Our article titled “Colin Huang 101: Who is the Successful Founder of Pinduoduo?” on Zatrun.com offers readers a comprehensive and in-depth overview of all the essential information about Colin Huang, the accomplished founder of Pinduoduo.
Who is Colin Huang?
Colin Huang, also known as Huang Zheng, is a Chinese entrepreneur and philanthropist who was born on January 1, 1980. Huang is widely recognized as the creator and former CEO of Pinduoduo, the largest agricultural platform in China that operates in the e-commerce sector. Huang is also the owner of at least three other limited liability companies registered in the Cayman Islands, including Pinduoduo.
Huang spent his formative years on the fringes of Hangzhou, Zhejiang, where his parents worked as factory employees and belonged to the middle-class. At the age of 18, he enrolled in the computer science program at Chu Kuchen Honors College of Zhejiang University after completing his education at Hangzhou Foreign Language School. Huang’s exceptional academic prowess and potential were recognized during his freshman year when he was chosen as a Melton Foundation fellow. After completing his undergraduate studies, Huang earned a master’s degree in computer science from the University of Wisconsin in 2004.
As a successful entrepreneur, Huang has made significant contributions to the field of e-commerce in China. In addition to his business pursuits, he is also recognized for his philanthropic activities, which include donations to education, poverty alleviation, and disaster relief causes.
Colin Huang began his career as an intern at Google and Microsoft. He worked as an engineer at Google in 2004 and later moved to China in 2006 with Kaai-fu Lee to expand Google’s services in the country.
After leaving Google in 2007, Huang founded the e-commerce site Oku. He sold the company for $2.2 million in 2010. Huang’s success caught the attention of many, ranking seventh on the 2019 Hurun Report and second on the 2020 Hurun Global Young Zhuang Sect Self-Made Rich List. He was also named the sixth richest person in mainland China with a wealth of ¥213.2 billion on the 2021 Forbes Rich List.
In 2015, Huang founded Pinduoduo, a Shanghai-based company that became China’s largest agriculture platform. Pinduoduo’s revenue surged from 1.4 billion yuan ($280 million) in 2017 to $4.33 billion US dollars (30.14 billion RMB) by 2019. The company’s initial public offering on NASDAQ in July 2018 raised $1.6 billion. Huang’s ownership of a 47% stake in Pinduoduo was valued at $14 billion after the offering, elevating him to the thirteenth position on China’s list of wealthiest people.
Changes in Leadership Roles
On July 1, 2020, Huang resigned from his role as CEO of Pinduoduo but continued as its chairman. Later, on March 17, 2021, he also stepped down as chairman and entrusted the voting rights of his shares to the Board. The company stated that Huang would seek new long-term opportunities.
Colin Huang has been actively involved in philanthropy and social responsibility initiatives. In June 2020, Huang divested a portion of his Pinduoduo shares, reducing his stake to 29.4%. He donated 2.37% to a charitable foundation, 7.74% to the Pinduoduo Partnership, and 2.37% to an irrevocable charity that supports social responsibility development and scientific research. His notable contributions in these areas earned him recognition as the foremost philanthropist on the Hurun Philanthropy List in 2021.
As per Bloomberg, Huang and the Pinduoduo founding team donated 100 million shares (equivalent to 2.37% of Pinduoduo shares) to the Starry Night Charitable Trust. The donation aims to support fundamental research in the fields of biomedical science, agriculture, and food.