China's Biggest Tech Players Lost More Than $80 Billion In 2021 [TheStreet.com]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: TheStreet.com
Amid a deteriorating and, the 10 richest tech magnates in China lost a lot of money in 2021. According to done by Bloomberg Intelligence, the $80 billion in wealth lost by the country's tech elite is the biggest one-year loss since 2012. In total, over a quarter of their collective wealth was lost in large part due to the companies they run suffering staggering losses. Colin Huang, who founded the Chinese e-commerce site Pinduoduo ( ( ) - ), topped this list. In 2021, he lost two-thirds of his fortune — or roughly $42.9 billion — after Pinduoduo shares fell by nearly 70%. It has, in general, been a rough year for Chinese e-commerce platforms. The Nasdaq Golden Dragon China Index of U.S.-listed Chinese stocks dropped by more than 46% in the last six months. TheStreet Recommends 3 minutes ago 4 minutes ago 5 minutes ago Companies like Pinduoduo and Alibaba ( ( ) - ) struggled not only with waning user interest after pandemic highs but also ongoing pressure from both Chinese and Am
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PDD
Earnings
- 3/20/24 - Beat
PDD
Sec Filings
- 3/27/24 - Form 144
- 3/26/24 - Form 144
- 3/25/24 - Form 144
- PDD's page on the SEC website