New Chinese tech billionaire Colin Huang drops US$2.8 billion as Pinduoduo shares tumble

//New Chinese tech billionaire Colin Huang drops US$2.8 billion as Pinduoduo shares tumble

New Chinese tech billionaire Colin Huang drops US$2.8 billion as Pinduoduo shares tumble

One of China’s freshly minted billionaires, Colin Huang Zheng, saw his net worth plunge US$2.8 billion after the e-commerce company he founded, Pinduoduo (PDD), tumbled in US trading on mounting losses.The Shanghai-based company reported revenue leapt more than four fold during the quarter ended in December, but lost 2.4 billion yuan (US$358 million) compared with a small profit a year earlier.Shares of Nasdaq-listed PDD fell 17 per cent, the most since the company went public last year. That…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2019-03-14T09:23:59+00:00 March 14th, 2019|Technology|Comments Off on New Chinese tech billionaire Colin Huang drops US$2.8 billion as Pinduoduo shares tumble