Colin Huang, the founder of PDD Holdings, which operates Temu and Pinduoduo, has emerged as China's wealthiest individual, with a net worth of $48.6 billion, according to the Bloomberg Billionaires Index.

Huang's rise to the top displaces Zhong Shanshan, head of Nongfu Spring, and positions him as the world's 25th richest person.

Huang, a former Google China employee, launched Pinduoduo in 2015, transforming it into a major e-commerce force rivaling Alibaba. Temu, PDD's global platform, has quickly gained traction, particularly in the U.S. and Europe, despite facing regulatory scrutiny and criticism for its business practices.

The company's financial success remains robust, with a significant increase in profits and a market capitalization of $191.68 billion as of Thursday.