He surpassed bottled water magnate Zhong Shan-shan, Bloomberg reports . 
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Bloomberg has updated its ranking of the richest people on the planet. Huang Zheng, owner of the Pinduoduo and Temu marketplaces, took 25th place with a fortune of $48.6 billion.
Huang Zheng managed to overtake his compatriot Zhong Shan-shan, the founder and owner of the bottled water producer Nongfu Spring, and become the richest resident of the PRC.
Huang Zheng's rise comes as Nongfu Spring struggles, with its owner's fortune eroding by $20 billion in recent months due to the company's failed new strategy of selling new types of bottled water at deep discounts.
Galina Nikitina has become the new Marketing Director of Sunlight .
