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Pinduoduo's founder steps down as chairman as quarterly revenue surges

By Reuters Staff
3 Min Read
(Reuters) - Pinduoduo Inc’s founder Colin Huang Zheng stepped down as chairman on Wednesday, even as the firm overtook rival Alibaba to become China’s largest e-commerce platform by users.
FILE PHOTO: The logo of Chinese online group discounter Pinduoduo is seen next to its mobile phone app in this illustration picture taken July 17, 2018. REUTERS/Florence Lo/Illustration
The Shanghai-based company reported 788.4 million annual active buyers for the 12 months to the end of 2020, overtaking rival Alibaba Group to become China’s largest e-commerce platform by users. Alibaba recorded 779 million annual active buyers during the same period. ....

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U.S. House panel sets antitrust hearing with acting FTC chief, Colorado AG

The U.S. House Judiciary Committee's antitrust panel will hold a hearing on Thursday to discuss strengthening antitrust law, with the acting Federal Trade Commission chairwoman and the Colorado attorney general among the witnesses, the committee said in a statement on Monday. ....

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Breakingviews - Capital Calls: Japan Post pens Rakuten love letter

Concise insights on global finance in the Covid-19 era. ....

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'Mank' leads diverse Oscar nominations. Two women in directors race

Netflix's 1930s Hollywood drama "Mank" led a diverse field of Oscar nominations on Monday packed with historic firsts but with no clear front-runner for the highest honors in the movie industry. ....

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Billionaire Ackman donates millions of Coupang shares to foundation, others

By Reuters Staff
2 Min Read
FILE PHOTO: Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian
(Reuters) - Billionaire hedge fund investor William Ackman said on Monday he donated 26.5 million shares in newly public South Korean e-commerce giant Coupang Inc to three entities, including his foundation.
Ackman, who runs hedge fund Pershing Square Capital Management, said on Twitter he also donated the shares to a donor-advised funds program and another non-profit he did not identify.
The donation is valued at $1.36 billion, calculated at Coupang’s current share price of $51.4. ....

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