The Pinduoduo logo is seen next to its mobile phone app in this illustration picture. – REUTERSPIXPinduoduo 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.
But shares in US-listed Pinduoduo fell 8% on Wednesday, after founder Colin Huang Zheng told shareholders he would step down as chairman.Current chief executive Chen Lei succeeded Huang as chairman. “We are proud that we have become the world’s largest e-commerce platform by user number,“ Chen said on a call with analysts on Wednesday.
“After nearly six years of super-fast growth, the strategy of Pinduoduo won’t be significantly changed whoever the Chairman is,“ he added. Pinduoduo reported marketing expenses increased 59% year on year to 14.7 billion yuan due to advertising and marketing costs.
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