Deals
Ex-Googler Becomes China’s 12th Richest Person
- Chinese e-commerce company closes 41 percent above offer price
- Tencent-backed PDD combines discount shopping, social network
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Pinduoduo Inc. founder Colin Huang became China’s 12th richest person with the soaring U.S. trading debut of his e-commerce company.
The former Google engineer’s $13.8 billion fortune after the IPO places him among the world’s 100 richest people, according to the Bloomberg Billionaires Index. Huang, who started PDD, as the company is known, retains a 46.8 percent stake after the IPO, before any exercise of an over-allotment option.