After several moderately successful ventures in gaming and ecommerce, Colin Huang got sick and retired. At one point, the young entrepreneur stayed home for a year thinking about his next move.
The former Google engineer eventually started Pinduoduo, an ecommerce platform known for selling dirt-cheap products with massive promotions, in 2015. He quickly ascended the ranks of the world's richest people, with his net worth peaking at US$71.5bil (RM318.04bil) in early 2021.
Like many so-called Covid billionaires, his fortune collapsed just as fast as it was made, tumbling 87% in the span of about a year.
Then something surprising happened: Huang's PDD Holdings Inc staged a comeback. Although the scale is not as large as before, the development is stable and the Temu brand is expanding in other regions.
As a result, Huang, now 44, has become China's richest person, according to the Bloomberg Billionaires Index. With a US$48.6bil (RM216.18bil) fortune, he displaces Zhong Shanshan, the country's bottled-water king who has held the top spot since April 2021.
He's also the first tech tycoon to top the wealth rankings in more than three years, after government pressure on private businesses ensnared rivals like Jack Ma's Alibaba Group Holding Ltd. Along the way, Huang has also drawn protests from suppliers for driving down prices and set a punishing work schedule for his own employees.
"Ma and Jeff Bezos have been corporate leaders in their moments, but the times have changed and Huang is seeing great success with a different, less visible approach," said Brock Silvers, managing director at private equity firm Kaiyuan Capital.
Representatives for PDD didn't respond to requests for comment.
Math prodigy
Unlike Ma, the English teacher-turned-founder of Alibaba, Huang represents a new generation of Chinese tech entrepreneurs who started their careers with global opportunities.
At 12, his prodigious math talent earned him a place at the elite Hangzhou Foreign Languages School, where he was classmates with the children of China's political and social elite. After graduating with a computer science degree from Zhejiang University, he left China in 2002 to pursue a master's degree at the University of Wisconsin.
Two years after graduating, he moved back to help set up Google China. He founded his first company in 2007, then sold it in 2010 to start a new one that helped companies market themselves on websites like Alibaba's Taobao or JD.com. When an ear infection led him to retire in 2013, he hatched the idea for Pinduoduo.
PDD "is not about letting people in Shanghai feel like they are living a Parisian life, but making sure that people in Anhui have kitchen paper and fresh fruits", Huang said in 2018 interview with Caijing magazine. "The goal is not to be cheap, but to make users feel like they got a good deal."
Temu time
Huang Renxun resigned as Pinduoduo's CEO in 2020 and as chairman of the board in 2021, and has largely kept a low profile since then.(He said he was pursuing personal interests researching food and life sciences, according to a shareholder letter.)
It was around that time that PDD – and his net worth – started to tumble.
Temu bolstered the company’s revenue and supported its rebound. It soared to the top of the US App Store after its launch in September 2022. PDD reported revenue of about 248 billion yuan (RM153.92 billion) last year, up 90% from 2022.
"In this economic environment, obviously people are looking for great value for their money, people are looking for low prices," said Neil Saunders, a retail analyst at GlobalData Retail. "So this is a time to shine for value retailers like Temu."
In November, the company surpassed Alibaba for the first time to become China's second-largest internet firm and the two rivals have been neck-and-neck since.
Punishing hours
Still, the breakneck growth has drawn scrutiny at home and abroad. Even after a probe into working conditions following the death of an employee in 2021, PDD continues to demand that employees work from 11am to 11pm, six days a week, plus overtime. It's a variation of the industry's "996" culture which companies like ByteDance Ltd and Alibaba steered away from after Beijing's regulatory scrutiny.
Temu's ultra-cheap offerings also led to growing frustration among some merchants and third-party sellers, who feel the ecommerce giant is increasingly squeezing them for revenue. Things came to a head in a series of public rallies this summer, when, in one case, hundreds of small suppliers yelled slogans outside a Temu office outpost in Guangzhou to protest against what they called unfair penalties the company is levying.
Elsewhere, small businesses in the U.S. have also taken notice of Temu’s rapid growth. The company currently allows duty-free shipments of up to $800 (RM3,558) worth of goods to the U.S., sending small packages from its warehouse in China to individuals in the U.S. Lobbyists are pushing to lower the threshold to $10 (RM44.48).
Still, PDD has engaged in aggressive promotion campaigns, including spending millions on a 30-second Super Bowl advertisement for Temu. It also has catchy banners on its Temu website, including, among others: "Shop Like a Billionaire."
