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Huang Zheng's net worth exceeds Jack Ma Pinduoduo founder Huang Zheng may be the biggest winner of this year's 618 event.
Last week, Pinduoduo's stock price rose by nearly 20%. Huang Zheng, a rising star in the e-commerce field, has surpassed Jack Ma in terms of net worth.
This year, Huang Zheng is only 40 years old, and his net worth has exceeded 300 billion. Pinduoduo, which he founded, has a market value of over 100 billion US dollars in less than 5 years.
Huang Zheng's net worth reached 321 billion, surpassing Jack Ma to become China's second richest man. Forbes' real-time rich list shows that as of 4 p.m. on June 21, Pinduoduo founder Huang Zheng's net worth has reached 45.4 billion U.S. dollars (approximately RMB 321 billion), surpassing China's former richest man Jack Ma.
According to Forbes' real-time rich list, China's richest man is currently Tencent founder Ma Huateng, with a net worth of US$51.5 billion, US$6.1 billion more than Huang Zheng.
Previously, Forbes released the 34th Global Billionaires List in early April this year. Jack Ma's net worth was US$38.8 billion, ranking him as the richest man in China, and Pony Ma's net worth was US$38.1 billion, ranking him the second richest man in China; Huang Zheng's net worth was US$16.5 billion, ranking him tenth among the richest people in China. In just over two months, the ranking of my country's top richest people has been rearranged.
Forbes' real-time rich list shows that Huang Zheng is 40 years old this year, while Jack Ma and Pony Ma are 56 and 49 years old respectively. Netizens even jokingly call Huang Zheng "the strongest new wave."
Public information shows that Pinduoduo, owned by Huang Zheng, was founded in September 2015 and its current market value has exceeded US$100 billion.
Pinduoduo's stock price doubled in three months, and Huang Zheng's wealth increased by about 188.8 billion yuan. Since the beginning of April this year, in just less than three months, Pinduoduo's stock price has risen by 143%.
On June 16, Eastern Time, Pinduoduo's stock price surged by more than 7.5% at one point, and its total market value exceeded US$100 billion during the trading session.
Stimulated by the 618 sales data, Pinduoduo continued to rise by 6.26% on June 19, Eastern Time, with a market value of US$104.888 billion.
In the past two months, the stock prices of Tencent and Alibaba have also risen significantly, but the increases are lower than that of Pinduoduo.
Since early April this year, Tencent's stock price has risen by about 21%.
Since early April this year, Alibaba's stock price has risen by about 19.4%.
Currently, Baidu’s market value is 42.4 billion US dollars, and Pinduoduo’s market value has surpassed two Baidus.
According to Pinduoduo's annual report released in late April, as of March 31, 2020, Huang Zheng held 2.074 billion common shares of Pinduoduo, accounting for 43.3% of the shares and 88.4% of the voting rights.
Based on a rough estimate of his 43.3% shareholding ratio, the surge in Pinduoduo's market value has increased Huang Zheng's wealth by approximately US$26.7 billion, or approximately RMB 188.8 billion, since early April.
Pinduoduo's 618 order volume increased by 119% year-on-year
At 0:00 on June 19, Pinduoduo announced the overall sales data for 618. Driven by the continued increase in the "10 billion subsidies" and huge benefits such as 1 billion cash red envelopes, the order volume on the Pinduoduo platform increased by 119% compared with the same period last year. As of 19:40 on the evening of June 18, the number of orders on the Pinduoduo platform during the 618 period exceeded 1.08 billion, and the number of orders before 0:00 on the 19th exceeded 1.1 billion, with GMV increasing by more than 300% year-on-year.
During the 618 period, Pinduoduo's "10 billion subsidies" has subsidized more than 130 million items in total, covering more than 50,000 of the most popular products on the entire network from more than 4,600 well-known domestic and foreign brands, and is expected to save consumers more than 3 billion yuan.
In terms of maternal and infant products, Pinduoduo data shows that during the 618 period, sales of milk powder products increased by 510% year-on-year. In the first 10 minutes of the opening of the trendy toy category day on June 16, sales exceeded last year's full-day sales. Multiple diaper groups with tens of thousands of people were sold out within half a day of going on sale.
Lu Yuan, head of Pinduoduo's maternal and child care department, said, "During the 618 period, the maximum subsidy for big-brand maternal and child products is up to 60%. There is no upper limit on the subsidy, no deposit or pre-sale, and consumers do not need to do math problems to get the maximum discount in order to complete the order."
Recently, QuestMobile released the "2020 Children's Economic Insight Report" for children aged 0 to 12 and those aged 25 to 40. The report data shows that among the 290 million active online parents of children (specifically parents of children aged 0 to 12 years old), 68%, or about 196 million parents of children, choose Pinduoduo as the preferred shopping platform for purchasing goods for their children, making it the most popular mobile shopping app among young parents.
The QuestMobile report shows that Pinduoduo ranks first among comprehensive e-commerce with a penetration rate of 68% among parents of children, becoming the most popular mobile shopping app among young parents.
Gome Group, which has just reached a cooperation with Pinduoduo, also achieved good results with the help of Pinduoduo platform during the 618 shopping festival. During the 618 promotion, the group purchase amount of Pinduoduo's official flagship store in the United States exceeded 600 million.
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