Colin Zheng has managed to surpass the previous leader of Chinese billionaires, Zhong Shanshan, a mineral water tycoon, who is worth $47.4 billion. Jack Ma, the founder of Alibaba, who was a symbol of Chinese success just a few years ago, now ranks fifth with a fortune of $33.6 billion. This is evidence of the dynamic changes in the technology market and the growing importance of Pinduoduo (PDD), a company founded by Zheng, of which Temu is a part.
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This one is climbing to the top of sales
Colin Zheng comes from a family of humble origins. His parents were factory workers in Hangzhou, a port city now known as China's Silicon Valley. Young Zheng excelled in school, especially in math and languages. His skills allowed him to attend the University of Wisconsin, where he majored in computer science. It was there that he adopted the anglicized name Colin, which later became his trademark in the business world.
After graduating, Zheng worked as a software engineer in Silicon Valley, which gave him valuable experience in the tech world. In 2007, after returning to China, he founded his first companies, and in 2015 he created Pinduoduo, a platform that initially targeted rural farmers, offering them modern tools to sell products. PDD's success was unprecedented, mainly due to its innovative approach, combining shopping with game elements, which attracted millions of users.
In the shadow of great changes
But Zheng’s success isn’t just a result of his innovation and entrepreneurship. His caution in navigating China’s political landscape is just as important. A country where too much public display of wealth can lead to dire consequences requires billionaires to balance influence with discretion.
The examples of other Chinese billionaires, such as Jack Ma, who disappeared for months after criticizing government policies, show how dangerous it can be to openly oppose the authorities. Zheng has clearly learned from those experiences. He has resigned as head of PDD, donated significant amounts to charity, including $100 million to his alma mater, Zhejiang University, and has avoided public appearances since 2021.
Ago's Survival Strategy
Zheng appears to be a billionaire who has found a way to survive and thrive in the Chinese system. His modesty, strategic donations and withdrawal from public life have earned him favor with President Xi Jinping, which is crucial to maintaining his foothold in the Chinese economy.
Despite his enormous fortune, Colin Zheng remains a mysterious figure, avoiding publicity, and it is this strategy that seems to have allowed him not only to build an empire but also to avoid the fate of many other Chinese billionaires who have fallen victim to political intrigue.
