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China Upstart CEO Steps Down After Building $44 Billion Fortune

  • Co-founder Lei Chen takes up the reins at group-shopping app
  • Significant PDD shares transfers part of management changes
Colin Huang
Colin HuangPhotographer: Qilai Shen/Bloomberg
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Colin Huang stepped down as chief executive officer of Pinduoduo Inc. after building the five-year-old startup into a force in China’s e-commerce industry and, in the process, becoming one of the country’s richest people.

He’s turning the role over to Lei Chen, another founder at the Shanghai-based company, effective immediately, PDD said in a letter to employees posted on its website. Huang, 40, will remain chairman.