Founder of Pinduoduo becomes the most generous person in China amid a wave of regulatory tightening of the internet
Published: May 12, 2021 12:56 AM
Huang Zheng Photo: CFP

Huang Zheng Photo: CFP

Huang Zheng, also known as Colin Huang and founder of Chinese online shopping giant Pinduoduo, became China's most generous person thanks to a donation of $1.85 billion, a report released by the Hurun Research Institute announced on Tuesday. 

The donation was calculated over one year ending on April 30 and was done during a period when the Chinese government tightened supervision over internet giants.

Huang, who ranked 19th on the Hurun Global Rich List 2021 with a net worth of $69 billion, donated 2.37 percent of his shares to establish a foundation to promote social responsibility and scientific research. 

Based on the closing price of July 1, 2020, the foundation is worth about $2.6 billion. 

Huang's donation was followed by He Xiangjian, co-founder of electronic appliances Midea, who contributed $970 million to build a hospital in his hometown Foshan, in South China's Guangdong Province. Zhang Yiming, internet entrepreneur who founded ByteDance and developed TikTok, donated $80 million.

Huang said in a letter to shareholders in March that he had stepped down from the board to pursue lifelong interests and devote himself to research in the fields of food and life sciences.

The company's Q4 revenues surged 146 percent year-on-year, primarily due to an increase from online marketing services and contributions from merchandise sales.

The Shanghai Consumer Council announced late Monday that it had summoned Meituan and Pinduoduo urging them to rectify violations of consumer rights.