China’s third richest person cedes control of e-commerce phenom

Pinduoduo's billionaire founder Colin Huang has stepped down from the board, relinquishing control of China’s fastest-growing e-commerce company the same day it surpassed Alibaba in terms of users. — REUTERS

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.