"Temu at the moment is all about growth," Saunders said. "Attract people to the site, get them shopping. Then if they become more addicted, maybe then they start to be more tolerant if we push prices up a little bit. So I think for Temu it's in a land grab era." – Bloomberg
在遊戲和電子商務領域取得了幾次中等成功後,黃崢生病退休了。有一次,這位年輕的企業家在家呆了一年,思考下一步該怎麼做。
這位前谷歌工程師最終於 2015 年創立了拼多多,這是一個以銷售超低價產品和大規模促銷而聞名的電子商務平台。他迅速躋身世界富豪行列,淨資產在 2021 年初達到 715 億美元(3180.4 億令吉)的峯值。
和許多所謂的新冠億萬富翁一樣,他的財富來得快,去得也快,在大約一年的時間裏縮水了 87%。
然後發生了一件令人驚訝的事情:黃崢的拼多多控股公司捲土重來。雖然規模沒有以前那麼大,但發展穩定,Temu 品牌正在其他地區擴張。
根據彭博億萬富翁指數,現年 44 歲的黃崢已成爲中國首富。憑藉 486 億美元(2161.8 億令吉)的財富,他取代了自 2021 年 4 月以來一直佔據榜首的中國瓶裝水大王鍾睒睒。
在政府對私營企業施壓,將馬雲的阿里巴巴集團控股有限公司等競爭對手卷入其中之後,他也是三年多來第一位登上財富榜榜首的科技大亨。在此過程中,黃光裕還因壓低價格和爲自己的員工制定繁重的工作時間表而遭到供應商的抗議。
私募股權公司開元資本董事總經理布洛克·西爾弗斯表示:「馬雲和傑夫·貝佐斯在各自時代都是企業領袖,但時代變了,黃光裕以一種不同且不那麼顯眼的方式取得了巨大成功。」
PDD 的代表沒有回應置評請求。
數學神童
與從英語老師轉型爲阿里巴巴創始人的馬雲不同,黃光裕代表了新一代中國科技企業家,他們的職業生涯始於全球機遇。
12 歲時,他憑藉超凡的數學天賦考入杭州外國語學校,在那裏他與中國政界和社會精英的子女成爲同學。從浙江大學計算機科學專業畢業後,他於 2002 年離開中國,前往威斯康星大學攻讀碩士學位。
畢業兩年後,他回到中國幫助創立谷歌中國。2007 年,他創立了自己的第一家公司,2010 年將其出售,創辦了一家新公司,幫助企業在阿里巴巴的淘寶或京東等網站上進行營銷。2013 年,由於耳朵感染,他不得不退休,於是他萌生了創辦拼多多的想法。
黃仁勳在 2018 年接受《財經》雜誌採訪時表示,拼多多「不是要讓上海人感覺自己過着巴黎生活,而是要確保安徽人有廚房用紙和新鮮水果。我們的目標不是便宜,而是讓用戶感覺自己物有所值。」
Temu 時代
黃仁勳於 2020 年辭去拼多多首席執行官一職,並於 2021 年辭去董事會主席一職,此後一直保持低調。(據股東信函稱,他表示自己正在追求研究食品和生命科學的個人興趣。)
就在那個時候,拼多多和他的淨資產開始下跌。
Temu 增強了公司的收入並支持了其反彈。它在 2022 年 9 月推出後飆升至美國應用商店的榜首。拼多多去年報告的收入約爲 2480 億元人民幣(1539.2 億令吉),比 2022 年增長了 90%。
GlobalData Retail 零售分析師 Neil Saunders 表示:「在這種經濟環境下,人們顯然在尋找物超所值的產品,人們在尋找低價產品。因此,對於像 Temu 這樣的價值零售商來說,這是一個大放異彩的時刻。」
去年 11 月,該公司首次超過阿里巴巴,成爲中國第二大互聯網公司,此後兩家競爭對手一直不相上下。
嚴苛的工作時間
儘管如此,這種飛速的增長還是引起了國內外的關注。即使在 2021 年一名員工死亡後對工作條件進行了調查,拼多多仍要求員工每週工作六天,從上午 11 點到晚上 11 點,外加加班。這是行業「996」文化的一種變體,在北京的監管審查之後,字節跳動有限公司和阿里巴巴等公司都避開了這種文化。
Temu 的超低價產品也導致一些商家和第三方賣家越來越沮喪,他們覺得這家電子商務巨頭正在越來越多地壓榨他們以賺取收入。今年夏天,一系列公衆集會將事情推向了高潮,有一次,數百名小供應商在廣州的 Temu 辦公地點外高呼口號,抗議該公司徵收的所謂不公平罰款。
在其他地方,美國的小企業也注意到了 Temu 的快速增長。該公司目前允許免稅運送價值高達 800 美元(3,558 令吉)的商品到美國。
儘管如此,PDD 還是積極開展促銷活動,包括斥資數百萬美元爲 Temu 製作 30 秒超級碗廣告。其 Temu 網站上還有醒目的橫幅,其中包括:「像億萬富翁一樣購物。」
「Temu 目前專注於增長,」Saunders 說道。「吸引人們訪問網站,讓他們購物。然後,如果他們變得更加沉迷,也許當我們稍微提高價格時,他們就會開始更加寬容。所以我認爲 Temu 正處於搶地盤的時代。」——彭博社