Bloomberg called the most impoverished rich in the world. They became the founder of the Chinese Technological Platform Pinduoduo Colin Juan, who lost more than $ 27 billion this year after his company became a victim of the repression of the Chinese authorities.
This is the most vivid example of how the situation has changed for Chinese billionaires, when the Chairman of the People’s Republic of China Jinping began to conduct a politics of “universal prosperity” and put pressure on the company of the private sector. The Chinese leader seeks to reduce the gap in the welfare of the country’s population. According to the Bloomberg index, out of 10 billionaires who have lost most of all, six – from China.
Pinduoduo (PDD) shares fell more this year than Alibaba or Tencent. PDD securities fell by almost 44 percent, while Alibaba is 33 percent, and Tencent is 19 percent.
Colin Juan, who owns 28 percent PDD, founded the company in 2015 and quickly turned it into an e-commerce giant. Its market value reached a peak of 178 billion dollars, and then fell about 125 billion dollars. Juan, whose state is about $ 35 billion, last year I left the post of Director General, and in March left the post of Chairman of the Board of Directors.
Pinduoduo belongs to technicians who promise to sacrifice part of the current and future profit on charity, which corresponds to the SI program for “Universal Prosperity”. In August, Pinduoduo said he would allocate $ 1.5 billion arrived on the development of agriculture in the country. In 2020, Juan and the founder team PDD also sacrificed the company’s charity fund for 2.4 billion dollars.