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China tech

Billionaire founder's reduced role puts Pinduoduo into new era

Shares shoot up despite Huang's exit as CEO at US-listed Chinese e-commerce group

Founder Colin Huang is giving up executive roles at Pinduoduo.   © Reuters

HONG KONG -- Pinduoduo founder Colin Huang has wielded huge power at the company that made him one of Asia's wealthiest men, so his surprise decision to take more of a back-seat role has prompted plenty of questions about a new era at one of China's biggest online retailers.

Huang, a former Google employee and a factory worker's son, is not just the chairman and largest shareholder at Pinduoduo, a company seen by investors as one of the successes amid the coronavirus crisis. The 40-year-old was also CEO and the de facto chief financial officer, an unusual concentration of influence at the Nasdaq-listed company with a market capitalization of $102 billion.

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