Pinduoduo founder and CEO Huang Zheng’s wealth soared to $14 billion with the public listing of his social e-commerce app, local media is reporting (in Chinese). At the age of 38, Huang is now one of the youngest tech moguls in China and is ranked the 13th wealthiest billionaire in the country.

The Tencent-backed Pinduoduo made its public debut on the New York Stock Exchange on Thursday. The startup priced its IPO at $19 per share a day prior to its public debut. Its stock jumped more than 40% on the first day of trading, closing at $26.70.

According to the latest reports, the company have raised $1.6billion in the IPO and is currently valued at over $60 billion. The deal is said to be one of the largest Chinese tech IPOs of the year in the US.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.