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Colin Huang, founder and CEO of the online group discounter Pinduoduo, speaks during the company's stock trading debut at the Nasdaq Stock Market in New York, during an event in Shanghai, China, on July 26, 2018. Yin Liqin/CNS via Reuters
HONG KONG—Colin Huang, founder of the Chinese e-commerce firm Pinduoduo, stepped down as chairman Wednesday just as the company’s annual user base surpassed that of rival Alibaba.
Huang, who founded Pinduoduo in 2015 and is China’s third-richest man with a net worth of about $56 billion, said that he is giving up the chairmanship to pursue research in food and life sciences.
