Asia Tech Wire (Aug 9) -- Pinduoduo founder Colin Huang, 44, has topped the list of China's richest people, according to the latest Bloomberg Billionaires Index.

With $48.6 billion, Huang overtook Zhong Shanshan, the founder and chairman of Chinese bottled water giant Nongfu Spring (9633.HK), who has been at the top of the list since April 2021 and is worth $47.4 billion, the data showed.

Source: Bloomberg Billionaires Index

Amid the economic downturn, Pinduoduo, owner of e-commerce platform Temu, posted fast-growing results in May.

In the first quarter of 2024, Pinduoduo realized revenue of $12.02 billion, up 131% year-on-year.

In addition, net income attributable to Pinduoduo's ordinary shareholders in the quarter 3.88 billion, up 246% year-on-year.