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Colin Huang, the founder of PDD Holdings, has become China’s richest technology entrepreneur after a surge in the value of its US-listed shares, allowing him to surpass the nation’s more illustrious tycoons Pony Ma Huateng of Tencent Holdings and Zhang Yiming of Bytedance. The 44-year-old grew his wealth by 71 per cent to 385 billion yuan (US$53.4 billion) from a year earlier, according to the annual Hurun Global Rich List 2024 released on Monday.

TikTok owner ByteDance offers to buy back shares from employees at 7 per cent premium over previous round ByteDance, China’s most valuable unicorn and the owner of TikTok, has started a new round of share buy-backs for its global employees that price the equity higher than the previous round, according to two people familiar with the matter. The Beijing-based company has offered to purchase shares from staff at US$170.81 each, up nearly 7 per cent from US$160 late last year.