Pinduoduo surpasses Alibaba to become China’s largest e-commerce company! The chairman announced his resignation

China Pinduoduo announced the company’s financial report on the 17th , announcing that the number of annual active users has officially surpassed Alibaba, becoming China’s largest e-commerce platform. At the same time, the founder Huang Zheng sent a letter to shareholders stating that he would remove the chairmanship and let the co-founder Chen Lei take over.

Pinduoduo announced its financial report for the fourth quarter of 2020 and the entire year. The data showed that the platform’s turnover for the whole year was RMB 1.66 trillion, a year-on-year increase of 66% . In terms of the number of users, Pinduoduo had 788.4 million active buyers throughout 2020 , surpassing Alibaba’s 779 million for the first time , becoming China’s largest e-commerce platform.

At the same time that Pinduoduo released its financial report, Huang Zheng stated in a letter to shareholders that due to different external factors such as the epidemic, in addition to accelerating the iteration of the company’s internal management, it also gave birth to a new group of leaders, so he will remove the company’s directors. After the approval of the board of directors, the new chairman was handed over to co-founder and current CEO Chen Lei to take over.

Huang Zheng said that the voting rights of the shares under his name will be entrusted to the board of directors to make decisions by voting, and the shares under his name will continue to be locked and not sold in the next three years. After leaving office, Huang Zheng will focus on the fields of food science and life sciences, including research on agricultural product cultivation and food safety.

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