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Yi Luo

Chinese-American billionaire and low-key entrepreneur-investor Duan Yongping publicly praised e-commerce giant PDD Holdings’ Temu for its marketing success, highlighting the budget-shopping site’s high-profile advertisements during the Super Bowl in 2023 and 2024.
“The Super Bowl is a great platform for advertising, but I never managed to make it there,” Duan said during a speech at his alma mater Zhejiang University on Sunday. “Colin Huang Zheng, founder of Temu, did it.”
“Almost everybody in the US knows about Temu now … even my housekeeper is using it,” he added. “Many people are buying things on the platform. The business model is cool, and the quality is improving step by step.”
Duan is an early investor in PDD. As of September 30, the US$16.54 billion portfolio of his H&H International Investment firm consisted of PDD, as well as Apple, Alphabet, Alibaba Group Holding and Berkshire Hathaway, among other stocks, according to public filings. Alibaba owns the South China Morning Post.

In an aggressive marketing push, Temu in the past two years spent tens of millions of dollars on commercials during the Super Bowl, the annual championship of the National Football League, that is the most expensive night to air television ads in the US.
The campaign significantly boosted Temu’s visibility in the US, allowing the discount shopping platform to quickly gain traction among consumers.
Duan, founder of smartphone manufacturing giant BBK Electronics, praised fellow Zhejiang University graduate Huang for his vision.
“Back when Huang started Pinduoduo as a platform to help farmers sell agricultural produce, the farmers were happy and users grew rapidly,” Duan said. “I agreed to invest in it on the condition that I would match whatever investment Huang made. Huang is not a man driven by profits.”
While he remains a major shareholder of PDD, Huang has kept himself out of the spotlight in recent years. He is one of the richest men in China, even though PDD’s shares plunged more than 33 per cent last year. Huang previously referred to Duan as his mentor.

Duan introduced Huang to Berkshire’s CEO and chairman Warren Buffett after winning a charity lunch auction with the famed US investor in 2006. Duan had paid US$620,100 for the meal and invited Huang, then 26, who was working as a software engineer and product manager at Google.
“What I like about Huang is that he sees the essence of things, just like I do,” Duan said. “I enjoy talking to him because we’re on the same wavelength. That’s not the case with most people – it’s often hard to communicate with them, and I don’t enjoy dealing with such people.”
“Some people say, ‘I want to make fast money because I need it.’ My response is that it’s exactly because you want to make fast money that you end up not making any,” he said. “Look at the long-term picture, hold good companies, and you’ll live a much happier life. Just look at Buffett and [his business partner Charlie] Munger – they’re good examples.”
Reflecting on his investment philosophy, Duan said an understanding of the core of a business is more important than diligence.
“The key to success is being able to see the essence of things,” he said. “Huang is one of those rare individuals who can do that.”


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E-commerce

PDD’s Chinese-American billionaire investor Duan Yongping heaps praise on Temu

Duan Yongping, a Chinese-American billionaire investor and entrepreneur. Photo: Handout

Duan Yongping, founder of BBK Electronics, speaks at Zhejiang University on Sunday. Photo: Handout

Temu spent tens of millions of dollars on TV commercials during Super Bowl 2023 and 2024. Photo: AP Photo

Colin Huang Zheng, founder of Temu owner PDD Holdings. Photo: CNS/AFP

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Some Chinese merchants say they have been asked by Amazon to stop offering products at a cheaper price on Temu. Photo: EPA-EFE

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An Amazon booth at a Chinese import expo in Shanghai. Photo: EPA-EFE

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Black Friday sales signs on Oxford Street in London, Britain. Photo: Xinhua

Chinese sellers say they are finding it harder to make a profit on overseas shopping sites, such as Temu. Photo: AFP

Holiday shoppers in New York. Photo: Getty Images via AFP

A US Postal Service employee at work during the start of the holiday mail rush following Black Friday and Cyber Monday. Photo: Getty Images via AFP

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In a speech at his alma mater Zhejiang University, Duan professes his admiration for PDD founder and fellow alumnus Colin Huang Zheng


In a speech at his alma mater Zhejiang University, Duan professes his admiration for PDD founder and fellow alumnus Colin Huang Zheng.


PDD’s Chinese-American billionaire investor Duan Yongping heaps praise on Temu

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}In a speech at his alma mater Zhejiang University, Duan professes his admiration for PDD founder and fellow alumnus Colin Huang Zheng

In a speech at his alma mater Zhejiang University, Duan professes his admiration for PDD founder and fellow alumnus Colin Huang Zheng