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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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China e-commerce platform Pindoduo's founder steps down as chairman

18 Mar 2021 / 01:19 H.
The Pinduoduo logo is seen next to its mobile phone app in this illustration picture. – REUTERSPIX
BEIJING: 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.
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.
But shares in US-listed Pinduoduo fell 8% on Wednesday, after founder Colin Huang Zheng told shareholders he would step down as chairman. ....

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