretive internet king. Financial Times. 2022-02-06.
  3. News: Choi . Martin . Pinduoduo's founder is China's top donor with US$1.85 billion in charity . 27 August 2021 . South China Morning Post . 11 May 2021 . en.
  4. News: LAU . YVONNE . China's Big Tech billionaires up philanthropic giving as Beijing cracks down . 27 August 2021 . Fortune . en.
  5. Web site: PDD Stock - Pinduoduo Inc. SEC Filings. sec.report. 2020-07-21. 2021-11-23. https://web.archive.org/web/20211123015541/https://sec.report/Ticker/PDD. dead.
  6. Web site: Pinduoduo Inc. Acquisition Statement SC 13D. SEC.report. 2020-07-21. 2021-11-25. https://web.archive.org/web/20211125180230/https://sec.report/Document/0001104659-20-080986/. dead.
  7. News: Colin Huang, Shanghai's secretive internet king. The Financial Times.
  8. Web site: Pinduoduo - Together, More Savings, More Fun . 2022-11-25 . m.pinduoduo.com . en.
  9. News: 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 . 20 March 2021 . Business Insider.
  10. News: De Wei . Low . The bumpy road of Pinduoduo and its founder Colin Huang . 29 May 2022 . KrASIA . 16 April 2021 . en.
  11. Web site: JUAN . CHEN . Young Talents in Shanghai -- Impressions of Pinduoduo Founder Colin Huang . www.yicaiglobal.com . 27 March 2021 . en.
  12. News: Huang . Zheping . How Pinduoduo founder became China's youngest self-made billionaire . 20 March 2021 . South China Morning Post . 6 August 2018 . en.
  13. Web site: A Former Google Employee Just Became One of China's Richest People . 1 August 2018 . fortune.com.
  14. Web site: Colin Zheng Huang . 2022-01-23 . Forbes . en.
  15. Web site: How the pandemic boosted the net worth of China's fastest-rising billionaire. 2020-06-24. Fortune. en.
  16. Web site: 2019胡润百富榜公布 马云家族第三次夺冠(搜索版). 2022-02-07. finance.sina.com.cn.
  17. Web site: Hurun Report - Info - Hurun Global 40 & Under Self-Made Billionaires 2020. 2022-01-23. www.hurun.net.
  18. Web site: China's Richest 2021. 2022-01-23. Forbes. en.
  19. Web site: 2021-04-16 . The bumpy road of Pinduoduo and its founder Colin Huang . 2022-01-23 . KrASIA . en.
  20. News: Moss . Trefor . 2021-03-20 . How Pinduoduo Beat Alibaba to Become China's Top Shopping Site . en-US . Wall Street Journal . 2022-02-06 . 0099-9660.
  21. News: Colin Zheng Huang. en. Forbes. 20 March 2021.
  22. Web site: IPO Of Chinese E-Commerce Firm Pinduoduo Mints New Young Billionaire. Alex. Fang. forbes.com. 30 July 2018.
  23. News: Pinduoduo founder steps down as chief and reduces personal stake. subscription. 2020-10-08. Financial Times. July 2020 .
  24. Web site: 2021-04-21. Meet Colin Huang, the billionaire who founded, and just quit, Pinduoduo. 2022-01-23. South China Morning Post. en.
  25. News: Shead. Sam. 17 March 2021. Pinduoduo founder Colin Huang steps down as chairman. en. CNBC. 27 August 2021.
  26. Web site: Chinese tycoon abruptly quits tech giant he founded. 2021-03-18. finance.yahoo.com. en-US.
  27. Web site: China's third-richest man relinquishes control of its fastest-growing e-commerce giant. 2022-01-23. Fortune. en.
  28. News: Zhai. Keith. 2021-03-17. Pinduoduo Founder Colin Huang Steps Down From Company. en-US. Wall Street Journal. 2022-02-06. 0099-9660.
  29. Web site: Keatinge . Colin . Pinduoduo Founder Foundation Donates $100 Million to Alma Mater . www.bloomberg.com . 27 August 2021.
  30. Web site: His Wealth Surged By 25 Billion Then Jack Ma's Rival Quit. Feng, Venus. Jin, Berber. Schmidt, Blake. Huang, Zheping. 2 July 2020. Bloomberg. July 17, 2020.
  31. Web site: Hurun Report - Info - Hurun China Philanthropy List 2021. 27 August 2021. www.hurun.net.
  32. News: Keatinge. Colin. Pinduoduo Founder Foundation Donates $100 Million to Alma Mater. www.msn.com. 27 March 2021.
  33. Web site: Letter to Pinduoduo staff: Another baby step of Pinduoduo Pinduoduo Inc. . 27 March 2021 . investor.pinduoduo.com . en.

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