Pinduoduo Inc.’s billionaire chairman has stepped down from the board, relinquishing control of China’s fastest-growing e-commerce company the same day it announced its user base had surpassed Alibaba Group Holding Ltd.’s. Founder Colin Huang will be replaced by Lei Chen, who keeps his chief executive officer title, the company said in a statement Wednesday. The move cements Huang’s retreat from the corporation that has helped him become China’s third-richest man, after he handed over the role of CEO last year. Sales in the December quarter climbed 146% to 26.5bil yuan (RM16.86bil), beating the average 19.3 billion yuan forecast. After stepping down from the role of chairman, Huang will give up the 1:10 super voting rights attached to his shares in Pinduoduo.

Source: The Star March 18, 2021 05:00 UTC