Uprooted

17 March 2021 By Sharon Lam Follow @sharonlamhk

Colin Huang is stepping back from the $197 bln e-commerce upstart and relinquishing special voting rights three years after taking it public. It’s a bold move by a Chinese tech tycoon as Pinduoduo nips at rivals’ heels. But it leaves a shortage of top talent as rising costs bite.

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China’s Pinduoduo on March 17 reported revenue of 26.5 billion yuan ($4.1 billion) for the fourth quarter, an increase of 146% from the same period last year.

The e-commerce company’s net loss attributable to ordinary shareholders for the quarter was about 1.4 billion yuan, compared with about 1.8 billion yuan in the same quarter of 2019.

Separately, Pinduoduo announced that its founder Colin Huang had stepped down from the board of directors effective March 17 to pursue research in the food and life sciences. Huang was succeeded as chairman by Chen Lei, who will continue to serve as the company’s chief executive officer.

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