Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

Pinduoduo founder Huang Zheng resigns as board chairman

March 18, 2021


Abstract : Huang Zheng, the founder of Pinduoduo, has stepped down from the board of directors effective on Wednesday and was succeeded as chairman by Chen Lei, who will also continue to serve as chief executive officer, the Hangzhou-based e-commerce platform said in a statement.

HANGZHOU, March 17 (Xinhua) -- Huang Zheng, the founder of Pinduoduo, has stepped down from the board of directors effective on Wednesday and was succeeded as chairman by Chen Lei, who will also continue to serve as chief executive officer, the Hangzhou-based e-commerce platform said in a statement.

The company also released its financial report for the fourth quarter and the whole year of 2020 on the same day.

Revenue in the quarter ending Dec. 31, 2020, rose 146 percent from a year earlier to 26.5 billion yuan (about 4.1 billion U.S. dollars). The number of annual active buyers increased to 788.4 million by the end of 2020, according to the report.

The annual revenue increased by 97 percent to 59.5 billion yuan.

Huang stepped down from the board and relinquished his executive responsibilities at Pinduoduo. The 1:10 super-voting rights attached to his shares will be removed, said the statement, adding that Huang has pledged his shares for another three years of lock-up. Enditem


Scan the QR code and push it to your mobile phone

Keyword: Pinduoduo

Reading:

China to extend 5G coverage to counties and towns: MIIT

Popular Chinese App runners rush to roll out their own payment services

Across China: Spring Festival shopping moves online amid epidemic control

U.S.-listed Chinese firms trade higher

VinoHub to digitalize sales in China

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial