Chinese tech entrepreneurs are holding most of the country’s wealth, as a large number of the names on Hurun China Rich List 2019 are CEOs of tech giants.
According to Tencent Technological News, Chinese group buying e-commerce platform Pinduoduo surpassed Baidu in market value, becoming the fifth largest Internet company in China.
On August 21, Pinduoduo, an innovative and fast growing “new e-commerce” platform and one of the leading Chinese e-commerce players, announced its unaudited financial results for the second quarter that ended June 30, 2019.
Pinduoduo has been a lone bright spot in what has been a very difficult time for Chinese ADRs listed in the US.
According to Forbes, a record number of Chinese investors, particularly women investors, have made Forbes’ 2019 Midas List.