Temu's Founder Loses Title as China's Richest Person

PDD Holdings Reports Earnings

PDD Holdings, the parent company of e-commerce giant Temu, reported earnings of 2,324 yuan ($320) per share in the quarter ending June 30 and sales of 9,706 yuan.

Colin Huang's Wealth Slumps

Colin Huang, the founder and former chairman of PDD Holdings, saw his wealth plummet following a slump in PDD Holdings shares on Monday, August 26th.

Key Points:

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• Huang's reign as China's richest person lasted only two weeks.
• PDD Holdings reported earnings of 24 billion yuan ($3.8 billion) for the second quarter, a 27 billion yuan ($4.2 billion) loss over three years.
• Huang is now the third-richest person in China.