Chinese businessman sees a fortune throughout the year of 27 billion …

Colin Huang
Photo: Bloomberg

Colin Huang, the big man behind online Chinese food retailer Pinduoduo, has seen his fortune shrink by $ 27 billion this year. He only has $ 125 billion left.

This is according to the Bloomberg Billionaires Index. Of the 500 names in the index, none of them lost more than Huang, not even Hui Ka Yan of the touring group Evergrande Real Estate. He is in trouble and has trouble paying his debts.

Huang is one of the many self-taught entrepreneurs in China. He started his career at Microsoft and Google, but then chose entrepreneurship. This decision coincided – coincidentally or not – with a meeting with Warren Buffett.

Its big breakthrough came in 2015 with the launch of Pinduoduo, an online food platform. At the end of last year, it had 788 million active users in China. He even toppled e-commerce giant Alibaba, but not in terms of revenue and profit.

The fall of Pinduoduo has everything to do with the Chinese government’s hunt for private companies. The regime is quickly tightening the screw on the business world, a process that is part of the broader fight against social inequalities in the country.

According to the Bloomberg Index, of the 10 billionaires who recorded the largest decline in wealth this year, six are from China.

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